Conviction52.4
SPY weight1.9%
+ Tilt-0.01 pp
= Target1.8%
Current weight (drives NAV)1.8%vs target +0.00 pp
Alpha vs SPY, since launch
+0.08%
Vega total return minus SPY total return. Positive means Vega is ahead of the index.
Vega NAV
99.18
SPY NAV
99.11
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.
Conviction50.8
SPY weight10.8%
+ Tilt-0.18 pp
= Target10.7%
Current weight (drives NAV)10.7%vs target +0.00 pp
Conviction56.6
SPY weight3.5%
+ Tilt+0.10 pp
= Target3.6%
Current weight (drives NAV)3.6%vs target +0.00 pp
Conviction53.8
SPY weight11.6%
+ Tilt+0.08 pp
= Target11.7%
Current weight (drives NAV)11.7%vs target +0.00 pp
Conviction55.2
SPY weight8.4%
+ Tilt+0.15 pp
= Target8.5%
Current weight (drives NAV)8.5%vs target +0.00 pp
Conviction56.7
SPY weight37.0%
+ Tilt+1.08 pp
= Target38.1%
Current weight (drives NAV)38.1%vs target +0.00 pp
Conviction51.7
SPY weight4.9%
+ Tilt-0.05 pp
= Target4.9%
Current weight (drives NAV)4.9%vs target +0.00 pp
Conviction47.6
SPY weight1.8%
+ Tilt-0.08 pp
= Target1.8%
Current weight (drives NAV)1.8%vs target +0.00 pp
Conviction50.9
SPY weight2.1%
+ Tilt-0.03 pp
= Target2.1%
Current weight (drives NAV)2.1%vs target +0.00 pp
Conviction50.8
SPY weight8.3%
+ Tilt-0.14 pp
= Target8.1%
Current weight (drives NAV)8.1%vs target +0.00 pp
Conviction42.5
SPY weight9.6%
+ Tilt-0.78 pp
= Target8.8%
Current weight (drives NAV)8.8%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 | 1.9% | -0.01 ppLess than SPY | 1.8% | 1.8% | NEUTRAL | 52.4 | - |
| Communication ServicesXLC | 10.8% | -0.18 ppLess than SPY | 10.7% | 10.7% | UNDERWEIGHT | 50.8 | - |
| EnergyXLE | 3.5% | +0.10 ppMore than SPY | 3.6% | 3.6% | OVERWEIGHT | 56.6 | - |
| FinancialsXLF | 11.6% | +0.08 ppMore than SPY | 11.7% | 11.7% | OVERWEIGHT | 53.8 | - |
| IndustrialsXLI | 8.4% | +0.15 ppMore than SPY | 8.5% | 8.5% | OVERWEIGHT | 55.2 | - |
| Information TechnologyXLK | 37.0% | +1.08 ppMore than SPY | 38.1% | 38.1% | OVERWEIGHT | 56.7 | - |
| Consumer StaplesXLP | 4.9% | -0.05 ppLess than SPY | 4.9% | 4.9% | NEUTRAL | 51.7 | - |
| Real EstateXLRE | 1.8% | -0.08 ppLess than SPY | 1.8% | 1.8% | UNDERWEIGHT | 47.6 | - |
| UtilitiesXLU | 2.1% | -0.03 ppLess than SPY | 2.1% | 2.1% | NEUTRAL | 50.9 | - |
| Health CareXLV | 8.3% | -0.14 ppLess than SPY | 8.1% | 8.1% | UNDERWEIGHT | 50.8 | - |
| Consumer DiscretionaryXLY | 9.6% | -0.78 ppLess than SPY | 8.8% | 8.8% | UNDERWEIGHT | 42.5 | - |
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 |
|---|---|---|---|---|---|
| 2026-05-20 | XLV | New biotech IPOs and R&D partnerships indicate healthy biotech funding and innovation capacity. | news | +2.00 | 1 |
| 2026-05-20 | XLRE | Structural acceleration in data center leasing directly supports the long-term growth thesis for top constituents EQIX and DLR. | news | +2.00 | 1 |
| 2026-05-20 | XLU | Surging earnings and new carbon-free agreements with hyperscalers validate the AI load-growth thesis for merchant nuclear power. | news | +3.00 | 1 |
| 2026-05-20 | XLP | Executive leadership changes at a top-5 constituent impact strategic direction for tobacco volume and heated-tobacco growth. | news | +0.00 | 1 |
| 2026-05-20 | XLC | New AI-integrated search and agent tools enhance user engagement and provide new monetization pathways for Google's ad-platform business. | news | +9.00 | 1 |
| 2026-05-20 | XLF | Expansion into new markets with commercial banking teams aims to drive loan demand and credit growth for regional banks. | news | +1.00 | 1 |
| 2026-05-20 | XLI | Strong earnings and guidance from a key component supplier reflect high demand in the aerospace and defense sub-segments. | news | +6.00 | 1 |
| 2026-05-20 | XLK | Broadcom's new platform optimizes data-center AI workloads, supporting the continued expansion of enterprise AI infrastructure spending. | news | +3.00 | 1 |
| 2026-05-20 | XLF | Mortgage and refinance interest rates today, May 20, 2026: 30-year fixed hits highest rate since August '25 | news | +1.00 | 1 |
| 2026-05-20 | XLF | Boosting provisions indicates a proactive approach to potential credit deterioration, which is a headwind to bank EPS, but growing profits suggest underlying strength. | news | -1.20 | 1 |
| 2026-05-20 | XLV | The SCOTUS rejection upholds drug pricing pressures, a major multi-year overhang for branded pharma. | news | -1.20 | 1 |
| 2026-05-20 | XLRE | Mortgage and refinance interest rates today, May 20, 2026: 30-year fixed hits highest rate since August '25 | news | -1.20 | 1 |
| 2026-05-20 | XLI | New precision manufacturing facilities for aerospace and defense indicate strong multi-year contract visibility and sector expansion. | news | +3.00 | 1 |
| 2026-05-20 | XLV | Mass turnover in FDA leadership and review units creates regulatory uncertainty for drug approval timelines. | news | -4.80 | 1 |
| 2026-05-20 | XLY | Billions in tariff refunds to automakers and potential consumer class-actions impact pricing and margins in the auto segment. | news | +0.00 | 1 |
| 2026-05-20 | XLB | Massive expansion in battery manufacturing drives structural demand for specialized chemicals and battery materials. | news | +1.00 | 1 |
| 2026-05-20 | XLY | Margin compression across top homebuilders signals cooling demand or rising costs, impacting downstream home improvement retailers like HD and LOW. | news | -4.80 | 1 |
| 2026-05-20 | XLB | Focus on gold price appreciation and production profitability directly impacts Newmont (NEM) and the broader mining sub-sector. | news | +1.00 | 1 |
| 2026-05-20 | XLRE | Improving occupancy in senior housing assets is a direct driver of NOI for top-weighted healthcare REITs like WELL and VTR. | news | +2.00 | 1 |
| 2026-05-20 | XLE | New legal frameworks for foreign majors in Venezuela could increase global crude supply and E&P opportunities for integrated majors. | news | -2.40 | 1 |
| 2026-05-20 | XLU | This massive consolidation creates the world's largest regulated utility to specifically target AI and data-center power demand. | news | +5.00 | 1 |
| 2026-05-20 | XLK | Rapid growth of low-cost Chinese DRAM production threatens the pricing power and market share of established memory incumbents. | news | -4.80 | 1 |
| 2026-05-20 | XLV | J&J's launch of coronary catheters and robotic surgery results drives the MedTech procedure volume thesis. | news | +8.00 | 1 |
| 2026-05-20 | XLK | Deepening partnerships in the Chinese AI market expands the addressable demand for AMD's data-center accelerator hardware. | news | +3.00 | 1 |
| 2026-05-20 | XLV | The reversal of the vaccine panel overhaul reduces immediate regulatory disruption risks for major pharma players. | news | +3.00 | 1 |
| 2026-05-20 | XLK | The entry of a major Chinese memory manufacturer into public markets signals increased competition and supply-side pressure for global memory leaders like Micron. | news | -3.60 | 1 |
| 2026-05-20 | XLF | Reducing exposure to government securities could free up capital for other lending activities, potentially impacting credit growth, but the overall impact on the sector is unclear without more context. | news | +0.00 | 1 |
| 2026-05-20 | XLB | Building materials companies like Martin Marietta are highly sensitive to construction volumes and interest-rate-driven cyclicality. | news | -1.20 | 1 |
| 2026-05-18 | XLU | NextEra Will Buy Dominion Energy in Largest-Ever Electric Utility Deal | news | +1.00 | 1 |
| 2026-05-18 | XLE | WTI and Brent rising above $100 directly increases margins for E&P companies like XOM, CVX, and COP. | news | +4.00 | 1 |
| 2026-05-18 | XLE | Rapidly declining commercial inventories and supply disruptions in the Strait of Hormuz are strongly bullish for crude prices and upstream margins. | news | +5.00 | 1 |
| 2026-05-18 | XLY | Surging fuel and material costs from the Iran conflict directly impact automaker margins and consumer discretionary spending power. | news | -12.00 | 1 |
| 2026-05-18 | XLV | Strong prescription growth and expanded payer coverage for a newly approved product validate the commercial biotech thesis. | news | +3.00 | 1 |
| 2026-05-18 | XLK | Strong earnings and outlook from Kioxia signal robust demand in the memory cycle driven by AI applications. | news | +7.00 | 1 |
| 2026-05-18 | XLY | Strategic shifts in EV manufacturing locations directly impact the competitive landscape and sales volumes for the auto segment. | news | -4.80 | 1 |
| 2026-05-18 | XLB | The sharp correction in global gold prices combined with index deletions triggers significant capital outflows from major mining constituents. | news | -1.20 | 1 |
| 2026-05-18 | XLK | Cisco's massive upward revision of hyperscaler orders to $9B directly confirms accelerating AI infrastructure capex. | news | +10.00 | 1 |
| 2026-05-18 | XLU | NextEra Acquires Dominion in $67B Deal, Forging World's Largest Utility Giant for AI Power Boom - International Business Times Australia | news | +0.00 | 1 |
| 2026-05-18 | XLU | Reports Say NextEra in Talks to Acquire Dominion Energy - POWER Magazine | news | +1.00 | 1 |
| 2026-05-18 | XLU | NextEra, Dominion want to create a massive power company as AI drives energy demand in the US | news | +1.00 | 1 |
| 2026-05-18 | XLU | This massive consolidation of NEE and Dominion creates a dominant platform to capture surging data center power demand and grid modernization capex. | news | +15.00 | 1 |
| 2026-05-18 | XLI | Increased guidance and orders for grid equipment and gas turbines signal strong demand for electrical equipment and industrial machinery. | news | +2.00 | 1 |
| 2026-05-18 | XLU | Dominion Energy and NextEra Energy to combine, creating the world's largest regulated electric utility business - WLTX | news | +1.00 | 1 |
| 2026-05-18 | XLE | Securing long-term gas supply for LNG infrastructure supports gas-weighted E&P and midstream growth. | news | +6.00 | 1 |
| 2026-05-18 | XLE | New gas processing and fractionation capacity increases midstream throughput and supports Permian production growth. | news | +5.00 | 1 |
| 2026-05-18 | XLI | The shutdown of a major carrier impacts the secondary aircraft market and reduces the active fleet, affecting engine OEMs and transport dynamics. | news | -6.00 | 1 |
| 2026-05-18 | XLV | The introduction of biosimilars for Simponi accelerates revenue erosion for JNJ, a top sector constituent. | news | -6.00 | 1 |
| 2026-05-18 | XLK | Direct government ownership and potential protectionist trade policies impact domestic semiconductor manufacturing and competition. | news | +2.00 | 1 |
| 2026-05-18 | XLI | Stronger-than-expected industrial production and manufacturing output directly validate the positive capex-cycle exposure for the sector. | news | +8.00 | 1 |
| 2026-05-18 | XLV | The ruling solidifies the government's power to negotiate drug prices, creating a permanent multi-year revenue overhang for large-cap pharma. | news | -6.00 | 1 |