Portfolio Interaction
Focus-book risk & correlation
How the top-conviction names interact — an equal-weight focus book. As of 2026-07-22: 50 names, book vol 15.65%, diversification benefit 58.21%.
Equal-weight focus book (top-conviction). MCTR sums to portfolio vol by identity. VIXY proxies VIX (roll decay). Model output — not advice.
Benchmark correlations (top 30 by conviction)
| Name | SPY | QQQ | XLK | IWM | VIXY* | GLD | UUP | MCTR |
|---|---|---|---|---|---|---|---|---|
| NVDA | 0.66 | 0.70 | 0.73 | 0.42 | -0.50 | 0.20 | -0.04 | 0.24pp |
| NOVT | 0.50 | 0.46 | 0.43 | 0.57 | -0.42 | 0.19 | -0.15 | 0.41pp |
| CDNS | 0.51 | 0.54 | 0.57 | 0.42 | -0.37 | 0.08 | -0.06 | 0.50pp |
| APP | 0.38 | 0.39 | 0.40 | 0.27 | -0.31 | 0.24 | -0.17 | 0.70pp |
| DOCS | 0.16 | 0.12 | 0.08 | 0.16 | -0.18 | -0.05 | -0.02 | 0.49pp |
| IDCC | 0.34 | 0.37 | 0.36 | 0.33 | -0.28 | 0.18 | -0.05 | 0.29pp |
| MS | 0.63 | 0.55 | 0.53 | 0.62 | -0.54 | 0.20 | -0.13 | 0.27pp |
| NTRS | 0.48 | 0.37 | 0.34 | 0.52 | -0.49 | 0.12 | -0.06 | 0.21pp |
| APH | 0.51 | 0.53 | 0.54 | 0.45 | -0.43 | 0.19 | -0.19 | 0.24pp |
| MA | 0.20 | 0.03 | -0.05 | 0.14 | -0.28 | -0.10 | -0.02 | 0.21pp |
| MSFT | 0.35 | 0.30 | 0.32 | 0.14 | -0.26 | 0.08 | -0.06 | 0.32pp |
| V | 0.22 | 0.06 | -0.01 | 0.17 | -0.28 | -0.06 | -0.06 | 0.19pp |
| KLAC | 0.60 | 0.72 | 0.73 | 0.55 | -0.44 | 0.28 | -0.17 | 0.29pp |
| MANH | 0.22 | 0.15 | 0.16 | 0.22 | -0.22 | -0.11 | 0.00 | 0.56pp |
| ISRG | 0.31 | 0.22 | 0.13 | 0.24 | -0.33 | 0.09 | -0.13 | 0.32pp |
| KNSL | -0.04 | -0.18 | -0.25 | 0.03 | -0.03 | -0.09 | 0.07 | 0.13pp |
| ADSK | 0.19 | 0.10 | 0.08 | 0.13 | -0.19 | -0.06 | 0.00 | 0.44pp |
| DLB | 0.35 | 0.28 | 0.26 | 0.37 | -0.32 | 0.04 | -0.09 | 0.23pp |
| RMD | 0.23 | 0.06 | -0.04 | 0.30 | -0.25 | 0.17 | -0.18 | 0.18pp |
| ADBE | 0.13 | 0.04 | 0.04 | 0.04 | -0.15 | -0.13 | -0.06 | 0.41pp |
| ANET | 0.48 | 0.53 | 0.58 | 0.34 | -0.35 | 0.15 | -0.14 | 0.38pp |
| EW | 0.29 | 0.19 | 0.15 | 0.21 | -0.30 | 0.02 | -0.04 | 0.17pp |
| FFIV | 0.37 | 0.36 | 0.38 | 0.39 | -0.34 | 0.12 | 0.02 | 0.35pp |
| EXEL | 0.19 | 0.15 | 0.11 | 0.22 | -0.14 | 0.01 | -0.17 | 0.11pp |
| CB | -0.22 | -0.39 | -0.44 | -0.14 | 0.07 | -0.13 | 0.09 | -0.01pp |
| CME | -0.16 | -0.26 | -0.30 | -0.18 | 0.08 | -0.03 | 0.00 | 0.00pp |
| IDXX | 0.36 | 0.26 | 0.18 | 0.34 | -0.35 | 0.12 | -0.11 | 0.41pp |
| VEEV | 0.18 | 0.11 | 0.14 | 0.12 | -0.14 | -0.03 | -0.01 | 0.47pp |
| INTU | 0.10 | 0.06 | 0.06 | -0.03 | -0.06 | -0.09 | 0.03 | 0.51pp |
| WAT | 0.30 | 0.22 | 0.19 | 0.38 | -0.27 | 0.08 | -0.14 | 0.25pp |
*VIXY proxies VIX inside the adjusted-close pipeline (roll decay — read as a directional volatility hedge, not the index level). MCTR = marginal contribution to book risk; the column sums to the book vol by identity. Model output — not advice.
Sector concentration
HHI 1. Weights: n/a 100.0%.