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Next filing · Form N-PORT · Q2 2026 · 13 days
Next filing · Form N-PORT · Q2 2026 · 13 daysMethodology Paper · Part III published: The One Manager Skill That PersistsAPI Update · Point-in-Time (PIT) historical commit tracking — securities and funds unifiedAPI Update · ERM3 L3 variance partition — institutional transparency releasePart 3 · The Persistence of Stock-Selection ResidualsPart 1 · One Position, Four BetsNext filing · Form N-PORT · Q2 2026 · 13 daysMethodology Paper · Part III published: The One Manager Skill That PersistsAPI Update · Point-in-Time (PIT) historical commit tracking — securities and funds unifiedAPI Update · ERM3 L3 variance partition — institutional transparency releasePart 3 · The Persistence of Stock-Selection ResidualsPart 1 · One Position, Four Bets
Ledger

Risk decomposition

NVDA

Market → sector → subsector → α-residual · 2026-02-25 → 2026-08-17

NVDA factor & risk decomposition snapshot
Market
+21.6%
Sector
+20.6%
Subsector
-1.6%
α residual
-25.2%
Stock
+15.4%

Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits NVDA's realized return into those benchmark layers; the α residual is what the three hedge layers do not explain.

Research referencing NVDA

  • Who got NVDA right before it became benchmark exposure?
    Early ownership, active conviction, and residual attribution in U.S. mutual-fund managers, 2019–2026 · 2019-Q3 – 2025-Q4 · 114 complexes

source: RiskModels — GET /ticker-returns?ticker=NVDA&years=1

How the decomposition works →Research →Run any ticker via the API →

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