Operator record — live execution

The Charter Standard — two conditions, both binary, both custodian-fed: (1) cumulative time-weighted return above the S&P 500 total return, and (2) a shallower peak-to-trough drawdown than the S&P 500, each measured from inception on Interactive Brokers–reported NAV. Retire condition: if, measured over a full market cycle, the record satisfies neither condition, the charter is declared unmet on this dashboard and the outperform-with-less-drawdown claim is retired from every public surface. Gross of fees — net-of-fee figures will be published alongside when a fee schedule exists. Past performance does not guarantee future results. Educational only.