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EHLS ended September with a net asset value of $25.58 per share, a decrease of 4.52% over the third quarter. The short book expanded meaningfully in September in response to our system’s indicators, and net equity exposure declined to 54.4%.

The first half of 2026 closed with the fund at +14.14% (MKT) year-to-date, continuing to outpace the S&P 500 at +9.55% and the S&P 500 Equal Weight at +11.11%. June was a modest give-back month for the fund, roughly flat, as the broader market snapped a two-month winning streak and mega-cap technology came under pressure. The S&P 500 declined approximately -1.1% for the month, its first negative month since March, while narrow AI-linked leadership gave way to broader participation. That...

Energy and Materials Anchor a Strong Month The fund closed May at fresh all-time highs, delivering +15.82% (MKT) year-to-date against the S&P 500 at +10.73% and the S&P 500 Equal Weight at +8.74%. Equity markets staged one of their strongest two-month stretches in years, and we are pleased to have continued to outperform across the rally. Energy and Materials remain firmly in the top tier of the system with no sign of losing those positions, and the broadening of strength into select...