Performance Methodology

This document explains how the performance information presented on Ribera Marketplace is sourced, calculated and presented. It covers the figures shown on strategy cards, the performance sections of individual strategy pages — including the growth-index chart, its accessible data table and the monthly return table — the profile figures used in strategy snapshots, filters, sort orders and comparisons, and the outputs of the Portfolio Simulator.

It describes how those displays are produced. It is not a strategy description, a recommendation or an offer, and it does not create any entitlement to a particular result.

Three different things appear on this website and should not be read as one. Strategy performance describes a manager's own trading record. An individual investor's outcome depends on their own account, start date, capital, cash flows, costs and settings, and will differ from that record. Illustrative tools, including the Portfolio Simulator, arrange figures to explain a decision and do not report an account.

Historical performance does not guarantee or indicate future results. Investing involves risk and capital can be lost. Read this document together with the Risk Disclosure and Fees & Charges.

CONFIRM: Whether this document is intended to cover performance figures in materials shared outside the website — fact sheets, monthly performance reports, tear sheets and data-room documents — or the website displays only.

Every figure on this website reaches a display in one of two ways, and the difference matters. Profile figures — annualized return, maximum drawdown, track-record length and reported assets under management — are stored as supplied values in the Marketplace strategy record and are entered manually. Chart figures come from a separate monthly return series held for a strategy, from which this website calculates a growth index.

The two sets are kept deliberately separate. No profile figure is recalculated from a monthly series, and no chart figure is derived from a profile figure. They can therefore describe different periods and different observation methods for the same strategy.

A historical monthly series is currently held for one strategy only: VANTAGE, with 9 monthly observations from Oct 2025 to Jun 2026. The other Marketplace strategies have no return series, and their performance sections show an explicit "not supplied yet" state rather than a placeholder curve. Card curves are drawn only where a real series exists.

The VANTAGE series is recorded with the provenance status "derived from the monthly historical series currently supplied for this strategy". It is not an audited record, not a broker-confirmed record and not an independently verified record. A record is not treated as verified here merely because an external platform displays it, and no reference to an audit, a certification or a reporting standard such as GIPS is made anywhere on this website.

Reported assets under management is the sum of the amounts each listed manager reports. Ribera does not manage, hold or take custody of that capital, and does not confirm those amounts.

CONFIRM: For each strategy — the originating source of the track record (manager statement, brokerage report, external reporting platform or reconstruction), the type of record it represents (live trading, demonstration account, backtest or hypothetical), and whether it represents a single account, a model account or a composite of accounts.

CONFIRM: Whether the VANTAGE monthly series and the VANTAGE profile figures describe the same account and the same period, and which of the two is the authoritative record where they differ.

Track-record length is shown as a supplied whole number of years in the strategy record. It is not calculated from a monthly series and is not tied to a stated inception date anywhere on this website.

Where a monthly series exists, the chart's period is that series. VANTAGE runs from Oct 2025 to Jun 2026 as complete calendar months. Shorter observation windows can be selected (1Y, 3Y, 5Y, MAX), and a window is offered only when the series is long enough to fill it — so a five-year window is never assembled from fewer than sixty months.

The monthly return table shows every observation and marks an incomplete calendar year with an asterisk, so a partial year is not read as a full one. A month with no observation is shown as a dash; it is never interpolated, smoothed or carried forward.

The date a track record begins is not the same as the date a strategy became available on Ribera Marketplace. No Marketplace listing date is currently stated for any strategy.

Figures change when the stored data is edited. Nothing on this website is live, streaming or connected to a trading account, and no figure should be read as current at the moment it is viewed.

CONFIRM: The data cutoff for each series and each profile figure, the inception date of each track record, the intended update frequency, and the time zone and month-end convention applied to monthly observations.

A monthly observation is stored as a percentage return for that calendar month. This website performs one calculation on those observations: it compounds them into a growth index. Each month multiplies the previous level by one plus that month's return — index(n) = index(n−1) × (1 + r(n)), where r(n) is the month's return expressed as a decimal.

The index starts at 100 at the beginning of the selected window, so the vertical axis of a chart is an index level, not a currency amount and not an account balance. Rebasing to 100 changes the reference point, never the underlying observations. A logarithmic axis can be selected; that changes how the same values are spaced, not the values themselves.

Monthly returns are never added together. Wherever a result is shown for a period longer than one month, it is compounded.

Beyond that, this website does not compute returns. It does not value positions, revalue open trades, or process deposits and withdrawals, because it holds no account data. Whether a monthly figure was produced on a balance basis or on an equity basis including open profit and loss, whether it is time-weighted or money-weighted, and how deposits and withdrawals were treated, are properties of the source record and not of any calculation performed here.

CONFIRM: For each supplied series — the valuation basis (balance, or equity including open positions), whether returns are time-weighted or money-weighted, the treatment of deposits and withdrawals, and whether realized and unrealized results are both included. Where the originating provider's formula is not disclosed, that unavailability must be recorded rather than a method assumed.

Cumulative performance appears on this website in two places only: the growth index, and the year totals in the monthly return table. Both are compounded, so a year total is not the sum of its twelve monthly percentages. Where a year is incomplete, the total is the compounded result of the months present and is marked as partial.

Annualized return appears as a supplied profile figure on strategy cards, in comparisons and in one sort order. It is presented as a single per-year percentage for the strategy's record. It is not an arithmetic average of periodic returns, it is not recalculated from a monthly series, and it is not a projection of any future year.

Because the two sets of figures are separate, the annualized figure shown for a strategy and the shape of its growth index need not correspond, and neither is derived from the other.

No cumulative result is annualized over a period shorter than one year anywhere on this website, and no Marketplace-wide average or composite return is shown.

CONFIRM: For each annualized profile figure — the exact period it covers, whether it is a compound annual growth rate or another measure, and the record it was calculated from. Ribera has identified that the VANTAGE annualized return and maximum drawdown cannot be reproduced from the monthly series currently stored for that strategy. The two records require reconciliation before publication; no figure has been altered in preparing this document.

No fee rate is published on Ribera Marketplace. A strategy record carries a minimum investment and a currency; the management fee, performance fee and high-water-mark fields exist in the data model and are empty for every strategy, so strategy pages show them as available to approved investors. See Fees & Charges.

As a result, no return series on this website is labelled gross or net, and the field that would record that basis is empty for the series currently held. A figure should not be assumed to be after costs, and the absence of a label is not a statement that costs were small.

Costs that can affect an investor's result fall into distinct categories, and one of them being accounted for does not mean the others are: management fees charged on assets, performance fees charged on gains, brokerage commissions, spreads, overnight financing or swap charges, currency-conversion costs, and platform or account charges. A single "net" label would not establish that all of them are included.

Individual arrangements, account terms and brokerage conditions differ between investors, so two investors following the same strategy can experience different results after costs.

Taxes are not reflected in any figure on this website. Tax treatment depends on an investor's own circumstances and residence.

CONFIRM: For each return series — whether it is gross or net, and specifically which of management fees, performance fees, commissions, spreads, financing charges and platform charges have already been deducted.

The only risk statistic displayed on Ribera Marketplace is maximum drawdown, shown as a supplied profile figure and used in one sort order. Drawdown means the decline from a previous peak to the lowest point that followed it, expressed as a percentage of that peak.

That figure is entered as a supplied value. It is not calculated from a monthly series, so the valuation series and sampling frequency behind it are not established by anything on this website. A monthly series could not produce it in any case: monthly observations cannot capture a peak-to-trough movement that begins and ends inside the same month, and a drawdown measured on monthly data is normally shallower than one measured on daily or intraday data.

Volatility, Sharpe ratio, win rate, recovery period, best and worst month and similar measures are not displayed anywhere on this website. Fields exist for them in the data model and are empty. No annualization factor and no risk-free rate is applied to anything shown, because no such statistic is shown.

A drawdown figure describes an observed decline within a past period. It is not a limit, not a worst case and not a maximum possible future loss. A larger loss can occur.

Risk categories used on cards and filters — low, medium and high — are relative Marketplace classifications assigned by Ribera. They are not calculated from performance data and do not mean that a strategy is low-risk in absolute terms.

CONFIRM: For each maximum-drawdown figure — the valuation series it was measured on (balance or equity), the sampling frequency (intraday, daily or monthly), the period measured, and the treatment of open positions.

Every figure on this website is stated in United States dollars, which is the currency recorded for all 8 Marketplace strategies and the only currency the website currently supports. No conversion is applied to any displayed figure.

Returns are not described as hedged or currency-neutral, and no currency overlay is claimed. An investor funding an account in another currency bears the conversion and the currency exposure themselves.

An investor's result can differ from a strategy's reported record for reasons including: the dates they start and stop, deposits and withdrawals during the period, the capital allocated and how it is divided between strategies, the fees and brokerage terms applying to their account, execution and pricing differences, leverage and account settings, and the minimum investment applying to each strategy.

These are factors that can apply. They are not a statement that each one applies to every strategy or to every account.

CONFIRM: Whether any strategy's underlying record was produced in a currency other than the US dollar and, if so, the conversion source, rate type and dates applied before it was displayed.

No benchmark, market index or peer comparison is shown on any of the Marketplace displays covered by this document. No figure is described as an excess return, an outperformance or a ranking against another strategy or market.

Where strategies are shown side by side — in the Marketplace grid, in the compare view or in a sort order — each is listed with its own supplied figures. Those figures can cover different periods, different lengths of record and different observation methods, so placing two strategies next to each other is not a like-for-like comparison and is not presented as one.

For the same reason no Marketplace composite, average or aggregate return is shown. Averaging records with different start dates and different lengths would describe a portfolio no investor could have held.

CONFIRM: Whether a benchmark or peer comparison is intended for any strategy in future. If so, its source, currency, period and return basis must be stated before it is displayed, together with the material differences affecting comparability.

The Portfolio Simulator lets a visitor assemble a list of Marketplace strategies, enter a total capital amount and set a percentage for each. From those inputs it performs arithmetic on stated minimums only: the capital each percentage represents, whether that amount meets the strategy's stated minimum investment, and the total capital a given percentage would require for that minimum to be met.

It does not project, forecast or simulate returns. Its performance view is deliberately unpopulated and states that historical portfolio simulation will become available as the underlying strategy return series are added. There is no combined equity curve, no expected return, no probability estimate and no Monte Carlo or similar modelling in the tool.

The strategies, capital amount and percentages a visitor enters are stored in their own browser only. They are illustrative: no investment is made, no account is opened, no order is placed and no advice is given.

Where a hypothetical or backtested result is presented in future, it will be identified as such and kept distinct from live trading results. Hypothetical results are constructed with knowledge of what already happened, can reflect selection of a favourable period or a favourable set of strategies, and do not carry the execution, liquidity, timing and cost conditions of a real account.

CONFIRM: The methodology to be applied if the simulator ever combines return series — weighting scheme, rebalancing assumption, treatment of differing start dates, and whether and which costs are applied. No combined figure should be displayed before that methodology is written down and published.

This document describes a presentation layer, not an accounting system. The website reproduces figures it has been given and compounds monthly observations; it cannot establish that an input is complete, current or accurate. A calculation working correctly says nothing about the quality of the series it was applied to.

Limitations in what is shown today: only one strategy has a return series at all; that series carries no gross or net basis; the profile figures and the series are separate records that have not been reconciled against each other; monthly observations cannot express movement within a month; equity curves are drawn only where a real series exists, and strategy records still mark curve data as illustrative; and nothing displayed is live.

These are limitations of the information, which is a different matter from a correction procedure. Ribera has not established a published review cycle, a correction log, an audit process or a notification mechanism for revised figures, and this document does not claim one.

Two matters are recorded as requiring resolution rather than explanation. First, the VANTAGE annualized return and maximum drawdown cannot be reproduced from the monthly series stored for that strategy. Second, the maximum-drawdown figures shown for strategies are not supported by any series held on this website. Both are flagged for review, and no figure has been changed.

CONFIRM: How source revisions are handled once received, whether a corrected figure is identified as corrected, and who approves a change to a published figure.

CONFIRM: Effective date of this document. No effective date has been set and this version is not approved for publication.

This document will be updated as performance sources, calculation methods and the Portfolio Simulator are confirmed. Where a method described here is replaced, the substance of the change will be stated rather than the wording quietly amended.

CONFIRM: Version and revision practice — whether previous versions are retained and made available, and how a material change is identified to readers.

CONFIRM: Contact route for questions about this methodology. No approved email address or contact form has been designated for this document.

Related documents: the Risk Disclosure, Fees & Charges and the Brokerage / Execution Disclosure.