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REJECTED

"Holdout Validation — 20 random names (not in flagship universe)"

2026-08-12

Seed: 1337 | 20y daily bars | initial $100,000 | region-A config Universe: AMP, BEN, CCL, CHRW, CMCSA, DIS, DOV, ETR, FITB, HON, INVH, JPM, LITE, ORLY, SYK, TDY, TT, TXT, USB, WFC

Portfolio results

Year by year

| 2006 | +0.00% | | 2007 | +0.00% | | 2008 | +0.00% | | 2009 | +10.55% | | 2010 | +11.24% | | 2011 | -3.17% | | 2012 | +17.08% | | 2013 | +9.80% | | 2014 | +14.70% | | 2015 | +0.94% | | 2016 | +17.76% | | 2017 | +9.41% | | 2018 | -6.29% | | 2019 | +17.41% | | 2020 | -7.25% | | 2021 | +21.86% | | 2022 | -21.96% | | 2023 | +4.14% | | 2024 | +20.25% | | 2025 | +9.80% | | 2026 | +26.10% |

35% lock comparison (pre-fix max_drawdown_total 0.35)

Verdict

MIXED / INCONCLUSIVE — random unseen names returned +283.43% vs SPY +757.95% (P/L 1.25).

Breaker effect: the 35% lock retired the strategy for 2023-26 (+73.11%, 1415 total trades) vs the live 0.50 setting (+73.11%, 1417 trades).