Every rebalance and every quarter of the ledger, on the record.
One note per month-end since 2016, one per completed quarter of the replay. Latest rebalance: 30 September 2026, 3 in, 3 out. Subscribe by RSS or the nightly digest.
Ledger notes, by quarter
- Q3 2026 51 closed signals · 56.9% profitable · average +48.3%
- Q2 2026 40 closed signals · 62.5% profitable · average +84.6%
- Q1 2026 27 closed signals · 74.1% profitable · average +89.8%
- Q4 2025 37 closed signals · 89.2% profitable · average +85.7%
- Q3 2025 33 closed signals · 60.6% profitable · average +11.1%
- Q2 2025 34 closed signals · 70.6% profitable · average +18.8%
- Q1 2025 53 closed signals · 69.8% profitable · average +78.2%
- Q4 2024 19 closed signals · 78.9% profitable · average +33.7%
- Q3 2024 49 closed signals · 59.2% profitable · average +52.4%
- Q2 2024 34 closed signals · 70.6% profitable · average +26.6%
- Q1 2024 28 closed signals · 75.0% profitable · average +18.8%
- Q4 2023 28 closed signals · 64.3% profitable · average +17.3%
- Q3 2023 45 closed signals · 75.6% profitable · average +16.8%
- Q2 2023 25 closed signals · 56.0% profitable · average +4.2%
- Q1 2023 32 closed signals · 40.6% profitable · average -0.2%
- Q4 2022 21 closed signals · 42.9% profitable · average +0.3%
- Q3 2022 18 closed signals · 27.8% profitable · average -5.3%
Rebalance notes, by month-end
The last 36 month-ends have a page each with the full book and its changes; earlier months are summarised here and remain in the public artifact. The latest month is the current subscriber book, so its note carries counts, not names.
| Month-end | Changes | Book | Holding | Nasdaq 100 | $10k since 2016 |
|---|---|---|---|---|---|
| September 2026 | 3 in, 3 out | +15.1% | +1.1% | +5.1% | $568k |
| August 2026 | 3 in, 3 out | +2.2% | +4.6% | +2.8% | $493k |
| July 2026 | 2 in, 2 out | -20.2% | -1.6% | -5.6% | $482k |
| June 2026 | 4 in, 4 out | +6.2% | +1.2% | -1.0% | $604k |
| May 2026 | 3 in, 3 out | +17.0% | +7.9% | +10.1% | $569k |
| April 2026 | 2 in, 2 out | +30.6% | +11.4% | +15.1% | $486k |
| March 2026 | 5 in, 5 out | +0.4% | -3.0% | -2.8% | $372k |
| February 2026 | 6 in, 6 out | +4.3% | +0.2% | -3.2% | $371k |
| January 2026 | 2 in, 2 out | +8.3% | +0.7% | -0.2% | $355k |
| December 2025 | 4 in, 4 out | +6.3% | +1.9% | +1.2% | $328k |
| November 2025 | 7 in, 7 out | -7.5% | -4.0% | -3.4% | $308k |
| October 2025 | 2 in, 2 out | +21.5% | +8.0% | +6.4% | $333k |
| September 2025 | 4 in, 4 out | +21.9% | +8.0% | +6.5% | $275k |
| August 2025 | 3 in, 3 out | +2.3% | +2.2% | +0.4% | $225k |
| July 2025 | 1 in, 1 out | +9.7% | +1.6% | +1.7% | $220k |
| June 2025 | 3 in, 3 out | +15.4% | +9.0% | +6.4% | $201k |
| May 2025 | 4 in, 4 out | +20.6% | +8.0% | +7.0% | $174k |
| April 2025 | 5 in, 5 out | +11.4% | +3.9% | +3.4% | $144k |
| March 2025 | 3 in, 3 out | -10.7% | -8.3% | -8.5% | $129k |
| February 2025 | 6 in, 6 out | -2.5% | +0.3% | -0.4% | $145k |
| January 2025 | 2 in, 2 out | +4.9% | +2.9% | -0.2% | $149k |
| December 2024 | 4 in, 4 out | -3.4% | -3.3% | +0.8% | $142k |
| November 2024 | 2 in, 2 out | +26.7% | +10.6% | +5.3% | $147k |
| October 2024 | 6 in, 6 out | +6.1% | +0.7% | -0.5% | $116k |
| September 2024 | 5 in, 5 out | +13.4% | +3.8% | +3.2% | $109k |
| August 2024 | 6 in, 6 out | +3.8% | +2.9% | +0.3% | $96k |
| July 2024 | 4 in, 4 out | -8.6% | -1.0% | -1.7% | $93k |
| June 2024 | 5 in, 5 out | +1.4% | +3.3% | +5.8% | $101k |
| May 2024 | 6 in, 6 out | +16.6% | +5.5% | +7.4% | $100k |
| April 2024 | 2 in, 2 out | -6.1% | -3.9% | -4.9% | $86k |
| March 2024 | 6 in, 6 out | +4.1% | +3.1% | +1.3% | $91k |
| February 2024 | 3 in, 3 out | +27.8% | +8.8% | +5.0% | $88k |
| January 2024 | 4 in, 4 out | +7.8% | +3.6% | +3.2% | $69k |
| December 2023 | 5 in, 5 out | +9.0% | +6.7% | +4.9% | $64k |
| November 2023 | 6 in, 6 out | +17.0% | +10.8% | +10.2% | $58k |
| October 2023 | 3 in, 3 out | -2.3% | -2.6% | -1.9% | $50k |
| September 2023 | 7 in, 7 out | -6.1% | -5.2% | -5.6% | $51k |
| August 2023 | 4 in, 4 out | +2.4% | -0.1% | -0.5% | $54k |
| July 2023 | 4 in, 4 out | +7.8% | +4.1% | +3.3% | $53k |
| June 2023 | 9 in, 9 out | +7.1% | +7.3% | +6.6% | $49k |
| May 2023 | 5 in, 5 out | +7.7% | +6.3% | +8.0% | $46k |
| April 2023 | 7 in, 7 out | -1.1% | -0.7% | +1.0% | $43k |
| March 2023 | 5 in, 5 out | +4.9% | +4.6% | +8.9% | $43k |
| February 2023 | 4 in, 4 out | -1.4% | -1.1% | -0.4% | $41k |
| January 2023 | 3 in, 3 out | +2.6% | +8.4% | +9.6% | $42k |
| December 2022 | 6 in, 6 out | -4.3% | -5.0% | -8.3% | $41k |
| November 2022 | 5 in, 5 out | +4.1% | +3.4% | +4.3% | $43k |
| October 2022 | 5 in, 5 out | +5.6% | +8.3% | +4.6% | $41k |
| September 2022 | 3 in, 3 out | -4.4% | -6.7% | -9.2% | $39k |
| August 2022 | 5 in, 5 out | -0.6% | -4.3% | -5.4% | $41k |
| July 2022 | 4 in, 4 out | +6.8% | +4.7% | +12.4% | $41k |
| June 2022 | 4 in, 4 out | -6.6% | -5.8% | -10.0% | $38k |
| May 2022 | 3 in, 3 out | +1.6% | +0.0% | -0.8% | $41k |
| April 2022 | 8 in, 8 out | -8.8% | -8.2% | -13.8% | $40k |
| March 2022 | 7 in, 7 out | +4.0% | +3.6% | +5.1% | $44k |
| February 2022 | 7 in, 7 out | -1.7% | -2.2% | -5.1% | $42k |
| January 2022 | 8 in, 8 out | -10.5% | -7.9% | -8.7% | $43k |
| December 2021 | 9 in, 9 out | -3.2% | +3.2% | +0.3% | $48k |
| November 2021 | 5 in, 5 out | -0.1% | +1.4% | +3.0% | $50k |
| October 2021 | 4 in, 4 out | +9.4% | +6.4% | +7.8% | $50k |
| September 2021 | 5 in, 5 out | -5.6% | -4.4% | -5.8% | $46k |
| August 2021 | 5 in, 5 out | +5.2% | +3.3% | +4.0% | $48k |
| July 2021 | 5 in, 5 out | +2.4% | +3.2% | +3.4% | $46k |
| June 2021 | 5 in, 5 out | +3.3% | +3.9% | +5.7% | $45k |
| May 2021 | 5 in, 5 out | +0.5% | +1.2% | -1.2% | $43k |
| April 2021 | 5 in, 5 out | +3.9% | +3.6% | +5.0% | $43k |
| March 2021 | 6 in, 6 out | -8.4% | +2.1% | +1.3% | $42k |
| February 2021 | 4 in, 4 out | +3.7% | +4.9% | +0.4% | $45k |
| January 2021 | 2 in, 2 out | +6.0% | +2.2% | +1.0% | $44k |
| December 2020 | 4 in, 4 out | +7.2% | +6.2% | +4.5% | $41k |
| November 2020 | 2 in, 2 out | +19.5% | +15.7% | +11.1% | $38k |
| October 2020 | 4 in, 4 out | -3.1% | -1.4% | -3.5% | $32k |
| September 2020 | 4 in, 4 out | -3.2% | -1.6% | -5.3% | $33k |
| August 2020 | 5 in, 5 out | +7.4% | +5.5% | +11.1% | $34k |
| July 2020 | 5 in, 5 out | +11.6% | +6.6% | +8.2% | $32k |
| June 2020 | 5 in, 5 out | +11.2% | +3.9% | +6.7% | $29k |
| May 2020 | 6 in, 6 out | +10.5% | +10.9% | +8.4% | $26k |
| April 2020 | 6 in, 6 out | +16.1% | +16.9% | +16.1% | $23k |
| March 2020 | 3 in, 3 out | -15.8% | -12.8% | -11.4% | $20k |
| February 2020 | 4 in, 4 out | -1.8% | -6.3% | -5.1% | $24k |
| January 2020 | 4 in, 4 out | -0.2% | +0.9% | +2.7% | $24k |
| December 2019 | 5 in, 5 out | +5.5% | +4.3% | +4.8% | $24k |
| November 2019 | 3 in, 3 out | +4.6% | +4.4% | +3.6% | $23k |
| October 2019 | 6 in, 6 out | +0.7% | +3.7% | +4.4% | $22k |
| September 2019 | 4 in, 4 out | -1.8% | +2.8% | +2.0% | $22k |
| August 2019 | 6 in, 6 out | +0.7% | -2.1% | -2.7% | $22k |
| July 2019 | 4 in, 4 out | +1.6% | +0.7% | +0.6% | $22k |
| June 2019 | 5 in, 5 out | +8.9% | +10.6% | +10.0% | $22k |
| May 2019 | 4 in, 4 out | -7.7% | -9.2% | -9.1% | $20k |
| April 2019 | 6 in, 6 out | +3.5% | +4.6% | +5.1% | $22k |
| March 2019 | 7 in, 7 out | +1.7% | +2.0% | +4.2% | $21k |
| February 2019 | 5 in, 5 out | +6.5% | +6.2% | +4.3% | $21k |
| January 2019 | 4 in, 4 out | +9.8% | +11.5% | +10.8% | $19k |
| December 2018 | 8 in, 8 out | -7.1% | -10.3% | -12.5% | $18k |
| November 2018 | 8 in, 8 out | +1.3% | +4.4% | +1.8% | $19k |
| October 2018 | 9 in, 9 out | -15.4% | -8.5% | -9.0% | $19k |
| September 2018 | 3 in, 3 out | +2.3% | +0.8% | +0.6% | $22k |
| August 2018 | 2 in, 2 out | +10.8% | +4.6% | +5.2% | $22k |
| July 2018 | 4 in, 4 out | +1.0% | +4.2% | +4.0% | $20k |
| June 2018 | 4 in, 4 out | -3.0% | -0.8% | -0.3% | $19k |
| May 2018 | 3 in, 3 out | +12.6% | +7.0% | +6.5% | $20k |
| April 2018 | 4 in, 4 out | +1.4% | -0.5% | +1.0% | $18k |
| March 2018 | 3 in, 3 out | -1.4% | -1.3% | -4.8% | $17k |
| February 2018 | 5 in, 5 out | -1.4% | -1.7% | -0.5% | $18k |
| January 2018 | 4 in, 4 out | +8.7% | +5.3% | +7.4% | $18k |
| December 2017 | 4 in, 4 out | +1.7% | +1.2% | +1.7% | $17k |
| November 2017 | 4 in, 4 out | -2.9% | +1.9% | +0.9% | $16k |
| October 2017 | 5 in, 5 out | +6.0% | +4.8% | +4.9% | $17k |
| September 2017 | 3 in, 3 out | +4.5% | +2.4% | -0.3% | $16k |
| August 2017 | 5 in, 5 out | +0.9% | +1.4% | +1.9% | $15k |
| July 2017 | 5 in, 5 out | +6.6% | +3.3% | +3.9% | $15k |
| June 2017 | 1 in, 1 out | -3.9% | -0.2% | -2.1% | $14k |
| May 2017 | 2 in, 2 out | +6.2% | +3.3% | +3.8% | $15k |
| April 2017 | 4 in, 4 out | -0.0% | +2.3% | +3.0% | $14k |
| March 2017 | 4 in, 4 out | +2.6% | +1.2% | +1.5% | $14k |
| February 2017 | 5 in, 5 out | +7.9% | +4.8% | +4.3% | $13k |
| January 2017 | 5 in, 5 out | +3.7% | +4.4% | +5.2% | $12k |
| December 2016 | 5 in, 5 out | +0.5% | +2.5% | +1.8% | $12k |
| November 2016 | 6 in, 6 out | +6.2% | +3.6% | +0.2% | $12k |
| October 2016 | 6 in, 6 out | -3.3% | -1.3% | -1.2% | $11k |
| September 2016 | 4 in, 4 out | +2.9% | +1.8% | +2.1% | $12k |
| August 2016 | 3 in, 3 out | +1.7% | +1.2% | +1.0% | $11k |
| July 2016 | 5 in, 5 out | +6.2% | +5.5% | +7.3% | $11k |
| June 2016 | 4 in, 4 out | +1.6% | -0.2% | -2.0% | $10k |
| May 2016 | 3 in, 3 out | +2.6% | +3.2% | +3.8% | $10k |
| April 2016 | 3 in, 3 out | -0.4% | -0.0% | -2.3% | $10k |
| March 2016 | 5 in, 5 out | +4.6% | +6.2% | +5.2% | $10k |
| February 2016 | 9 in, 9 out | -0.6% | +2.4% | -0.1% | $10k |
| January 2016 | first book | -3.2% | -5.0% | -5.3% | $10k |
How to read these
Backtested, not live: the model portfolio is one fixed rule re-run at each month-end since 2016 with next-open fills and 5 basis points per unit of turnover, on a universe assembled in 2026 knowing which names won, so read the gap to holding rather than the level. Educational publication, not investment advice; identical for everyone; past performance does not predict future results.
Hesper Atlas is an educational publication, not investment advice. The portfolio is one rules-based construction, identical for everyone, and knows nothing about your situation. Data: end-of-day. Read the terms.