September delivered a challenging period, with the portfolio closing the month at -18pts overall. Losing months are part of any long-term approach, but they can still feel uncomfortable when they arrive.
The drawdown was driven by a run of unfavourable results in races where our systems typically perform well. This doesn’t indicate a problem with the strategy; it simply reflects short-term variance.
Every system we operate has been tested against historical data, including losing streaks worse than those experienced in September. These dips are expected and accounted for in long-term modelling.
Our priority during periods like this is discipline. Following the process, sticking to level stakes, and avoiding emotional decisions ensures that the strategy remains consistent and effective.
Despite the short-term downturn, all systems remain within expected variance bands. We move into the next month with full confidence in the overall models and approach.