[fmx]

Right, I didn't notice the end date, sorry. So that was ~5.7% return for ~15 months (not 26) and the remaining ~28.7% was in the last 11 months.

[pyrrhotech]

Exactly, but if you compare to the market, even though 5.7% absolute returns is a poor 15 month performance, much of the model's relative outperformance came from those 15 months where at the same point, the SPX was still highly negative