AC Market Neutral
- Gross
- +9.9%
- Net
- +8.1%
- Corr. to RSP
- 0.05
Since 8 Jan 2026, cumulative, gross and net: 9.3 months, not annualized. Leyland Cypress record.
Evidence
The live record, every trading day
No back tests. Every figure on these pages comes from the live record, is read from FlightDeck’s published feeds without being recomputed, and carries its date. The reading is published whether it is favorable or not.
- Alpha Convergence since
- 27 Jun 2025
- Trading days
- 331
- Benchmark
- RSP, total return
- Record as of
- 20 Oct 2026
Alpha Convergence®
Gross and net, against RSP and SPY
AC grossAC netRSP priceSPY price
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
| Window | From | Alpha Convergence, gross | Net of 2% model fee* | RSP | Excess, gross |
|---|---|---|---|---|---|
| Since inception | 27 Jun 2025 | +56.8% | +52.8% | +22.3% | +34.5 ppt |
| Since composite inception | 2 Sep 2025 | +44.7% | — | +16.5% | +28.1 ppt |
| Last twelve months | 21 Oct 2025 | +36.3% | — | +15.5% | +20.8 ppt |
| Year to date | 2 Jan 2026 | +32.0% | +29.9% | +14.1% | +17.9 ppt |
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
- Net, since inception
- +52.8% cumulative · +38.1% a year
- Gross, since inception
- +56.8% cumulative · +40.9% a year
- RSP, since inception
- +22.3% cumulative, total return
Gross is the daily equity-sleeve return of the Alpha Convergence Flagship strategy, reconciled to a tracking account at Schwab; net deducts a 2% model advisory fee*, not the fees actually billed. Net for the year to date is FlightDeck’s published figure, from its AC Market Monitor; FlightDeck does not publish a net figure for the last twelve months or since composite inception, so none is shown here. The strategy record starts on 27 Jun 2025 and includes 27 Jun to 18 Aug 2025 on firm capital, before client accounts began; client accounts were rotated into the strategy on 19 Aug 2025, and the client composite starts 1 Sep 2025. “Since inception” figures are the strategy record; “since composite inception” figures are the client composite. RSP is total return, price plus its dividend accrued evenly. Not independently verified; the firm does not claim GIPS compliance. Past performance is not indicative of future results.
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
Is it skill?
Is it luck or skill? We ask every trading day.
| Alpha Convergence total return | Gross | Net of 2% model fee* | RSP, total return |
|---|---|---|---|
| Since inceptionstrategy record, from 27 Jun 2025 | +56.8% | +52.8% | +22.3% |
| Last twelve monthsfrom 21 Oct 2025 | +36.3% | — | +15.5% |
Cumulative, as of 20 Oct 2026. Includes 27 Jun to 18 Aug 2025 on firm capital before client accounts began. Net deducts a 2% model advisory fee*, the top of the fee schedule, not the fees actually billed. The statistics that follow are computed on gross returns. Past performance is not indicative of future results.
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
- Alpha t-statistic · gross · HAC2.38Newey-West HAC, q = 4
- Trading days on record331Strategy record since 27 Jun 2025 · includes 27 Jun to 18 Aug 2025 on firm capital
- Information ratio · gross1.91Against RSP · tracking error 10.1%
- p-value · gross · one-sided · HAC0.0086Not the probability of future success
FlightDeck · as of 20 Oct 2026. Active return is measured against RSP total return. Significance is measured gross, as the SEC marketing rule permits for a statistic of skill. Computed on gross returns; does not reflect the deduction of all fees and expenses. Net total returns for the same period are shown in the Alpha Convergence total-return table above. The primary test is one-sided (is active return above zero?); the 95% interval is two-sided, the more conservative choice. These are observations from a short record, not a forecast.
Significance over time
Gross · expanding window from day 60Gross t (characteristic)
A monitor, not the claim
A statistic checked every day touches a fixed threshold more often than a single reading would, so a first crossing is never treated as a finding.
Early ratios run high
Ratios this early usually reflect favorable sequencing and tend to compress over full market cycles. Read today’s figure as an observation.
Three things this does not mean
It does not predict future returns. It does not guarantee any level of outperformance. It is not third-party verification: it is our live record, tested in public.
The other strategies
Each strategy keeps its own record
Independent Return
- Annual return, net
- +8.4%
- Since inception, net
- +16.0%
- Corr. to SPY
- 0.07
Since 11 Dec 2024, as of 20 Oct 2026, as FlightDeck reports them: net of the manager’s fee; return and volatility annualized. Leyland Cypress record.
Gross and net shown at equal size; AC Market Neutral net of a 2% model fee*, Independent Return net of the fee reported by its manager. AC Market Neutral and Independent Return are managed by our sister company Leyland Cypress LLC (CRD 322964); their figures are the Leyland Cypress record. Life UnLocked Partners holds a 50% interest in Leyland Cypress and receives a share of its fees; see Form ADV.
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
Backstage tour
See it running live
A live screen-share of FlightDeck with Mark Tennenbaum, CIO: the command center driven in real time, how today’s market is classified and what the book does about it, and the record with the tests behind it.