Daily Journal Corp., Asset Management Arm 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 extreme single-name concentration: top 5 99.99%, top 10 99.99%, top 20 99.99%, with WFC 47.60%, BAC 39.76%, BABA 10.33%, USB 2.30%. The baseline result is return 8.01%, alpha -4.24%, beta 1.16, Sharpe 0.41, Sortino 0.56, max drawdown -54.33%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Financials 89.66%, Consumer Discretionary 10.33%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2024-06-30 (26.14% vs SPY 9.83%, excess 16.31%, turnover 7.25%); the weakest was 2022-12-31 (-23.18% vs SPY -0.25%, excess -22.92%, turnover 10.95%). The latest rows (2025-03-31 (4.32% vs SPY 9.22%, excess -4.90%, turnover 7.55%); 2025-06-30 (10.41% vs SPY 4.20%, excess 6.21%, turnover 4.00%); 2025-09-30 (5.83% vs SPY 1.49%, excess 4.34%, turnover 5.36%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether WFC 47.60%, BAC 39.76%, BABA 10.33%, USB 2.30% 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 -54.33% is acceptable for the user's risk budget.