• Additional attributes Sector
  • Strategy ETFs / Funds
The Tactical Energy portfolio invests in energy exploration and production (E&P) companies. It makes its allocations based on a structured process and seeks to deliver risk-adjusted returns that may offer better value than buy-and-hold investments in the energy E&P sector.
The portfolio seeks to dynamically weight its exposure to the E&P sector in accordance with its likelihood to generate positive returns. We seek to exploit discrepancies in the ways price changes in the broad equity, crude oil, and natural gas markets propagate to the E&P sector.
The strategy is based on research that attempts to quantify the relationship between the broad equity markets, commodity prices, and the E&P sector. A significant divergence between expected and actual returns in the E&P sector represents a portfolio rebalancing opportunity.
The portfolio is usually allocated to a mix of Exchange Traded Funds that represent the E&P industry, the broad US equity markets, and companies exposed to crude oil and natural gas prices. It also may also allocate as much as 100% to cash, depending on market conditions.
Positions are closed and the portfolio is rebalanced when quantitative signals indicate that the E&P sector has become overvalued or undervalued relative to the other asset classes utilized within the strategy.



Month to date



Quarter to date



Year to date


Quarterly vs S&P500

Quarterly vs S&P500

Risk score

  • 14.4%

    Best quarter

  • -24.1%

    Worst quarter

    • 1% fee
    • $10,000 min
  • Required: Margin account

Performance detail

Performance Portfolio inception May 29, 2013

as of March 28, 2017 Manager (net of fees ) S&P Oil & Gas E & P ETF S&P 500
Month-to-date -4.4% -4.1% -0.2%
Quarter-to-date -7.0% -12.4% 5.3%
Last 365 Days 28.0% 22.9% 15.8%
Since inception (Annualized) -7.4% -13.0% 9.8%
2017 (YTD) -7.0% -12.4% 5.3%
2016 34.3% 37.1% 9.5%
2015 -26.3% -36.9% -0.7%
2014 -23.5% -30.2% 11.4%

Risk metrics Last 365 days

as of March 28, 2017 Manager (net of fees ) S&P Oil & Gas E & P ETF S&P 500
Volatility 24.3% 33.6% 10.1%
Sharpe Ratio 1.12 0.66 1.49
Sortino Ratio 1.85 1.11 1.95
Maximum Drawdown -10.3% -19.0% -5.6%
Value-at-risk (95%, 1 week) -5.6% -7.8% -2.3%
S&P Oil & Gas E & P ETF vs. S&P 500
Information Ratio 0.34 0.61
Alpha 10.2% 6.5%
Beta 0.66 1.39
R-Squared 0.84 0.34


  • Equity Fund
  • Commodity Fund

Top 5 securities

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Latest transactions Average trades per month 3.0

Executed Symbol Security Type Price
January 09, 2017 XOP SPDR S&P Oil & Gas Exploration & Production ETF Buy $40.75
January 09, 2017 USO United States Oil Fund LP Sell $11.32
January 09, 2017 SPY SPDR S&P500 ETF Trust Sell $226.53
November 21, 2016 SPY SPDR S&P500 ETF Trust Buy $219.82
November 21, 2016 USO United States Oil Fund LP Buy $10.75
November 21, 2016 XOP SPDR S&P Oil & Gas Exploration & Production ETF Sell $39.74
August 08, 2016 XOP SPDR S&P Oil & Gas Exploration & Production ETF Buy $36.17
August 08, 2016 USO United States Oil Fund LP Buy $10.13
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Important Information

  1. Past performance is no guarantee of future results, and all investments, including those in this portfolio, involve the risk of loss, including loss of principal and a reduction in earnings.  
  2. All performance information on this page is based on the performance of the Portfolio Manager’s account, using the manager’s own funds. Portfolio Manager’s pre-Covestor performance information may include performance of non-Covestor client accounts. Performance of the Portfolio Manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions and reflects the deduction of broker commissions. Manager returns include trades and positions that fail Covestor's trading rules, as a result, actual client returns will differ. Covestor advisory fees are simulated and applied retroactively to present the portfolio return "net-of-fees".
  3. None of the performance information displayed on this page is based on the actual performance of any Covestor client account investing in this portfolio. The performance in a Covestor client account invested in this portfolio may differ (i.e., be lower or higher) from the Portfolio Manager’s account performance based on any trading restrictions imposed by the client (resulting in different account holdings), time of initial investment, amount of investment, frequency and size of cash flows in and out of the client account, applicable brokerage commissions, and different corporate actions. Clients investing in this portfolio may view the actual performance of their investment in this portfolio by logging into their Covestor account and reviewing their customized dashboard.
  4. All graph data is as of the end of day for the referenced period, unless otherwise specified. The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
  5. The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
  6. Benchmark returns displayed have been calculated by Covestor using daily benchmark prices and do not include dividend income. More information here. For certain portfolios Covestor uses an index as a benchmark, while for others it uses an investable exchange traded fund (ETF) as a benchmark. Index returns do not reflect the deduction of any management fees, transaction costs or expenses. Individuals cannot invest directly in an index. Investable ETF returns reflect the deduction of (i.e., are net of) management fees, transaction costs and expenses.
  7. Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.
  8. All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history of Portfolio Managers is available upon request. Portfolio classifications are provided by Covestor, and are intended to serve as a general guide.
  9. Not all transactions listed will appear in accounts due to Covestor's trading rules and individual client constraints. Eligibility of these securities is monitored periodically, and may change over time. Actual client investment holdings may vary.
  10. This portfolio uses short selling. Short selling is more complex than simply owning securities, involves a high degree of risk, is highly speculative, and is not suitable for all investors. The risk of loss associated with short selling is virtually unlimited. Short selling may also involve additional expenses and risks, including hard-to-borrow stock charges and buy-in risk. You should only select a portfolio using short selling if you are comfortable with the level of risk involved in short selling.
  11. This portfolio uses borrowed funds or leverage to fund investments. Leverage involves a high degree of risk, is highly speculative, and is not suitable for all investors. Leverage increases both the amount you may lose and the amount you may make in a portfolio, leading to higher returns in the case of favorable market movements but also larger losses under adverse market conditions. You may also incur additional expenses associated with borrowing funds. You should only select a portfolio using leverage if you are comfortable with the level of risk involved in using leverage.