WINNING

Buyback Yield Systematic

Companies reducing share count via buybacks outperform over time

Net stock issuance anomaly — conservative issuance firms outperformed aggressive diluters over 30 years (amplified post-COVID)

Total Return

+25.1%

Sharpe Ratio

0.66

Max Drawdown

-5.5%

Win Rate

53.1%

Alpha

-58.6%

Comp. Score *

0.07

Risk Parameters

Max Allocation10.6%

Stop Loss5.5%

Take Profit5.0%

Max DD Tolerance5.5%

Rebalancemonthly

Execution Guidance

Order TypeLimit

Entry RuleBuy 0.5% below market in uptrend.

TimingSAFE TO BUY. *

ScalingEnter in 3 tranches over 1-2 weeks.

Positions — Vol-Adjusted Sizing

Symbol	Action	Vol	Stop Loss	Take Profit	Size	Links
SHY	BUY	2%	2.7% below entry	3.0% above entry	21.2%	TV YH
PKW	BUY	17%	3.9% below entry	3.6% above entry	14.9%	TV YH

▶ For Passive Investors (Buy & Hold)

This strategy is not recommended for passive investing. - Take profit: Rebalance when any position exceeds 2x its target weight. Trim back to target, redeploy to underweight positions. - Stop loss: Consider a -25% portfolio-level stop loss. - Exit rule: Review annually. Exit if strategy underperforms its benchmark for 3 consecutive years.

Avg 5Y Return

28.7%

Avg 5Y Sharpe

0.20

10Y Return

53.9%

10Y Sharpe

0.10

HODL Composite

0.16

Consistency

68%

Suitable for passive