Alpha Dive · Long engine
Sector attribution, measured — not one number pretending to be a portfolio total
The Long engine publishes sector-level alpha in two sleeves, USD and EUR & non-USD, each against its own sector benchmark. It does not publish a portfolio-level aggregate, because no single benchmark or sector weighting has been approved for the book as a whole — see the card below rather than a headline figure.
02 · Coverage
What this sleeve actually observed
Recomputed on every sleeve switch, directly from the source rows — never held over from the other sleeve.
03 · Portfolio-level alpha
The number this page will not print
Every other section below is a sector- or security-level diagnostic. None of them combine into this.
Methodology pending
Official aggregate alpha
—
The workbook carries sector-level attribution but has no approved single benchmark and no approved sector-weighting scheme for the Long portfolio as a whole. Without one, no aggregate Long alpha figure exists — and this page will not invent one to fill the gap.
Specifically, none of the following stands in for it: a simple average of security performance, a simple average of sector alphas, a product of sector deltas, or a single benchmark such as the S&P 500 or the EURO STOXX 50 applied across the whole sleeve. Each would smuggle in a weighting or benchmarking choice nobody has approved. Every figure below this card is a sector- or security-level diagnostic — never a portfolio total.
04 · Sector × month
Every sector, every observed month
Click a cell to filter the security contributors table below to that month. Missing readings are hatched, not zero-coloured — scroll horizontally on a narrow screen; the sector column stays put.
| Sector | Aug '23 | Sep '23 | Oct '23 | Nov '23 | Dec '23 | Jan '24 | Feb '24 | Mar '24 | Apr '24 | May '24 | Jun '24 | Jul '24 | Aug '24 | Sep '24 | Oct '24 | Nov '24 | Dec '24 | Jan '25 | Feb '25 | Mar '25 | Apr '25 | May '25 | Jun '25 | Jul '25 | Aug '25 | Sep '25 | Oct '25 | Nov '25 | Dec '25 | Jan '26 | Feb '26 | Mar '26 | Apr '26 | May '26 | Jun '26 | Jul '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Communication Services | ||||||||||||||||||||||||||||||||||||
| Consumer Discretionary | ||||||||||||||||||||||||||||||||||||
| Consumer Staples | ||||||||||||||||||||||||||||||||||||
| Energy | ||||||||||||||||||||||||||||||||||||
| Health Care | ||||||||||||||||||||||||||||||||||||
| Industrials | ||||||||||||||||||||||||||||||||||||
| Information Technology | ||||||||||||||||||||||||||||||||||||
| Materials | ||||||||||||||||||||||||||||||||||||
| Utilities |
Coverage is not symmetric between sleeves: 5 of 324 USD cells are unobserved, against 66 of 324 in the EUR & non-USD sleeve. The gaps below are real reporting gaps in a sparser sleeve, not an artefact of this chart.
05 · Latest month
This sleeve’s most recent reading, sector by sector
Diverging around zero. Sectors not observed this month are left off the chart, never drawn as a flat bar at zero.
Jul 2026
Not observed in Jul 2026: Consumer Staples, Utilities — rendered as — elsewhere on this page, never as zero, and left out of this chart entirely rather than drawn as a flat bar.
06 · Compounded ranking
Sectors ranked by compounded alpha — with their coverage
A sector compounded over 32 of 36 months and one compounded over all 36 are not the same kind of number. Coverage sits next to every reading for that reason, not in a footnote.
| Rank | Sector | Compounded alpha | Coverage | Avg monthly | Positive months |
|---|---|---|---|---|---|
| 1 | Utilities | +174.4% | 32/36 mo | +3.36% | 68.8% |
| 2 | Consumer Staples | +33.2% | 35/36 mo | +0.91% | 65.7% |
| 3 | Energy | +26.6% | 36/36 mo | +0.72% | 58.3% |
| 4 | Communication Services | +21.7% | 36/36 mo | +0.63% | 61.1% |
| 5 | Information Technology | +7.8% | 36/36 mo | +0.24% | 52.8% |
| 6 | Consumer Discretionary | +5.9% | 36/36 mo | +0.24% | 50.0% |
| 7 | Industrials | +5.4% | 36/36 mo | +0.23% | 44.4% |
| 8 | Materials | −1.1% | 36/36 mo | +0.07% | 50.0% |
| 9 | Health Care | −15.0% | 36/36 mo | −0.42% | 44.4% |
Sector-level diagnostic only; not an official aggregate portfolio alpha. The largest reading here — Utilities at +174.4%, compounded over 32 of 36 months — is that kind of diagnostic: a real compounding effect within one sector's own attribution, not a portfolio return and not comparable to a benchmark-relative total.
07 · Security contributors
Top and bottom holdings, ranked by contribution
Contribution is weight × month-to-date performance, not the raw return — a small position with a large return moved the portfolio less than a large position with a modest one. Filtered by the month picked in the heatmap above, or chosen directly below.
| Top contributors | Weight | Perf. MTD | Contribution | |
|---|---|---|---|---|
| MSFT US Equity | Information Technology | 2.8% | +20.9% | +0.59% |
| AAPL US Equity | Information Technology | 2.8% | +17.5% | +0.49% |
| VLO US Equity | Energy | 1.7% | +20.2% | +0.35% |
| ADBE US Equity | Information Technology | 1.4% | +22.3% | +0.32% |
| GRMN US Equity | Consumer Discretionary | 1.0% | +28.0% | +0.28% |
| ROST US Equity | Consumer Discretionary | 1.4% | +18.4% | +0.25% |
| ADSK US Equity | Information Technology | 1.1% | +19.7% | +0.21% |
| COP US Equity | Energy | 1.6% | +12.3% | +0.20% |
| CRM US Equity | Information Technology | 1.4% | +14.1% | +0.19% |
| ROP US Equity | Information Technology | 1.1% | +15.3% | +0.16% |
| Bottom contributors | Weight | Perf. MTD | Contribution | |
|---|---|---|---|---|
| KLAC US Equity | Information Technology | 1.5% | −27.5% | −0.42% |
| AMAT US Equity | Information Technology | 1.6% | −20.0% | −0.32% |
| LRCX US Equity | Information Technology | 1.3% | −21.5% | −0.28% |
| FIX US Equity | Industrials | 1.4% | −8.4% | −0.12% |
| NVT US Equity | Industrials | 1.0% | −11.0% | −0.11% |
| ELV US Equity | Health Care | 1.2% | −4.8% | −0.06% |
| EW US Equity | Health Care | 1.2% | −4.3% | −0.05% |
| MGM US Equity | Consumer Discretionary | 0.7% | −7.2% | −0.05% |
| APH US Equity | Information Technology | 1.8% | −2.4% | −0.04% |
| META US Equity | Communication Services | 1.9% | −2.0% | −0.04% |
56 holdings observed in Jul 2026, USD sleeve. Ranked by contribution (weight × month-to-date performance), not by return.
08 · Methodology & data quality
How to read every number on this page
What sector_alpha measures
Each sector-level reading is the sleeve’s weighted portfolio return for that sector less that sector’s own benchmark return for the month — a per-sector excess return, not a position-level one. It is read directly from the workbook’s own monthly summary sheet (see each row’s source_sheet / source_cell for the exact cell).
Null means missing or an Excel error, never zero
A blank cell or an Excel #N/A / #DIV/0! becomes null in the source JSON. This page renders every null as an em dash and never as 0% — a month the model did not observe is not the same statement as a month in which it matched its benchmark exactly, and interpolating between neighbours would fabricate an observation that never happened.
Two files, one window
The sector-level file (Aug 2023 – Jul 2026, 36 months) has no calendar gap. The security-level file covers the same 36 months exactly — this is checked directly against the sector file on every load rather than assumed, because an earlier delivery had the security file skip months the sector file did not. The two files describe the same engine at different levels of detail, not the same window twice: the heatmap and sector ranking below only ever use the sector-level window, and the security contributors table’s month selector is limited to the months the sector file actually has, so a click there always lines up with a real heatmap column.
The EUR & non-USD sleeve is far sparser
Missing cells are not evenly spread across the two sleeves — the KPI row and the heatmap legend both show the current split, and it is worth repeating here: the non-USD bucket carries roughly 13.2x the missing-cell rate of the USD bucket. Treat any shape you see in the EUR sleeve’s heatmap or ranking table with that in mind before reading it as a signal.
One duplicate source row
The security-level file contains 1 duplicate (date, region, ticker) combination — 2025-12-01 · USD · PODD US Equity. Both rows are kept and both can appear in the contributors table; the page keys each row by its own source sheet and row number so neither is silently dropped or double-counted into one.
No aggregate Long alpha, on this page or anywhere else
See the “Official aggregate alpha” card above. It is not a placeholder waiting for a number — the methodology genuinely does not exist yet, and this page does not compute a simple average of security performance, a simple average of sector alphas, a product of sector deltas, or a single benchmark comparison to stand in for it. Every other figure here is a sector- or security-level diagnostic.