Active Investor & Analyst

Arnav
Khurana

Event-driven, long-only active management. Rigorous analysis published transparently.

+40.2%
TWR · Jan 2025 – Mar 2026
+27.3pp
Alpha vs QQQ
0.707
Sharpe ratio
0.589
Information ratio
Performance figures are mark-to-market, time-weighted returns on a personal account.
Past performance is not indicative of future results. Not investment advice.
· · ·
01

About

Location
United States
Background
Investment Banking
BBA in MIS, Temple University '23
Skills
Active management Equity research Options / Derivatives Financial modelling Python / SQL Data analysis

My background

I graduated from Temple University in 2023 with a BBA in Management Information Systems. I'm a self taught coder turned capital markets enthusiast — I made my first investment in the stock market at the age of 18, and the markets have remained a passion of mine ever since.

Today, I am a CFA L2 Candidate working in investment banking, where I have the privilege to work on high-profile deals — But I like to document the real fun here

Strategy & Mandate

My investment policy from work serves as a foundation for the mandate of my portfolio: A long-only portfolio with a minimum holding period of at least 30 days on every position on a FIFO basis, with a goal to return more than my benchmark - $QQQ - on an annual basis. The portfolio has no constraints on single security weightings, sector/asset class allocations, or degrees to which leverage is used. Derivatives can only be used as hedges while holding the underlying security, unless buying naked LEAP calls.

My strategy can be described as event-driven, long-only active management. I often like to gain exposure to leverage through the use of leveraged single security ETF's, as well as hedge exposure through covered/collateralised options. I build high-conviction positions anchored to identifiable near-to-medium term catalysts with an emphasis on market sentiment.

Why publish?

Publishing research, trade ideas, and performance forces a discipline that private accounts don't demand, this is my attempt at being transparent while delivering alpha.

I built every tool I use myself — from the mark-to-market NAV model tracking my portfolio to the Python scripts that compute Sharpe ratios, information ratios, and drawdown analysis. This site is part of that same commitment: publishing the work transparently, tracking live trades in real time, and holding myself accountable to the numbers.

02

Mandate & Strategy

Investment Mandate

The portfolio is a long-only, actively managed account benchmarked against the Nasdaq-100 Index (QQQ), with the primary objective of generating absolute returns in excess of the benchmark on an annual basis. All positions are subject to a minimum holding period of 30 days on a first-in, first-out (FIFO) basis.

The portfolio operates without constraints on single-security concentration, sector or asset class allocation, or the degree to which leverage is employed. Leverage is obtained primarily through exposure to leveraged single-security exchange-traded funds. The use of listed derivatives is permitted exclusively as a hedge against an existing underlying position, with the sole exception of long LEAP call options, which may be held on a naked basis to express long-duration directional views.

Performance is measured on a time-weighted return (TWR) basis to isolate investment decisions from the effects of external capital flows. Risk is monitored continuously across volatility, drawdown, and risk-adjusted return metrics relative to the benchmark.

Strategy

Event-driven active management

The portfolio constructs high-conviction long positions anchored to identifiable near-to-medium term catalysts, with an emphasis on market sentiment as a key signal. Leverage is accessed through leveraged single-security ETFs to amplify exposure to high-conviction theses. Options are used as risk management tools — covered calls and collateralised puts are written to generate premium income, reduce cost basis, and define downside on existing positions — while long LEAP calls may be held to express long-duration directional views with asymmetric upside.

Process

Quantitative portfolio construction

Every position is evaluated within a rigorous quantitative framework. Performance is measured on a time-weighted basis to isolate investment returns from the effects of external cash flows. Risk is assessed continuously across multiple dimensions — annualised volatility, downside deviation, maximum drawdown, and Sharpe and Sortino ratios — benchmarked against the Nasdaq-100. Position sizing reflects conviction, liquidity, and correlation to existing holdings. All models, P&L attribution, and risk metrics are built and maintained internally.

03

Returns

TWR · Jan 2025–Apr 14, 2026
+67.81%
Alpha vs QQQ
+44.96pp
Sharpe ratio
0.707
Information ratio
0.589
YTD · Jan – Apr 14, 2026 (close)
Portfolio YTD
+27.44%
QQQ YTD
+2.23%
+25.21pp vs QQQ
Ann. volatility35.61%
Max drawdown-2.09%
Sharpe2.111
Sortino13.042
Info ratio vs QQQ2.985
Active return (period)+25.21pp
Months vs QQQ3 / 4
Jan – Dec 2025
Portfolio TWR
+31.67%
QQQ return
+20.16%
+11.51pp vs QQQ
Monthly std dev14.95%
Ann. volatility51.80%
Downside std dev32.52%
Max drawdown-20.64%
Sharpe0.688
Sortino0.708
Info ratio vs QQQ0.410
Active return (period)+11.51pp
Months vs QQQ7 / 12
Jan 2025 – Apr 14, 2026 (full period)
Portfolio TWR
+67.81%
QQQ return
+22.84%
+44.96pp vs QQQ
Ann. return+47.44%
Ann. volatility47.41%
Max drawdown (port)-20.64%
Max drawdown (QQQ)-10.22%
Sharpe (portfolio)0.960
Sharpe (QQQ)0.767
Sortino (portfolio)1.127
Sortino (QQQ)0.887
Info ratio vs QQQ0.748
Active return (ann.)+32.96%
Months vs QQQ10 / 16
NAV vs QQQ (normalised to $32,116)
Portfolio NAV Cash QQQ
Drawdown from peak
Portfolio QQQ
Monthly TWR — portfolio vs QQQ
Portfolio QQQ
Monthly breakdown
Month Cash Positions Total NAV Net CF Portfolio QQQ Active
Mark-to-market NAV = cash + end-of-month position values + open option value. QQQ normalised to $32,116 opening NAV. Start NAV $32,116 · Current NAV $100,511 · Net deposits +$26,655. TWR isolates returns from cash flows. Sharpe and Sortino ×√12, rf = 4.3% p.a. All QQQ closes verified. * Apr 2026 is a partial month marked to Apr 15, 2026.
04

Current Holdings

Current positions · as of Apr 11, 2026
Ticker Description Shares / Units Avg Cost Port. Weight Type
NFXL Tradr 2X Long NFLX ETF 399.89 $32.75 45.1% Leveraged ETF
IMNM Immunome, Inc. 666.52 $15.60 15.5% Equity
NVDL GraniteShares 2X Long NVDA ETF 150 $71.32 13.6% Leveraged ETF
KEEL Bitfarms Ltd. (fka BITF) 4,800 $2.20 11.0% Equity
QQQ Invesco QQQ Trust 10.184 $588.93 6.6% ETF
Cash 5.7% Cash
NFLX Netflix $90 Call · Jan 2027 1 contract $17.00 2.5% LEAP Call
Total NAV $93,182 · Mark-to-market prices as of Apr 11, 2026 · NVDL reduced by 50 shares (sold at $82.21) · BITF renamed to KEEL · Not investment advice.
Commentary on Open Trades
NFXL Open
Tradr 2X Long NFLX ETF

A leveraged play on Netflix following its failed acquisition attempt. NFLX has a consistent history of walking away from hostile takeovers — this outcome was foreseeable the moment the deal turned adversarial. The position gives 2× leverage on the stock.

IMNM Open
Immunome, Inc.

A long-term core holding. Immunome is a clinical-stage oncology company with a compelling pipeline and, in my view, a credible acquisition target for a large-cap pharma looking to buy rather than build its way into ADC and targeted therapy.

NVDL Open
GraniteShares 2X Long NVDA ETF

NVDA just posted strong earnings and remains the backbone of AI infrastructure spending. This position is positioned to benefit most directly from a de-escalation in Iran — geopolitical risk has been the primary overhang on semis, and the 2× leverage amplifies the upside when sentiment turns.

KEEL Open
Bitfarms Ltd. (fka BITF)

A thesis on Bitfarms' US redomiciliation and rebranding as Keel Infrastructure Corp. — a strategic repositioning toward AI data center and energy infrastructure that should attract a new, higher-multiple investor base.

QQQ Open
Invesco QQQ Trust

A benchmark anchor. Holding QQQ ensures a baseline exposure to the Nasdaq-100 and keeps performance directly comparable to the benchmark I am measured against.

NFLX $90C Jan 2027 LEAP
Netflix $90 Call · Jan 2027

Added leverage to the core NFLX thesis via a long-dated call option. The Jan 2027 $90 strike provides asymmetric upside with defined risk, and gives the trade additional runway beyond the spot NFXL position.

05

Models & Research

01

Are Traditional Hedges Breaking Down?

A rolling correlation analysis of gold, bonds, and equities from 2006–2026. Quantifying the breakdown of the 60/40 portfolio framework.

Read →
02

DCF Model

A discounted cash flow valuation framework currently in development — designed to evaluate equity investments using projected free cash flows, terminal value, and scenario-weighted WACC inputs.

In progress
03

Quantitative Trading Portfolio

Building a systematic, rules-based trading strategy from scratch — combining signal generation, position sizing, and backtesting infrastructure in Python. Documenting the process end to end.

In progress

The letter

Periodic analysis on markets, specific trade ideas, and performance commentary. No noise. Unsubscribe any time.

— Coming soon —