Historical performance disclosure
These are historical results of a long-only research strategy. They are not returns of LION-S FUND SCSp, which has not commenced trading. The Fund’s intended long/short strategy differs materially. Historical or simulated results do not predict future returns.
The research records
The announcement dated 30 June 2026 reports two separate records: the original proof-of-concept historical strategy series, with approximately 48% gross performance over the 12 months to 30 April 2026; and a historical baseline reconstructed by LION-S using Bloomberg market data, with 33.91% gross performance over the 12 months to 31 May 2026.
The same announcement reports a 413.70% cumulative result for the reconstructed baseline beginning in January 2015. This is a cumulative research result, not an annual return. The original and reconstructed series are separate calculations, and the quoted 12-month results cover different periods; they are not directly comparable.
Both records concern a systematic long-only proof-of-concept signal. They do not show the results of the Fund’s intended active portfolio construction, short positioning, pairs trading, derivatives, hedging or risk neutralisation. They must not be read as a continuous live Fund track record.
Gross results and research limitations
The figures are gross research results, not net returns available to Fund investors. They must not be read as including a full allowance for transaction costs, management and performance fees, financing, stock borrowing, taxes or other expenses. These deductions would reduce returns.
Historical reconstruction and simulation can be affected by hindsight, data selection, survivorship bias, model changes and assumptions about trading, liquidity and execution. A paper or model portfolio does not experience all the constraints of investing real capital. Actual investment results may differ materially and may be negative. No return is guaranteed, and investors may lose all capital.
External references and further information
Bloomberg reference LNSSGM1 does not constitute regulatory approval, endorsement or independent verification of performance. A statutory Fund audit and agreed-upon procedures on historical research are separate engagements. Agreed-upon procedures do not constitute an audit of the strategy or provide assurance on investment returns.
Questions about the research series, calculation methodology and supporting information may be sent to contact@lion-s.com. Read research figures with their stated dates, assumptions and limitations, and with the Investment Risk Disclosure.