Quality Defensive

quality · 8/6/2026 12:52 AM CT · inside its mandate

NAV / unit

100.1052

Return

+0.11%

Value

$100,105.21

Cash

10.0%

Positions

16

Max drawdown

+0.00%

Today, pass by pass

8/6/2026 12:52 AM CT

NAV per unit, daily

Exposure

90% long · 0% short · 10% cash · net +90%

What this fund believes

Thesis

Own businesses whose prices behave well: low volatility, shallow drawdowns, still trending up. Lose less, compound longer.

Lineage

Asness, Frazzini and Pedersen, Quality Minus Junk (2013), approximated here with price-based proxies rather than balance sheets.

The regime that kills it

Early-cycle recoveries, where the most damaged businesses rebound the most and quality lags for the whole first leg.

How it decides

Decision inputs

volatility rank, drawdown-depth rank, and the 200-day trend

Cadence

Reconsiders every 45 days; holds 16 positions at target; refused buys fall through to the next-ranked name.

Universe

the shared 52-stock universe

Its mandate versus the base mandate

Limit	This fund	Base mandate
maxSingleEquityPct	7.0	7.0
maxSingleEtfPct	5.0	5.0
maxSectorPct	35.0	35.0
cashMinPct	10.0	10.0
cashMaxPct	25.0	20.0	tuned
minPositions	15	15
maxPositions	30	30
maxNonUsPct	10.0	10.0
allowShorting	True	True
maxSingleShortPct	4.0	4.0
maxGrossShortPct	40.0	40.0
shortCollateralCoverage	1.0	1.0
allowLeverage	False	False

Current holdings, and why each is held

Ticker	Class / sector	Weight	Last	P&L	Rationale recorded at entry
CSCO	Telecommunications	5.66%	122.56	+0.82%	Quality Defensive: ranked 13 of 52 on Quality Defensive (score 69.4)
COST	Consumer Discretionary	5.66%	950.15	+0.82%	Quality Defensive: ranked 14 of 52 on Quality Defensive (score 69.0)
MA	Consumer Discretionary	5.64%	573.00	+0.39%	Quality Defensive: ranked 5 of 52 on Quality Defensive (score 84.3)
WFC	Finance	5.63%	89.45	+0.26%	Quality Defensive: ranked 15 of 52 on Quality Defensive (score 67.1)
BAC	Finance	5.62%	63.35	+0.11%	Quality Defensive: ranked 11 of 52 on Quality Defensive (score 77.3)
KO	Consumer Staples	5.62%	86.90	+0.03%	Quality Defensive: ranked 3 of 52 on Quality Defensive (score 94.5)
XOM	Energy	5.62%	151.75	+0.03%	Quality Defensive: ranked 7 of 52 on Quality Defensive (score 81.2)
V	Consumer Discretionary	5.62%	368.79	+0.02%	Quality Defensive: ranked 4 of 52 on Quality Defensive (score 87.4)
JPM	Finance	5.62%	359.53	+0.03%	Quality Defensive: ranked 10 of 52 on Quality Defensive (score 78.0)
CVX	Energy	5.62%	186.51	+0.00%	Quality Defensive: ranked 9 of 52 on Quality Defensive (score 79.6)
SO	Utilities	5.62%	93.10	-0.05%	Quality Defensive: ranked 2 of 52 on Quality Defensive (score 97.6)
DUK	Utilities	5.62%	123.34	-0.05%	Quality Defensive: ranked 8 of 52 on Quality Defensive (score 80.0)
ABBV	Health Care	5.61%	246.16	-0.07%	Quality Defensive: ranked 12 of 52 on Quality Defensive (score 73.3)
JNJ	Health Care	5.61%	257.37	-0.14%	Quality Defensive: ranked 1 of 52 on Quality Defensive (score 97.6)
MCD	Consumer Discretionary	5.61%	273.88	-0.10%	Quality Defensive: ranked 16 of 52 on Quality Defensive (score 66.7)
VZ	Telecommunications	5.60%	46.38	-0.24%	Quality Defensive: ranked 6 of 52 on Quality Defensive (score 81.2)

Recent trades

ID	Date	Action	Ticker	Notional	Rationale
T-0016	2026-08-05	ENTRY	MCD	$5,622.63	Quality Defensive: ranked 16 of 52 on Quality Defensive (score 66.7)
T-0015	2026-08-05	ENTRY	WFC	$5,622.79	Quality Defensive: ranked 15 of 52 on Quality Defensive (score 67.1)
T-0014	2026-08-05	ENTRY	COST	$5,622.94	Quality Defensive: ranked 14 of 52 on Quality Defensive (score 69.0)
T-0013	2026-08-05	ENTRY	CSCO	$5,623.10	Quality Defensive: ranked 13 of 52 on Quality Defensive (score 69.4)
T-0012	2026-08-05	ENTRY	ABBV	$5,623.26	Quality Defensive: ranked 12 of 52 on Quality Defensive (score 73.3)
T-0011	2026-08-05	ENTRY	BAC	$5,623.42	Quality Defensive: ranked 11 of 52 on Quality Defensive (score 77.3)
T-0010	2026-08-05	ENTRY	JPM	$5,623.58	Quality Defensive: ranked 10 of 52 on Quality Defensive (score 78.0)
T-0009	2026-08-05	ENTRY	CVX	$5,623.74	Quality Defensive: ranked 9 of 52 on Quality Defensive (score 79.6)
T-0008	2026-08-05	ENTRY	DUK	$5,623.89	Quality Defensive: ranked 8 of 52 on Quality Defensive (score 80.0)
T-0007	2026-08-05	ENTRY	XOM	$5,624.05	Quality Defensive: ranked 7 of 52 on Quality Defensive (score 81.2)
T-0006	2026-08-05	ENTRY	VZ	$5,624.21	Quality Defensive: ranked 6 of 52 on Quality Defensive (score 81.2)
T-0005	2026-08-05	ENTRY	MA	$5,624.37	Quality Defensive: ranked 5 of 52 on Quality Defensive (score 84.3)
T-0004	2026-08-05	ENTRY	V	$5,624.53	Quality Defensive: ranked 4 of 52 on Quality Defensive (score 87.4)
T-0003	2026-08-05	ENTRY	KO	$5,624.68	Quality Defensive: ranked 3 of 52 on Quality Defensive (score 94.5)
T-0002	2026-08-05	ENTRY	SO	$5,624.84	Quality Defensive: ranked 2 of 52 on Quality Defensive (score 97.6)