Seems to me that it simply buys 20 stocks plus the inverse S&P ETF (SH). Their strategy looks highly overfitted in terms of establishing the short position. I

Seems to me that it simply buys 20 stocks plus the inverse S&P ETF (SH). Their strategy looks highly overfitted in terms of establishing the short position. It’s easy to beat the market in a bull market (just buy momentum stocks or use leverage). It’s hard to determine when the bull market ends and the bear market begins however, which is what’s required if the strategy can truly beat the index long term. 13F filings that they use are all public knowledge that has been priced in. Furthermore funds aren’t required to provide information on their short positions and derivatives, so I struggle to imagine that they can do anything beyond “these are top 20 institutionally owned stocks” weighted by past performance of those institutions, which in itself is not an indicator of future returns.