TRUE SIGNAL LP

CIK

1792422

Location

NEW YORK, NY

Portfolio Value

Small $119,553,697

Diversification

Diversified

Filing Date

Dec 31, 2022

Global Rank

#3,982 / 6,946 · as of Dec 2022

Top Industry

Restaurants 16.3%

3Y Alpha vs SPY

-12.7%

Period ended 3 years ago

Filed Jan 26, 2023 · 3y

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+25.8%

SPY

+76.5%

Annualised alpha

-12.9%

Max drawdown

−21.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

67 positions · as of Dec 31, 2022

Top Position

6.6%

of portfolio value

Top 5

29.6%

of portfolio value

Top 10

49.2%

of portfolio value

HHI

330

Diversified

Sector Breakdown

As of Dec 31, 2022

Sector	% Portfolio	Value	Positions
Consumer Cyclical	60.6%	$72,422,924	48
Consumer Defensive	12.4%	$14,798,622	8
Industrials	7.2%	$8,598,438	3
Basic Materials	6.3%	$7,569,877	1
Healthcare	6.1%	$7,309,450	1
Technology	3.6%	$4,293,038	2
Communication Services	1.7%	$2,088,614	2
Financial Services	1.7%	$2,052,061	1
Unclassified	0.4%	$420,673	1

Portfolio Positions

Compact Export CSV View 13F filing

67 positions · $119,553,697 total · as of Dec 31, 2022

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Technology

Showing 1–50 of 67 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MCD	Mcdonalds Corp Consumer Cyclical	First	30,153	—	$7,946,220	—	6.65%
SHW	Sherwin Williams Co Basic Materials	First	31,896	—	$7,569,877	—	6.33%
CVS	CVS HEALTH Corp Healthcare	First	78,436	—	$7,309,450	—	6.11%
ULTA	Ulta Beauty, Inc. Consumer Cyclical	First	14,259	—	$6,688,469	—	5.59%
ETSY	Etsy Inc Consumer Cyclical	First	48,849	—	$5,851,133	—	4.89%
UPS	United Parcel Service Inc Industrials	First	33,351	—	$5,797,737	—	4.85%
BURL	Burlington Stores, Inc. Consumer Cyclical	First	24,965	—	$5,061,903	—	4.23%
TGT	Target Corp Consumer Defensive	First	31,907	—	$4,755,419	—	3.98%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	First	49,213	—	$3,917,354	—	3.28%
DLTR	Dollar Tree, Inc. Consumer Defensive	First	27,474	—	$3,885,922	—	3.25%
AAPL	Apple Inc. Technology	First	28,180	—	$3,661,427	—	3.06%
AMZN	Amazon Com Inc Consumer Cyclical	First	38,992	—	$3,275,328	—	2.74%
LULU	lululemon athletica inc. Consumer Cyclical	First	8,064	—	$2,583,544	—	2.16%
QSR	Restaurant Brands International Inc. Consumer Cyclical	First	39,033	—	$2,524,264	—	2.11%
DASH	DoorDash, Inc. Consumer Cyclical	First	47,935	—	$2,340,186	—	1.96%
AZO	Autozone Inc Consumer Cyclical	First	908	—	$2,239,291	—	1.87%
YETI	YETI Holdings, Inc. Consumer Cyclical	First	51,614	—	$2,132,174	—	1.78%
BOOT	Boot Barn Holdings, Inc. Consumer Cyclical	First	33,892	—	$2,118,927	—	1.77%
PYPL	PayPal Holdings, Inc. Financial Services	First	28,813	—	$2,052,061	—	1.72%
TPR	Tapestry, Inc. Consumer Cyclical	First	53,308	—	$2,029,968	—	1.70%
DDS	Dillard's, Inc. Consumer Cyclical	First	5,952	—	$1,923,686	—	1.61%
GO	Grocery Outlet Holding Corp. Consumer Defensive	First	65,783	—	$1,920,205	—	1.61%
SHAK	Shake Shack Inc. Consumer Cyclical	First	44,850	—	$1,862,620	—	1.56%
CHGG	Chegg, Inc Consumer Defensive	First	72,583	—	$1,834,172	—	1.53%
BBY	Best Buy Co Inc Consumer Cyclical	First	21,448	—	$1,720,344	—	1.44%
UAL	United Airlines Holdings, Inc. Industrials	First	41,738	—	$1,573,522	—	1.32%
UAA	Under Armour, Inc. Consumer Cyclical	First	147,032	—	$1,493,845	—	1.25%
WING	Wingstop Inc. Consumer Cyclical	First	10,023	—	$1,379,365	—	1.15%
JACK	Jack In The Box Inc Consumer Cyclical	First	19,666	—	$1,341,811	—	1.12%
CAR	Avis Budget Group, Inc. Industrials	First	7,486	—	$1,227,179	—	1.03%
CPRI	Capri Holdings Ltd Consumer Cyclical	First	21,201	—	$1,215,241	—	1.02%
PVH	Pvh Corp. /De/ Consumer Cyclical	First	16,727	—	$1,180,758	—	0.99%
BMBL	Bumble Inc. Communication Services	First	53,080	—	$1,117,334	—	0.93%
WMT	Walmart Inc. Consumer Defensive	First	22,620	—	$1,069,095	—	0.89%
TXRH	Texas Roadhouse, Inc. Consumer Cyclical	First	11,622	—	$1,057,020	—	0.88%
SBH	Sally Beauty Holdings, Inc. Consumer Cyclical	First	82,365	—	$1,031,209	—	0.86%
MTCH	Match Group, Inc. Communication Services	First	23,410	—	$971,280	—	0.81%
MED	Medifast Inc Consumer Cyclical	First	7,155	—	$825,329	—	0.69%
EAT	Brinker International, Inc Consumer Cyclical	First	25,219	—	$804,738	—	0.67%
SNBRQ	Sleep Number Corp Consumer Cyclical	First	28,013	—	$727,777	—	0.61%
DNUT	Krispy Kreme, Inc. Consumer Defensive	First	66,145	—	$682,616	—	0.57%
BLMN	Bloomin' Brands, Inc. Consumer Cyclical	First	33,719	—	$678,426	—	0.57%
OXM	Oxford Industries Inc Consumer Cyclical	First	6,829	—	$636,326	—	0.53%
PZZA	Papa Johns International Inc Consumer Cyclical	First	7,730	—	$636,256	—	0.53%
LYFT	Lyft, Inc. Technology	First	57,315	—	$631,611	—	0.53%
CAL	Caleres Inc Consumer Cyclical	First	26,532	—	$591,132	—	0.49%
SPY	Spdr S&P 500 ETF Trust	First	1,100	—	$420,673	—	0.35%
LZB	La-Z-Boy Inc Consumer Cyclical	First	18,332	—	$418,336	—	0.35%
CHWY	Chewy, Inc. Consumer Cyclical	First	11,157	—	$413,701	—	0.35%
WEN	Wendy's Co Consumer Cyclical	First	17,420	—	$394,214	—	0.33%