Caxton Associates (USA) LLC 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means moderate concentration rather than broad index-like exposure: top 5 49.57%, top 10 62.27%, top 20 72.42%, with TSLA 23.98%, AMD 11.62%, AMZN 5.78%, AVGO 4.23%, GOOGL 3.96%, NVDA 3.93%. The baseline result is return 8.71%, alpha -1.89%, beta 0.83, Sharpe 0.57, Sortino 0.75, max drawdown -29.62%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Consumer Discretionary 34.37%, Information Technology 31.34%, Health Care 9.62%, Communication Services 7.90%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2023-06-30 (1.72% vs SPY -1.77%, excess 3.48%, turnover 102.68%); the weakest was 2024-03-31 (-2.79% vs SPY 2.31%, excess -5.10%, turnover 97.17%). The latest rows (2025-03-31 (5.37% vs SPY 9.22%, excess -3.85%, turnover 79.78%); 2025-06-30 (7.29% vs SPY 4.20%, excess 3.09%, turnover 69.49%); 2025-09-30 (1.84% vs SPY 1.49%, excess 0.35%, turnover 39.35%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether TSLA 23.98%, AMD 11.62%, AMZN 5.78%, AVGO 4.23% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -29.62% is acceptable for the user's risk budget.