Return Attribution — Avenir Tech Ltd
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Avenir Tech Ltd (13F portfolio cloned at quarter-end weights) delivered a +27.60% return over the 2026-Q2 → 2026-Q3 period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → 2026-Q3: IBIT (+27.83%), TIGR (+0.62%), ETHA (+0.43%). Biggest drags: INTC (-1.17%), AMAT (-0.17%), LRCX (-0.15%). Across all 1 segmented periods, 5 stocks made a positive cumulative contribution and 5 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.