INCOME PORTFOLIO
This is the live tracker of the income portfolio run by portfolio manager Simon Severino. He only invests his own money, so please do not inquire about him managing your money. But he offers advisory services, you can find them at strategysprints.com.
Growth of 100, since inception
Since January 2024: 247% for the Income Portfolio, 57% for the S&P 500 in euros.
Income Portfolio (time-weighted, EUR) S&P 500 (SPY in EUR)
Performance
| Window | Dates | Return | Sharpe | Alpha | Beta | Max drawdown (tail risk) |
|---|---|---|---|---|---|---|
| Since inception (monthly) | 2024-01 to 2026-10 | 247.4% | 1.08 | 19.9% | 2.26 | -28.0% |
| Trailing 12 months | 2025-10-28 to 2026-10-28 | 8.8% | 0.35 | -14.9% | 2.25 | -32.1% |
| Since 26 Apr 2026 | 2026-04-27 to 2026-10-28 | 21.6% | 1.17 | 1.6% | 1.98 | -22.6% |
| Last 63 trading days | 2026-08-03 to 2026-10-28 | 21.2% | 3.45 | 37.5% | 1.44 | -4.3% |
Trades: hit rate 87%, slugging 0.27 (average win / average loss), 889 closed trades in the IBKR options account.
Year by year
| Year | Income Portfolio | S&P 500 (EUR) | Difference |
|---|---|---|---|
| 2024 | 166.2% | 31.4% | 134.8% |
| 2025 | 18.5% | 2.7% | 15.8% |
| 2026 to date | 10.2% | 16.7% | -6.5% |
Quarter by quarter
| Quarter | Income Portfolio | S&P 500 (EUR) | Difference |
|---|---|---|---|
| Q1 2024 | 77.4% | 12.6% | 64.9% |
| Q2 2024 | -0.7% | 4.8% | -5.5% |
| Q3 2024 | 12.4% | 1.4% | 11.0% |
| Q4 2024 | 34.4% | 9.8% | 24.6% |
| Q1 2025 | -13.4% | -8.6% | -4.8% |
| Q2 2025 | 25.4% | 1.3% | 24.0% |
| Q3 2025 | 10.0% | 8.3% | 1.7% |
| Q4 2025 | -0.8% | 2.3% | -3.1% |
| Q1 2026 | -23.2% | -3.1% | -20.1% |
| Q2 2026 | 14.2% | 16.1% | -1.9% |
| Q3 2026 | 17.3% | 3.0% | 14.3% |
| Q4 2026 (1 of 3 months) | 7.0% | 0.7% | 6.3% |
The portfolio
| Factor bucket | Underlying | Structure | Strikes (short / long) | Expiry | Contracts |
|---|---|---|---|---|---|
| US index | DIA | Bear call spread | 535 / 540 | Nov27'26 | 15 |
| US index | ES | Short put (futures option) | 7200 | Dec04'26 | 2 |
| US index | IWM | Bull put spread | 265 / 260 | Dec18'26 | 10 |
| US index | IWM | Bull put spread | 273 / 268 | Nov20'26 | 16 |
| US index | QQQ | Bull put spread | 680 / 670 | Dec31'26 | 5 |
| US index | QQQ | Bull put spread | 718 / 710 | Nov30'26 | 10 |
| US index | SPY | Bull put spread | 740 / 735 | Dec04'26 | 9 |
| US index | SPY | Bear call spread | 810 / 820 | Dec31'26 | 6 |
| Growth tech | AMZN | Cash-secured put | 250 | Nov27'26 | 2 |
| Growth tech | ORCL | Bull put spread | 130 / 125 | Nov27'26 | 16 |
| Growth tech | SMH | Bear call spread | 575 / 585 | Dec18'26 | 5 |
| Growth tech | XLK | Bull put spread | 175 / 170 | Nov27'26 | 12 |
| Crypto | IBIT | Bear call spread | 48 / 51 | Dec04'26 | 8 |
| Financials | AXP | Bull put spread | 300 / 290 | Dec18'26 | 5 |
| Financials | SCHW | Bull put spread | 87.5 / 82.5 | Dec18'26 | 10 |
| Financials | XLF | Bear call spread | 58 / 61 | Dec18'26 | 20 |
| Energy | XLE | Bear call spread | 71 / 75 | Nov27'26 | 16 |
| Metals | SLV | Bull put spread | 46 / 44 | Dec04'26 | 25 |
| Agriculture | DBA | Bear call spread | 29 / 30 | Jan15'27 | 44 |
| Industrials | GE | Bear call spread | 300 / 310 | Dec18'26 | 5 |
| Industrials | HON | Covered call | 230 | Nov20'26 | 5 |
| Industrials | XLI | Bull put spread | 160 / 155 | Dec18'26 | 6 |
| Consumer | XLY | Bear call spread | 122.5 / 127.5 | Jan15'27 | 10 |
| Health & utilities | XLV | Bear call spread | 190 / 195 | Jan15'27 | 11 |
| Rates | TLT | Bear call spread | 83 / 85 | Dec04'26 | 23 |
| Rates | TLT | Bear call spread | 84 / 86 | Dec31'26 | 22 |
| Non-US | EWZ | Bull put spread | 41 / 39 | Nov20'26 | 14 |
| Non-US | FXI | Bull put spread | 33 / 30 | Dec18'26 | 22 |
| Other | IBKR | Shares | 10.98 |
Independent bets
Positions in the same factor bucket that overlap in time count as one bet, so ten tech names held together are one bet, not ten.
| Factor bucket | Bets since 26 Apr 2026 |
|---|---|
| Energy | 5 |
| Metals | 5 |
| Industrials | 5 |
| US index | 4 |
| Consumer | 3 |
| Agriculture | 3 |
| Crypto | 3 |
| Non-US | 2 |
| Rates | 2 |
| Health & utilities | 2 |
| Growth tech | 1 |
| Financials | 1 |
How the numbers are calculated
From January 2025: time-weighted returns from IBKR PortfolioAnalyst, after fees, in EUR (monthly for 2025, daily from 27 Oct 2025). 2024 and the crypto part of 2025: rebuilt from the complete crypto transaction record (Blockpit), valued at daily EUR prices, with money moved in or out not counted as return. Original broker and tax documents are available on request. Sharpe = mean excess return / standard deviation, annualized (monthly returns x √12 since inception, daily returns x √252 for the shorter windows), risk-free 2% a year. Alpha: Jensen regression of excess returns on the S&P 500 (SPY converted to EUR at the daily EUR/USD rate). Leverage: 1.4x (IBKR), margin in use 68% of net liquidation (as of 2026-10-28). Fund-level leverage would scale alpha and drawdowns alike; Sharpe is unaffected. Raw daily data: the track-record spreadsheet.
Simon Severino's personal account. Not investment advice and not an offer to manage money. Past results don't predict future results.