Conviction58.7
SPY weight1.8%
+ Tilt-0.10 pp
= Target1.7%
Current weight (drives NAV)1.8%vs target +0.05 pp
11
Sectors Tracked
2026-05-14
Tracking Since
Day 29
of Daily Monitoring
2026-06-11
Current Date
Alpha vs SPY, since launch
+3.15%
Vega total return minus SPY total return. Positive means Vega is ahead of the index.
Vega NAV
101.05
SPY NAV
97.90
Both NAVs start at 100 on the pilot launch date.
11 sectors
Current sector calls
Each card: SPY weight, plus Vega's tilt, equals Vega's target weight. Conviction and valuation on the side.
Conviction53.8
SPY weight10.2%
+ Tilt-0.91 pp
= Target9.3%
Current weight (drives NAV)9.5%vs target +0.27 pp
Conviction79.7
SPY weight3.4%
+ Tilt+0.31 pp
= Target3.7%
Current weight (drives NAV)3.5%vs target -0.17 pp
Conviction61.0
SPY weight11.9%
+ Tilt-0.46 pp
= Target11.4%
Current weight (drives NAV)11.2%vs target -0.20 pp
Conviction66.7
SPY weight8.4%
+ Tilt+0.01 pp
= Target8.5%
Current weight (drives NAV)8.5%vs target +0.05 pp
Conviction79.0
SPY weight36.9%
+ Tilt+3.26 pp
= Target40.2%
Current weight (drives NAV)40.5%vs target +0.30 pp
Conviction53.7
SPY weight4.9%
+ Tilt-0.44 pp
= Target4.5%
Current weight (drives NAV)4.3%vs target -0.13 pp
Conviction61.2
SPY weight1.9%
+ Tilt-0.07 pp
= Target1.9%
Current weight (drives NAV)1.8%vs target -0.07 pp
Conviction62.0
SPY weight2.2%
+ Tilt-0.07 pp
= Target2.1%
Current weight (drives NAV)2.1%vs target +0.01 pp
Conviction61.9
SPY weight8.8%
+ Tilt-0.29 pp
= Target8.5%
Current weight (drives NAV)8.4%vs target -0.10 pp
Conviction51.3
SPY weight9.3%
+ Tilt-1.01 pp
= Target8.3%
Current weight (drives NAV)8.3%vs target +0.00 pp
SPY mix and Vega tilt
Where Vega is above or below SPY
SPY sector weight, Vega's tilt, Vega target weight, and Vega's current weight.
SPY sector weight + Tilt = Vega target weight. Target weight is where Vega wants to be today after applying its sector tilt. Current Vega weight is where the portfolio actually sits today; it can lag the target because Vega only rebalances when the gap is wide enough (rebalance band: 5 pp). Vega NAV is compounded using the current weight, so headline alpha vs SPY reflects executed positioning, not the model's intended target.
| Sector | SPY sector weight | Tilt vs SPY | Vega target weight | Current Vega weight | Vega view | Conviction | Valuation |
|---|---|---|---|---|---|---|---|
| MaterialsXLB | 1.8% | -0.10 ppLess than SPY | 1.7% | 1.8% | UNDERWEIGHT | 58.7 | Neutral by EV/EBITDA |
| Communication ServicesXLC | 10.2% | -0.91 ppLess than SPY | 9.3% | 9.5% | UNDERWEIGHT | 53.8 | Expensive by PEG |
| EnergyXLE | 3.4% | +0.31 ppMore than SPY | 3.7% | 3.5% | OVERWEIGHT | 79.7 | Neutral by EV/EBITDA |
| FinancialsXLF | 11.9% | -0.46 ppLess than SPY | 11.4% | 11.2% | UNDERWEIGHT | 61.0 | Expensive by P/B |
| IndustrialsXLI | 8.4% | +0.01 ppMore than SPY | 8.5% | 8.5% | OVERWEIGHT | 66.7 | Cheap by EV/EBITDA |
| Information TechnologyXLK | 36.9% | +3.26 ppMore than SPY | 40.2% | 40.5% | OVERWEIGHT | 79.0 | Cheap by PEG |
| Consumer StaplesXLP | 4.9% | -0.44 ppLess than SPY | 4.5% | 4.3% | UNDERWEIGHT | 53.7 | Expensive by P/E |
| Real EstateXLRE | 1.9% | -0.07 ppLess than SPY | 1.9% | 1.8% | UNDERWEIGHT | 61.2 | Neutral by Price/FFO |
| UtilitiesXLU | 2.2% | -0.07 ppLess than SPY | 2.1% | 2.1% | UNDERWEIGHT | 62.0 | Cheap by P/E |
| Health CareXLV | 8.8% | -0.29 ppLess than SPY | 8.5% | 8.4% | UNDERWEIGHT | 61.9 | Cheap by P/E |
| Consumer DiscretionaryXLY | 9.3% | -1.01 ppLess than SPY | 8.3% | 8.3% | UNDERWEIGHT | 51.3 | Cheap by EV/EBITDA |
Recent events
Events noted by sector
Score impact is the model's recorded event effect for the sector.
| Date | Sector | Event noted | Source | Score impact | Sectors affected |
|---|---|---|---|---|---|
| 2026-06-11 | XLE | Supply disruptions in the Strait of Hormuz directly trigger higher crude spot prices, benefiting upstream producers. | news | +2.00 | 1 |
| 2026-06-11 | XLK | Applied Materials reporting a growth inflection is a leading indicator for global semiconductor billings and hyperscaler capex execution. | news | +6.00 | 1 |
| 2026-06-11 | XLV | Label expansions and new regional approvals for major oncology drugs like Enhertu drive revenue growth for large-cap pharma. | news | +2.00 | 1 |
| 2026-06-11 | XLU | State PUC outcomes for gas rate cases directly impact authorized ROE and utility earnings. | news | +0.00 | 1 |
| 2026-06-11 | XLV | The initiation of a Phase 2a trial represents a key milestone in the biotech R&D pipeline and clinical development capacity. | news | +1.00 | 1 |
| 2026-06-11 | XLK | Oracle Beat Earnings but the Stock Fell 25% From Highs — Is the EMA200 at $190 the Opportunity? - TradingKey | news | +1.00 | 1 |
| 2026-06-11 | XLB | Supply constraints in key construction metals like aluminium support pricing power and margins for building material providers. | news | +0.00 | 1 |
| 2026-06-11 | XLU | Large-scale debt financing is critical for utility capex, though floating rates increase sensitivity to interest rate volatility. | news | -3.60 | 1 |
| 2026-06-11 | XLK | Strategic partnerships in the testing and equipment space signal health in the semiconductor supply chain and future billings. | news | +1.00 | 1 |
| 2026-06-11 | XLF | Increased debt issuance for AI infrastructure drives investment banking fees and credit growth for capital markets firms. | news | +2.00 | 1 |
| 2026-06-11 | XLK | Expansion of EDA tool partnerships for agentic AI chips directly supports the semiconductor design and manufacturing cycle. | news | +1.00 | 1 |
| 2026-06-11 | XLRE | Utilities Regain Attention As AI Data Centers Fuel Grid Expansion - Kalkine Media | news | +0.00 | 1 |
| 2026-06-11 | XLE | Oil Prices Fluctuate Amid U.S. Strikes on Iran - GuruFocus | news | +1.00 | 1 |
| 2026-06-11 | XLK | Oracle beats on earnings, but stock drops on plans to raise another $20 billion | news | +6.00 | 1 |
| 2026-06-11 | XLI | The creation of a pure-play aerospace entity directly impacts the structural outlook for aircraft delivery and engine OEM exposure. | news | +1.00 | 1 |
| 2026-06-11 | XLK | Trump's Iran Encore Sinks Nasdaq 2%, Oracle's Capex Tab Comes Due - ChartMill | news | +1.00 | 1 |
| 2026-06-11 | XLK | Oracle Stock Slides After Company Unveils Soaring AI Spending | news | +2.00 | 1 |
| 2026-06-11 | XLY | Increased competition in the EV battery supply chain affects the long-term cost structures and market share of top sector weights TSLA and GM. | news | +0.00 | 1 |
| 2026-06-11 | XLU | Management's strategy to manage data center load without ratepayer friction supports the multi-year load-growth thesis and regulatory stability. | news | +2.00 | 1 |
| 2026-06-11 | XLV | A $1B validation deal from sector-leader Lilly provides significant R&D funding and M&A pipeline validation for the biotech sub-segment. | news | +5.00 | 1 |
| 2026-06-11 | XLI | Strategic divestitures in electrical equipment leaders like Eaton refocus capital toward high-growth industrial and electrical segments. | news | +5.00 | 1 |
| 2026-06-11 | XLRE | Successful debt pricing in lower-rate currencies like the Yen helps manage interest expense and cap rate spreads for the top industrial REIT. | news | +5.00 | 1 |
| 2026-06-11 | XLP | Expansion of delivery infrastructure supports volume growth and market share retention against e-commerce competitors. | news | +0.00 | 1 |
| 2026-06-11 | XLRE | Expanded access to bank credit improves refinancing flexibility and liquidity for REITs, directly addressing the bank lending macro trigger. | news | +5.00 | 1 |
| 2026-06-11 | XLE | Dow Jones Futures Tumble As Trump Says Iran Will 'Have To Pay The Price'; CPI Inflation On Tap | news | +1.00 | 1 |
| 2026-06-10 | XLV | The blacklisting of a major CDMO like WuXi AppTec disrupts the biotech outsourcing supply chain and R&D capacity. | news | -7.20 | 1 |
| 2026-06-10 | XLV | New product approval in the devices segment drives future procedure volume and market share for a top constituent. | news | +2.00 | 1 |
| 2026-06-10 | XLI | Utilities Regain Attention As AI Data Centers Fuel Grid Expansion - Kalkine Media | news | +0.00 | 1 |
| 2026-06-10 | XLK | Hey, Siri: Apple just announced a long-awaited AI update | news | +1.00 | 1 |
| 2026-06-10 | XLF | Deployment of AI in capital markets operations aims to increase market share and operational efficiency for a top XLF constituent. | news | +1.00 | 1 |
| 2026-06-10 | XLU | NextEra Dominion Deal Reshapes Clean Energy Utility Outlook For Investors - simplywall.st | news | +1.00 | 1 |
| 2026-06-10 | XLK | Apple shares slide after big Siri AI reveal | news | +0.00 | 1 |
| 2026-06-10 | XLK | WWDC 2026: How Apple's New Siri AI Could Change The iPhone Experience - Business Today | news | +1.00 | 1 |
| 2026-06-10 | XLB | Oil Prices Fluctuate Amid U.S. Strikes on Iran - GuruFocus | news | +0.00 | 1 |
| 2026-06-10 | XLY | The rollout of unsupervised robotaxis is a structural shift in Tesla's business model, impacting the auto segment's long-term EPS. | news | +1.00 | 1 |
| 2026-06-10 | XLY | Increased automation in fulfillment centers improves margins and delivery speed for the sector's largest constituent. | news | +1.00 | 1 |
| 2026-06-10 | XLI | How Rising Electricity Demand Is Transforming Canadian Utilities? - Kalkine Media | news | +0.00 | 1 |
| 2026-06-10 | XLI | Increased demand for power generation and construction equipment for data centers directly supports CAT's heavy machinery and electrical equipment segments. | news | +2.00 | 1 |
| 2026-06-10 | XLB | Falling copper prices directly compress margins for major sector constituents like Freeport-McMoRan (FCX). | news | -2.40 | 1 |
| 2026-06-10 | XLRE | Successful large-scale debt issuance at a competitive coupon demonstrates strong refinancing flexibility and credit access for a top retail REIT. | news | +6.00 | 1 |
| 2026-06-10 | XLB | Silver prices today, Wednesday, June 10, 2026: Down significantly following airstrikes, ahead of CPI report | news | -1.20 | 1 |
| 2026-06-10 | XLY | Persistent vehicle supply shortages and high pricing directly impact the auto-segment EPS and consumer wallet spend. | news | -2.40 | 1 |
| 2026-06-10 | XLRE | Scotiabank reiterates Entergy stock rating on data center growth - Investing.com | news | +1.00 | 1 |
| 2026-06-10 | XLK | The launch of specialized inference chips by startups like D-Matrix impacts the competitive landscape for NVDA and reflects hyperscaler demand for diverse AI hardware. | news | +2.00 | 1 |
| 2026-06-10 | XLC | Antitrust scrutiny from the DOJ, California AG, and UK CMA creates significant regulatory tail risk for major media consolidation and streaming strategy. | news | -7.20 | 1 |
| 2026-06-10 | XLB | Oil prices jump after Trump says Iran will 'pay the price' for failing at peace deal | news | +0.00 | 1 |
| 2026-06-10 | XLE | Trump says Iran will 'pay the price' and claims they have 'taken too long' to agree to a deal | news | +7.00 | 1 |
| 2026-06-10 | XLE | EIA reports of multi-decade low global oil stocks and supply disruptions are highly bullish for crude prices and E&P margins. | news | +20.00 | 1 |
| 2026-06-10 | XLU | Entergy CEO pushes back on fears that AI data centers will drive up electricity bills | news | +2.00 | 1 |
| 2026-06-10 | XLRE | Entergy CEO pushes back on fears that AI data centers will drive up electricity bills | news | +1.00 | 1 |