Evidence
No back tests. Every figure on these pages comes from the live record, is read from FlightDeck’s published feeds without being recomputed, and carries its date. The reading is published whether it is favorable or not.
Alpha Convergence™
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
| Window | From | Alpha Convergence, gross | Net of 2% model fee* | RSP | Excess, gross |
|---|---|---|---|---|---|
| Since inception | 27 Jun 2025 | +57.3% | +53.2% | +23.7% | +33.6 ppt |
| Last twelve months | 23 Oct 2025 | +39.9% | +37.0% | +16.8% | +23.2 ppt |
| Year to date | 2 Jan 2026 | +32.4% | +30.3% | +15.3% | +17.1 ppt |
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
Gross is the daily equity-sleeve return of the Alpha Convergence Flagship strategy, reconciled to a tracking account at Schwab; net deducts a 2% model advisory fee*, not the fees actually billed. Net for the last twelve months and the year to date is FlightDeck’s, from the LTM and YTD views of its AC Market Monitor. The strategy record starts on 27 Jun 2025 and includes 27 Jun to 18 Aug 2025 on firm capital, before client accounts began; client accounts were rotated into the strategy on 19 Aug 2025, and the client composite starts 1 Sep 2025. Client composite results are available on request. RSP is total return, price plus its dividend accrued evenly. Not independently verified; the firm does not claim GIPS compliance. Past performance is not indicative of future results.
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
Is it skill?
| Alpha Convergence total return | Gross | Net of 2% model fee* | RSP, total return |
|---|---|---|---|
| Since inceptionstrategy record, from 27 Jun 2025 | +57.3% | +53.2% | +23.7% |
| Last twelve monthsfrom 23 Oct 2025 | +39.9% | +37.0% | +16.8% |
Cumulative, as of 22 Oct 2026. Includes 27 Jun to 18 Aug 2025 on firm capital before client accounts began. Net deducts a 2% model advisory fee*, the top of the fee schedule, not the fees actually billed. The statistics that follow are computed on gross returns. Past performance is not indicative of future results.
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
FlightDeck · as of 22 Oct 2026. Active return is measured against RSP total return. Significance is measured gross, as the SEC marketing rule permits for a statistic of skill. Computed on gross returns; does not reflect the deduction of all fees and expenses. Net total returns for the same period are shown in the Alpha Convergence total-return table above. The primary test is one-sided (is active return above zero?); the 95% interval is two-sided, the more conservative choice. These are observations from a short record, not a forecast.
A statistic checked every day touches a fixed threshold more often than a single reading would, so a first crossing is never treated as a finding.
Ratios this early usually reflect favorable sequencing and tend to compress over full market cycles. Read today’s figure as an observation.
It does not predict future returns. It does not guarantee any level of outperformance. It is not third-party verification: it is our live record, tested in public.
The other strategies
Offered by Leyland Cypress LLC (CRD No. 322964), a separate investment adviser. Life UnLocked Partners owns 50% of Leyland Cypress and shares in its fees.
Since 8 Jan 2026, cumulative, gross and net: 9.4 months, not annualized. Leyland Cypress record.
Offered by Leyland Cypress LLC (CRD No. 322964), a separate investment adviser. Life UnLocked Partners owns 50% of Leyland Cypress and shares in its fees.
Since 11 Dec 2024, as of 22 Oct 2026, as FlightDeck reports them: net of the manager’s fee; return and volatility annualized. Leyland Cypress record.
Gross and net shown at equal size; AC Market Neutral net of a 2% model fee*. Net figures for Independent Return deduct Leyland Cypress’s 2% annual advisory fee. AC Market Neutral and Independent Return figures are the Leyland Cypress record. Offered by Leyland Cypress LLC (CRD No. 322964), a separate investment adviser. Life UnLocked Partners owns 50% of Leyland Cypress and shares in its fees. See Form ADV.
* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.
Backstage tour
A live screen-share of FlightDeck with Mark Tennenbaum, CIO: the command center driven in real time, how today’s market is classified and what the book does about it, and the record with the tests behind it.
