QAS MODEL PORTFOLIO PROGRAM ALERT
QAS GLOBAL NEW ECONOMY EQUITY STRATEGY OUTPERFORMED S&P 500 INDEX BY +20% 2025 YTD
QAS Global New Economy Equity Strategy continued to outperform the benchmark. This is a 25-stocks concentrated portfolio with a monthly rebalancing process. All stocks are selected from our proprietary Global New Economy investment universe, representing innovative global companies across various sectors.
Each month, our fully automated algorithm analyzes current portfolio holdings. Stocks exhibiting deteriorating momentum factor profiles (a combination of absolute and relative momentum) are replaced with those showing a positive configuration.
Year-to-date (YTD), this strategy has returned +33.1% vs. +13.6% for the SPY.
Here are some of the current holdings that have contributed most to the strategy’s alpha:
- ALAB – Astera Labs
- CPNG – Coupang
- BABA – Alibaba
- JD – JD.com
- BILI – Bilibili
- NBIX – Neurocrine Bioscience
Our research indicates that using the momentum factor for stock selection and position maintenance can enhance risk-adjusted returns in long-only concentrated portfolios—particularly during positively biased market periods.
During the July-September period, we registered a decrease of the number of large-cap stocks with positive QAS Momentum configuration (absolute + relative momentum combination). However, our stock selection mechanism provided us with a group of “high-score” stocks that continued to outperform.
We expect positively biased market conditions to persist in the second half of 2025. As a result, increased portfolio concentration is likely to deliver above-average returns.
Our advanced momentum factor methodology allows us to apply various parameters across key aspects of portfolio management:
a) Portfolio construction (concentration vs. diversification)
b) Rebalancing and position sizing
c) Risk management (exposure reduction or stock replacement)
Concentrated portfolios (with a relatively small number of holdings) are typically considered an active or hedge fund-style investment. In contrast, passive investments are generally designed with larger portfolio sizes. A concentrated portfolio tends to have lower correlation to a broad-based benchmark. Mathematically, any portfolio with 50 or more stocks will exhibit high benchmark correlation. Conversely, the optimal size for a concentrated portfolio is typically 20–30 stocks (with some hedge funds holding as few as 8–10), allowing for significantly reduced benchmark correlation.
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