Corbex Funds Management / Fact Sheet
Arbiter Fund
Preserve capital. Then grow.
Systematic US large-cap equity · Benchmark: QQQ buy-and-hold benchmark · Effective 30 September 2026 · Release arbiter-2026-09-04-research-r88
Historical simulation - frozen and reproducible
Simulated returns reflect Market-on-open portfolio rebalance timing, 10 basis points per unit of turnover, and 75 basis points annualized for modeled ETF borrow exposure. No fund fee is applied in this simulation. Sharpe ratios use a 0% risk-free rate. Annualized return compounds at 252 trading sessions per year. Sortino downside deviation uses a 0% target averaged over all sessions.
Historical simulation - frozen and reproducible
Growth of $1
Arbiter $12.46 | NASDAQ-100 Index Proxy $4.70
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Historical simulation - frozen and reproducible
| Metric | Arbiter | NASDAQ-100 Index Proxy |
|---|---|---|
| Annualized return | 34.35% | 19.87% |
| Sharpe ratio | 1.718 | 0.877 |
| Maximum drawdown | -12.37% | -35.12% |
| Maximum underwater | 142 sessions | 493 sessions |
| Ending growth of $1 | $12.46 | $4.70 |
| Annualized volatility | 18.16% | 23.94% |
| Sortino ratio | 2.657 | 1.249 |
| Calmar ratio | 2.777 | 0.566 |
| Beta to benchmark | 0.456 | 1.000 |
| Correlation to benchmark | 0.602 | 1.000 |
| Positive sessions | 54.48% | 56.06% |
NASDAQ-100 Index Proxy · QQQ ETF · Buy-and-hold total return with dividends reinvested (dividend-adjusted closes), rebased to $1.00 on 2018-01-09 and aligned to every Arbiter session through 2026-08-04. Sharpe ratios use a 0% risk-free rate. Annualized return compounds at 252 trading sessions per year. Sortino downside deviation uses a 0% target averaged over all sessions.
Key characteristics
- Core exposure
- Concentrated US-listed growth equities
- Typical long book
- Approximately 10 to 20 companies
- Defense
- Broad-market or sector ETF shorts
- Decision cycle
- Daily research and manager-approved market-on-open execution
Important information
This document is part of a frozen product release and presents hypothetical performance for independent evaluation. It is not an offer to sell or a solicitation of an offer to buy any security.
Arbiter operates as a private fund currently focused on the Founder's and affiliated family capital. No interests are offered and no capital is solicited through this document.
Historical simulation applies today's strategy rules to past data. It benefits from hindsight, reflects no live execution, and cannot capture the market impact of actual trading. Simulated records routinely overstate what live implementation achieves. Sharpe ratios use a 0% risk-free rate. Annualized return compounds at 252 trading sessions per year. Sortino downside deviation uses a 0% target averaged over all sessions. Arbiter is a concentrated systematic equity strategy and can incur substantial loss. Model, data, execution, liquidity, short-exposure, market-regime, and implementation risks can cause actual outcomes to differ materially from research. Arbiter performance shown in this release is a historical simulation, frozen and reproducible directly from the daily return series and release manifest; it is not actual client performance and has not been independently audited or approved by a regulator. Benchmark means the QQQ ETF used as a total-return proxy (dividends reinvested) for the Nasdaq-100; QQQ is not the index itself. Arbiter's simulated returns exclude dividends on its long holdings while the benchmark includes them; the methodologies differ in this respect. Simulated results have inherent limitations. Past performance does not guarantee future results. We research, execute and monitor Arbiter daily. Account monitoring does not establish live validation of the strategy. Arbiter is currently focused on the Founder's and affiliated family capital; nothing in this release is an offer to sell or a solicitation of an offer to buy any security.
HTML publication for arbiter-2026-09-04-research-r88.