MO Portfolio
The Macro Ops Portfoliont_header_1nt_header_2nt_header_3nt_header_4nt_header_5nt_header_6nt_header_7nt_header_8nt_header_9nt_header_10nt_header_11nt_header_12nt_header_13nt_header_14nt_header_15Option 1nt_header_17nt_header_18nt_header_19
PDF: https://tinyurl.com/mo-portfolio
2024 YTD Return53.62%
Total Notional Exposure127.87%
Equity Exposure56.76%
Futures Exposure71.11%
Current Cash Value (%)42.61%
Total Capital At-Risk (%)10.00%Total Return Since 2020160.10%
Total Drawdown Risk (%)19.77%4-YR CAGR26.99%
Futures, Bonds & FXTickerContractsCapitalNotionalActual RiskDD RiskCost BasisCurrent PriceCurrent Stop-LossInitial Stop-LossCurrent P&LR-Multiple (Curr.)Total NotionalTotal RiskTotal Drawdown Risk
71.11%-1.05%7.08%
Micro Gold FuturesGC!20244$116,044.503.37%-0.55%0.21%$2,093.40$2,705.00$2,537.00$2,046.8029.22%13.12
Micro Gold Futures (Second Leg)GC!20242$51,327.381.49%-0.17%0.09%$2,224.00$2,705.00$2,537.00$2,171.0021.63%9.08
Micro Gold Futures (Third Leg)GC!20245$142,824.004.14%0.06%0.26%$2,573.30$2,705.00$2,537.00$2,507.405.12%2.00
Micro Bitcoin FuturesMBTZ202439$391,111.5011.34%-1.37%2.18%$68,900.00$100,285.000$81,000$64,67045.55%7.42
Micro Bitcoin Futures (Second Leg)MBTZ202447$471,339.5013.67%-0.51%2.63%$77,265.00$100,285.000$81,000$72,09529.79%4.45
Micro Bitcoin Futures (Third Leg)MBTZ202436$361,026.0010.47%1.01%0.90%$101,340.00$100,285.000$91,680$91,680-1.04%-0.11
E-mini Russell 2000 FuturesRTYZ20245$590,500.0017.13%0.00%0.14%$2,343.00$2,362.000$2,343$2,2790.81%0.30
Micro Crude Oil FuturesMCLF202446$327,428.009.50%0.49%0.67%$69.80$71.180$66.15$66.151.98%0.38
Canadian Futures6CZ2024-57-$4,009,380.00-116.29%1.03%1.95%$0.7090$0.7034$0.7152$0.7152-0.79%0.90
EquitiesTickerSharesCapitalNotionalActual RiskDD RiskCost BasisCurrent PriceCurrent Stop-LossInitial Stop-LossCurrent P&LR-Multiple (Curr.)Total NotionalTotal RiskTotal Drawdown Risk
Strategic 56.76%9.76%12.64%
Magna MiningNICU.V154,013$151,995.374.41%0.71%1.03%$0.91$0.99$0.76$0.767.93%0.46
Block, Inc.SQ1,967$185,148.775.37%-0.01%0.70%$81.56$94.11$81.80$69.0015.39%1.00
Block, Inc. (Second Leg)SQ1,719$161,763.154.69%0.50%0.61%$91.77$94.11$81.80$81.802.55%0.23
Intermap TechnologiesIMP86,937$129,623.513.76%2.94%3.76%$1.17$1.49$0.00$0.0027.83%0.28
Idaho StrategicIDR14,704$179,096.685.19%1.02%0.64%$13.05$12.18$10.67$10.67-6.67%-0.37
Rheinmetall AGRHM300$198,742.425.76%0.00%0.55%$600.38$663.56$600.38$490.2510.52%0.57
Vista Energy VIST4,210$245,906.107.13%0.50%0.90%$55.11$58.41$51.00$51.005.99%0.80
Valeura EnergyVLE.TSXV32,857$154,668.894.49%1.01%1.10%$4.62$4.71$3.55$3.552.00%0.09
Nerdy, Inc.NRDY59,207$94,731.672.75%-0.12%0.41%$1.29$1.60$1.36$1.0024.03%1.07
Nerdy, Inc. (Second Leg)NRDY49,915$79,864.002.32%0.75%0.35%$1.88$1.60$1.36$1.36-14.89%-0.54
Clearpoint NeuroCLPT10,382$170,264.804.94%0.75%1.23%$14.83$16.40$12.33$12.3310.59%0.63
Andean Precious MetalsAPM82,249$116,793.583.39%1.00%0.95%$1.44$1.42$1.02$1.02-1.39%-0.05
Alphamin ResourcesAFM.V112,920$88,190.792.56%0.71%0.39%$0.88$0.78$0.66$0.66-11.09%-0.45
TacticalTickerSharesCapitalNotionalActual RiskDD RiskCost BasisCurrent PriceCurrent Stop-LossInitial Stop-LossCurrent P&LR-Multiple (Curr.)Total NotionalTotal RiskTotal Drawdown Risk
OptionsTickerContractsCapitalNotionalActual RiskDD RiskCost BasisCurrent (Mid) PriceCurrent Stop-LossInitial Stop-LossCurrent P&LR-Multiple (Curr.)Total NotionalTotal RiskTotal Drawdown Risk
AG JAN 17 2025 | 17 Strike CallAG111,636$0.000.00%0.36%0.00%$0.11$0.00$0.00$0.00-100.00%-1.000.64%1.29%0.06%
AR JAN 17 2025 | $50 Strike CallAR18,800$1,880.000.05%0.44%0.05%$0.80$0.10$0.00$0.00-87.50%-0.88
VIX Jan 22 2025 | 60 Strike CallVIX911$20,042.000.58%0.50%0.01%$0.19$0.22$0.00$0.0015.79%0.16
Cash Net Interest
Cash Value (as of 10/31)$1,870,000
IBKR Interest on Cash4.30%
YTD Interest Received$73,360
Day 333
Tot. Actual Risk11.05%Margin Requirements
Month EndAccount BalanceGain/Loss %ALWAYS UPDATE PRICES BEFORE MAKING NEW TRADES!!!!!!Equity Exposure56.76%56.76%
November$1,270,742.00Crypto Syntax: =GOOGLEFINANCE("CURRENCY:ETHUSD")Futures Exposure71.11%Margin Requirements
December$1,490,317.4617.28%Options Exposure0.64%0.64%CottonCTH20230.00
Hypothetical Stock Addition WorksheetTotal127.87%57.39%Soybean OilZLN20220.00
Month End (2021)Account BalanceGain/Loss %Natural GasNGZ20230.00
January $1,701,664.2614.18%(From Dec 2020)Notional Value$420,932.61$ Risk# of SharesNotional $ Value% Notional PositionShare PriceCash42.61%Dax Mini FDXMM20220.00
February$2,025,246.6019.02%Cash Value$2,953,334.04$0.4935,180$65,0831.89%$1.85Sugar No.11SBH20230.00
March$1,839,362.24-9.18%Total Portfolio Value$3,447,627Crude Oil FuturesCLU20220.00
24.02%Wheat FuturesZWZ20220.00
April$2,060,639.5712.03%0.25% Equity Risk$8,619Dollar IndexDXM20220.00
May$2,066,994.670.31%0.40% Equity Risk$13,791Cost Basis CalculationSugar No.11 (Second Leg)SBK20220.00
June$1,958,497.76-5.25%0.50% Equity Risk$17,238CORNZCN20220.00
7.09%0.75% Equity Risk$25,857Entry1.851.8530 Year US Treasury BondZBZ20220.00
July$1,790,921.94-8.56%1% Equity Risk$34,476Exit1.361.36E-Mini Russell 22RTYH20230.00
August$1,710,355.46-4.50%1.25% Equity Risk$43,095Currency Adj1Wheat FuturesZWN20220.00
September$1,594,986.25-6.75%1.50% Equity Risk$51,714Micro E-Mini Nasdaq FuturesMNQU20220.00
-19.80%2% Equity Risk$68,953CopperHGU20220.00
October$1,672,265.024.85%5% Position$172,381GoldGCF2023
November$1,656,510.10-0.94%3% Risk$103,428.81SilverSILH2023
December$1,510,432.14-8.82%0.35% Equity Risk$12,066.69CocoaCCZ20230.00
-4.92%0.20% Equity Risk$6,895.25
10% Equity Risk$344,762.70
FY 20216.39%2.5% Equity Risk$86,190.68
Month EndAccount Balance2022Cumulative RetClosed Trade PnL (bps)FuturesEquitiesOptionsForexTotal
January $1,466,649.73-2.90%-2.90%January84-400142-174
February$1,635,583.4011.52%8.62%February-52127-5421
March$1,759,930.327.60%16.22%March-95-242-337
16.22%April-230-77-100
April$1,939,567.5610.21%26.43%May -177-81-46-304
May$1,885,854.81-2.77%23.66%June95-7421
June$1,782,454.59-5.48%18.18%July82-64464482
1.95%August9-358256
July$1,769,937.96-0.70%17.47%September0236-37199
August$1,725,082.08-2.53%14.94%October-180-12618-288
September$1,734,865.900.57%15.51%November-34225240
-2.67%December64166-63167
October$1,751,972.510.99%16.49%TOTAL-227-71-400481
November$1,745,337.69-0.38%16.12%
December$1,642,342.67-5.90%10.21%Total Closed PnL183
-5.29%
2022 FY10.21%
2023 FY Return23.47%
Month EndAccount Balance2023Cumulative RetMax Drawdown-6.56%
January $1,794,192.859.25%9.25%Gain To Pain3.58
February$1,742,065.37-2.91%6.34%
March$1,678,407.30-3.65%2.69%2024 Closed Trade PnL (bps)FuturesEquitiesOptionsForexTotal
2.69%January23296-196-7557
April$1,690,887.440.74%3.43%February-261200610
May$1,700,755.480.58%4.01%March41940800827
June$1,796,233.495.61%9.63%April272-17399
6.94%May 2151900234
July$1,807,932.580.65%10.28%June32944400773
August$1,857,351.982.73%13.01%July27-1140-73-160
September$1,915,221.913.12%16.13%August-379388393402
6.50%September-84-2700-111
October$1,908,937.31-0.33%15.80%October-2191,392001,173
November$1,928,632.101.03%16.83%November451-158084377
December$2,056,718.776.64%23.47%December0
7.34%TOTAL1,2612,887197-644,281
2023 FY23.47%
Total Closed Equity PnL (10/31)4,281
Month EndAccount BalanceMonthly ReturnCumulative Ret
January $2,097,854.632.00%2.00%
February$2,301,512.599.71%11.71%2024 FY Return53.62%
March$2,472,433.857.43%19.13%Max Drawdown-2.73%
Quarterly Return19.13%Gain To Pain19.65
April$2,670,321.238.00%27.14%
May$2,864,590.957.28%34.41%
June$2,786,437.98-2.73%31.69%
Quarterly Return12.55%
July$2,794,609.410.29%31.98%
August$2,847,797.361.90%33.88%
September$3,117,610.939.47%43.36%
Quarterly Return11.67%
October$3,259,981.904.57%47.92%
November$3,402,737.664.38%52.30%
December$3,447,627.001.32%53.62%
Quarterly Return10.26%
2024 FY53.62%
Full YearLargest DrawdownMO ReturnS&P 500 ReturnOver/(under) PerformanceGain-To-PainAverage Down Month# of Down Months
2020-14.13%66.40%16.26%408%4.70
2021-19.80%6.39%26.89%24%0.32-6.28%7
2022-11.49%10.21%-19.44%-53%0.89-2.95%7
2023-6.56%23.47%24.23%97%3.58-2.30%3
2024 YTD-2.73%53.62%22.00%244%19.65-2.73%1
TOTAL RETURN160.10%69.94%229%
Average Annual Ret32.02%13.99%2.29
Average Drawdown-10.94%
Gain-To-Pain2.93

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Brandon Beylo

Value Investor

Brandon has been a professional investor focusing on value for over 13 years, spending his time in small to micro-cap companies, spin-offs, SPACs, and deep value liquidation situations. Over time, he’s developed a deeper understanding for what deep-value investing actually means, and refined his philosophy to include any business trading at a wild discount to what he thinks its worth in 3-5 years.

Brandon has a tenacious passion for investing, broad-based learning, and business. He previously worked for several leading investment firms before joining the team at Macro Ops. He lives by the famous Munger mantra of trying to get a little smarter each day.

AK

Investing & Personal Finance

AK is the founder of Macro Ops and the host of Fallible.

He started out in corporate economics for a Fortune 50 company before moving to a long/short equity investment firm.

With Macro Ops focused primarily on institutional clients, AK moved to servicing new investors just starting their journey. He takes the professional research and education produced at Macro Ops and breaks it down for beginners. The goal is to help clients find the best solution for their investing needs through effective education.

Tyler Kling

Volatility & Options Trader

Former trade desk manager at $100+ million family office where he oversaw multiple traders and helped develop cutting edge quantitative strategies in the derivatives market.

He worked as a consultant to the family office’s in-house fund of funds in the areas of portfolio manager evaluation and capital allocation.

Certified in Quantitative Finance from the Fitch Learning Center in London, England where he studied under famous quants such as Paul Wilmott.

Alex Barrow

Macro Trader

Founder and head macro trader at Macro Ops. Alex joined the US Marine Corps on his 18th birthday just one month after the 9/11 terrorist attacks. He subsequently spent a decade in the military. Serving in various capacities from scout sniper to interrogator and counterintelligence specialist. Following his military service, he worked as a contract intelligence professional for a number of US agencies (from the DIA to FBI) with a focus on counterintelligence and terrorist financing. He also spent time consulting for a tech company that specialized in building analytic software for finance and intelligence analysis.

After leaving the field of intelligence he went to work at a global macro hedge fund. He’s been professionally involved in markets since 2005, has consulted with a number of the leading names in the hedge fund space, and now manages his own family office while running Macro Ops. He’s published over 300 white papers on complex financial and macroeconomic topics, writes regularly about investment/market trends, and frequently speaks at conferences on trading and investing.

Macro Ops is a market research firm geared toward professional and experienced retail traders and investors. Macro Ops’ research has been featured in Forbes, Marketwatch, Business Insider, and Real Vision as well as a number of other leading publications.

You can find out more about Alex on his LinkedIn account here and also find him on Twitter where he frequently shares his market research.