R34 takes every position GC8 takes, at the same size, and applies leverage wherever the market can carry the order. It has traded alongside GC8, in an account of its own, since October 22, 2026. Everything before that date is simulated, and the reasons to discount it are shown in full.
Because R34 holds GC8’s positions, the honest comparison is GC8 itself. Most of the time the two hold the same thing; where leverage is available and deep enough, R34 holds a leveraged version of the same position. All figures are net of estimated trading, financing and borrowing costs, through October 22, 2026.
| Over the period | R34 | GC8 | S&P 500 |
|---|---|---|---|
| Total return | |||
| Annualized return | |||
| Maximum drawdown | — | ||
| Positions | — | ||
| Positions with leverage | — | — |
The leverage is recent. For most names it has only existed since 2025, so R34’s three-year record is largely GC8’s own and the difference sits in the last year. A five-year column would show nothing new, which is why there isn’t one.
They are simulated. The rules were run over historical prices, with estimated costs for crossing the spread, financing the leverage and borrowing to go short. Nothing in the table was traded. R34’s live record begins on October 22, 2026, and is far too short to say anything yet.
Leverage reaches a minority of positions. Over the last year, 296 of 5,562 positions (5%) had leverage available that could take the order. The rest were held exactly as GC8 held them. R34’s difference from GC8 comes entirely from that minority.
Leverage cuts both ways. R34’s deepest decline over the last year was 27.1% against 17.3% for GC8. When several leveraged positions move against it on the same day, they cost R34 more than they cost GC8.
Costs are estimated, not observed. The spread, financing and borrowing costs above come from assumptions and recent quotes, not from R34’s own fills. Measuring them on a live book is what the live record is for.
Financing and the cost of crossing the spread are estimated here, not observed. They are paid on every leveraged position, on the way in and on the way out, so the live figure decides how much of the difference from GC8 is real.
Leveraged positions are thinner than the ordinary ones they stand in for. Whether orders fill where the simulation assumes is a question only live orders answer.
Opportunities cluster on volatile days — exactly the days when pricing widens and liquidity thins. Average conditions are not the test. The bad days are the test.
Until all three are answered on R34’s own live book, the figures above stay labeled a simulation rather than a record.
Leverage that can take the order exists for a small share of the names GC8 trades, mostly larger companies. On everything else, R34 is GC8.
The leverage R34 depends on trades in modest size. As capital grows, fewer positions qualify and R34 converges back toward GC8 — and we would rather say so now than discover it with client money.
R34 manages no client capital and is not offered. The results above are simulated, not actual: produced by applying the strategy’s rules to historical prices with estimated costs, not by trading. They should be assumed to overstate what live execution would achieve. Nothing here is an offer to sell or a solicitation to buy any security or interest in any fund.
The research, the assumptions behind it, and what the live observation has shown so far — including where the real fills disagree with the simulation. Under confidentiality, and with the caveats stated plainly.