Disclosures
These are not boilerplate. Each one is a specific limitation of this track record, and each is stamped into every record in the data repository — so a reader who only ever touches the raw JSON gets the same caveats as one who reads this page.
Paper accounts — no capital at risk
These results come from Alpaca PAPER accounts. No real money is invested, no capital is at risk, and every fill is simulated by the broker's paper engine against its market data. They are a live-execution rehearsal of the strategies, not a record of managing client money.
Past performance is not indicative of future results
Nothing on this site is investment advice, an offer, or a solicitation to buy or sell any financial instrument. Past performance — simulated or otherwise — is not indicative of future results.
Per-strategy figures are an attributed model
Book-level equity and returns are EXACT: they are read from the broker's own account endpoint. Per-strategy returns are not. The broker nets our orders, so each net fill is attributed back to the strategies whose write-ahead intents contributed to it, pro-rata by requested size. That attribution is a model. It is internally consistent and it sums to the book, but a different attribution rule would produce different per-strategy numbers from the same fills.
Limit-order fills are biased low — these results understate
The desk consumes Alpaca's free IEX feed, roughly 2-3% of consolidated US equity volume. The daily range the paper fill engine sees is therefore narrower than the real tape, and resting limit orders that the consolidated market would have touched are recorded as expired. Measured over the first sessions: market orders filled 100% (72/72), limit orders 6% (7/120), and of 18 expired limits not one had touched its IEX bar. The direction of the bias is certain — live results UNDERSTATE the limit-order strategies. The magnitude has not been measured and is not stated here.
Annualised statistics are withheld until there is enough history
Sharpe, CAGR, Calmar, volatility and maximum drawdown are suppressed until a book has at least 60 marked sessions. On a handful of sessions they are not imprecise, they are meaningless. Cumulative return and the equity curve are shown from the first day, because those are statements of what happened.
Everything is published as soon as it is real
NAV, returns and metrics are published with no delay. Order, fill and position detail is published as soon as the cycle that produced it has ACTUALLY EXECUTED — there is no additional waiting period. What is never published is the pending order plan: the desk computes its orders after the close for the next open, and that plan stays private until it has been sent. The execution test, not a delay, is what prevents publishing orders before they exist at the broker. The consequence is deliberate: current holdings are public.
Holdings are shown by strategy category, not by strategy
Positions and attribution are grouped by the STYLE of the strategy that holds them — mean reversion, momentum, trend following, seasonal — and never by the individual strategy. The category answers what kind of risk is being taken; the identity of each strategy, and its logic, are not published. Per-position profit and loss is reported at the category level for the same reason: a per-symbol P&L line under a named style is the trade record itself.
GIPS-informed, not GIPS-compliant
Returns are time-weighted, which with no external cash flows reduces to simple compounding of daily NAV. The presentation is informed by GIPS practice but makes NO claim of GIPS compliance: that requires third-party verification, which has not been performed.
Regulatory status
RVB Partners is a French entity. Publicly presenting performance may engage AMF and EU marketing rules even where the accounts are simulated and no service is offered. No regulatory assessment has been obtained for this site, and nothing here should be read as a claim that one has. If you are a regulator or counsel and something on this site needs to change, please get in touch.