March 2026: +14.18%, energies dominated; HEATOIL alone contributed +16.25%
Published retrospectively: this report and the others for November 2025 to April 2026 were first published together on 9 and 10 May 2026, after the months they cover.
Live, real-capital, fully systematic. Live track record → · Methodology →
The numbers
| This month | YTD | Since inception | |
|---|---|---|---|
| Return | +14.18% | +29.92% | +26.96% |
| Sharpe (ann.) | +2.15 | +2.22 | +1.59 |
| Max drawdown (in window) | −11.55% | −11.55% | −11.55% |
| Hit rate (daily) | 59.3% | 60.3% | 56.2% |
| Drawdown state at MTD | −2.6% from peak |
What drove it
Top contributors
- HEATOIL — +16.25% (energies). The single largest monthly contribution in the captured window — heating oil carried the entire energy complex.
- GASOILINE — +7.58% (energies). Second-largest contributor; gasoline aligned with the heating oil move all month.
- CRUDE_W_mini — +4.67% (energies). Crude long pushed the energy block to three contracts working together for the same direction.
- SHATZ — +1.48% (rates). German short-end long worked alongside the energy thesis; small contribution but positive sign.
- US2 — +1.40% (rates). Two-year US rates long; second consecutive month US2 changed sign — last month it lost, this month it gained.
Worst contributors
- IBEX — −5.41% (equity index). Reversal of February's +0.94% gain; the Spanish index position turned over and gave back roughly 6× what it earned the prior month.
- PLN — −1.82% (FX). PLN appears in the worst-five list for the third consecutive month — a recurring small-to-medium drag without a clean narrative.
- US-UTILS — −1.46% (equity sectors). US utilities sector long worked against the broader US equity tape.
- BUXL — −1.15% (rates). Reversal of February's +0.89% gain; long-end German rates went the other way.
- BUND — −1.11% (rates). Same direction as BUXL, smaller size — German long-end rates were the second-worst asset class this month.
Asset class attribution: Energies were the entire story — three contracts (HEATOIL, GASOILINE, CRUDE_W_mini) summed to +28.5% in a +14.18% month, balanced by the IBEX reversal (−5.41%) and the German long-end rates pair (BUXL + BUND, −2.26% combined). Three of the worst five came from the rates block. 42 instruments produced non-zero contribution this month — the broadest participation of the captured window.
Note on the math: the headline return (+14.18%) is the time-weighted return computed from daily strategy P&L. The instrument-level contributions above sum to substantially more in absolute terms — top five contribute roughly +31%, worst five roughly −11% — because mid-tier instruments outside the top/worst five gave back a portion of the energy gains. The reconciliation between strategy-level TWR and the sum of per-instrument contributions is not yet wired in this build; the gap is interest, financing, and residual P&L from the ~32 instruments not surfaced in this table.
How the rules performed
Rule-family attribution is not yet available for March — daily_attribution.rule_contributions was empty for the days in this window. This section will become quantitative once the persistence pipeline has accumulated a full month of data.
What changed
No methodology or operational changes this month.
Current positioning
- Annualised portfolio risk: —
- Margin usage: —
Looking forward
End-of-March drawdown state was −2.6% from peak, after touching −11.55% intra-month — the deepest intra-month drawdown captured in this window, and it was absorbed within the same month. Energy concentration is the live theme entering April: three energy contracts contributed +28.5% this month, and the position size into April was unchanged. PLN has been in the worst-five list for three consecutive months (Jan, Feb, Mar) — the recurring small loss without a clean narrative is worth a second look at the position sizing for that contract. The contrast with February (broad participation, no concentrated drivers) versus March (one asset class delivering nearly the entire return) is the cleanest illustration of how this system's outcomes vary even with the same rules and similar universe.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Returns are calculated from broker-reported account values, so they reflect execution prices and any commissions, fees, financing charges, interest and currency effects included in those values. Cost breakdowns shown separately are estimates. These returns do not deduct advisory fees that would apply to a client account. The account shown is the operator's own (proprietary) capital. Full methodology and disclaimers on the live dashboard.
Plaintape LLC is registered with the CFTC as a Commodity Trading Advisor (NFA ID 0580378) and its NFA membership application is pending. The firm is not yet accepting client accounts. Registration does not imply that the CFTC or NFA has approved or endorsed the firm, its trading program, or the material on this site. Registration-status note added 2026-08-09; it describes the firm's status today, not its status during the period reported above.