PDF · 7 pages
Investor Introduction
White Hare Asset Management, the Consensus Timing Model, the live-account evidence and the leadership team.
Investment solutions · Equity
One signal. Three portfolio expressions.
The Consensus Timing Model produces the regime signal. CTM, CTM Max and CTM Shariah apply it through different exposure rules, risk profiles and mandate constraints — all within US equity indices.
Investment solution
CTM
Balanced risk profileThe Consensus Timing Model (CTM) reads market conditions from six categories of inputs, delivers a regime verdict and sets exposure once a day. It aims to participate in rising equity markets while avoiding the worst of the bears. Its live application is the Live Managed Account, and the model has evolved since, most recently in 2021 and 2026.
Approach
Fully systematic. No human override.
Signal
One signal every day: long, cash or short
Universe
US equity indices only: the S&P 500 or the Nasdaq 100
Inputs
Macro, fundamental, liquidity, sentiment, momentum and tactical
Regime verdict
Bull · Transitional · Bear
Response
Graduated: long 50%, 100% or 150% · 100% cash · 100% short
Evolution
Short-term oscillator and index selector (2021), short override (January 2026)
−100%
Short
0%
Cash
50%
Long
100%
Long
150%
Long
Investment solution
CTM Max
Higher risk profileCTM Max reads exactly the same signal as CTM. The philosophy, the foundations and the inputs do not change. What changes is how the portfolio responds to it: CTM Max does not graduate exposure. It holds 150% long in any bullish regime, 100% cash when the signal is uncertain, and 150% short in a bearish regime — full commitment to the signal, not a scaled response.
The research behind this: measured conservatively, on a balanced basis or aggressively, most of CTM's alpha has come from the periods spent at 150% long or fully short, not from the intermediate 50% or 100% long positions. CTM Max is built for investors who want that full commitment rather than a graduated one.confirm exact research framing with JP/Richard
It is a different risk profile for a different type of investor, not a different view of the market. Higher exposure increases both potential gains and potential losses, and drawdowns may be deeper than with CTM.compliance wording
CTM
CTM Max
Signal
The Consensus Timing Model
The same signal
Philosophy
Rule-based, non-discretionary, systematic, asymmetric
Unchanged
Inputs
Six categories, read every day
Unchanged
Universe
S&P 500 or Nasdaq 100
Unchanged
Exposure states
Graduated: 50%, 100% or 150% long · 100% cash · 100% short
Full commitment only: 150% long · 100% cash · 150% short
Risk profile
Balanced. Exposure follows the conviction of the signal
Higher. Full commitment whenever the regime is bullish or bearish, with larger potential drawdowns
Designed for
Professional and institutional partners seeking balance
Professional and institutional partners with a higher risk-return appetite and full conviction in the signal
Same signal, two responses
The signal says
CTM responds
CTM Max responds
Strong bull
High conviction
150% long
150% long
Confirmed bull
Uptrend confirmed
100% long
150% long
Weak bull
Uptrend, weakening signals
50% long
Step-down before a possible regime change
150% long
Full commitment — CTM Max does not step down
Transitional
High uncertainty
100% cash
No exposure while the regime is unresolved
100% cash
Same as CTM — no exposure while the regime is unresolved
Bear
Bearish regime confirmed
100% short
Cash when deeply oversold (short override, 2026)
150% short
Cash when deeply oversold (short override, 2026)
CTM scales exposure with the conviction of the signal. CTM Max keeps the same signal but does not graduate: it holds 150% long in any bullish regime, 100% cash when the signal is uncertain, and 150% short in a bearish regime. The signal, its inputs and its exit discipline are unchanged.
Investment solution · Shariah-compliant
CTM Shariah
CTM Shariah applies the proprietary regime model through a Shariah-compliant, long-or-cash US equity portfolio. It uses Shariah-screened equities, riba-free cash, no short selling and no interest-bearing leverage.
The solution is designed for qualified investors seeking systematic regime management within explicit Shariah constraints. The performance evidence currently available is hypothetical and backtested, not a live track record.
Mandate
Shariah-compliant systematic US equity
Signal
The proprietary CTM regime model
Portfolio states
150% long or 100% cash
Investable universe
SPUS / Shariah-screened US equities
Shariah constraints
Riba-free cash · no short selling · no interest-bearing leverage
Benchmark
SPUS — SP Funds S&P 500 Sharia Industry Exclusions ETF
150%
Long
100%
Cash
The manager applies the stated screening and implementation rules. Prospective investors should consult their own Shariah adviser regarding the suitability of the solution.
Track record · qualified investors
CTM: live results and back-tested results, shown separately.
Gated section. In the live site this section appears after qualified-investor confirmation, behind Client login. All figures below come from the August 2026 factsheets and are gross of fees, from the Live Managed Account, audit in progress.compliance to validate audit wording
Live Managed Account
Actual traded account, audit in progress, December 31, 2020 to August 31, 2026, month-end data. Not a backtest.
Live account
S&P 500
$100 grows to
$306
$205
Cumulative return
+206.0%
+104.6%
CAGR
+21.8%
+13.5%
Sharpe ratio
1.12
0.68
Maximum drawdown
−15.2%
−24.8%
Beta vs S&P 500
0.18
1.00
Consensus Timing Model, back-tested
CTM 2026 applied to the same period, daily data. Backdated simulation, not live.
CTM 2026
S&P 500
$100 grows to
$415
$205
Cumulative return
+315.2%
+104.6%
CAGR
+28.6%
+13.5%
Sharpe ratio
1.43
0.62
Maximum drawdown
−15.4%
−25.4%
Beta vs S&P 500
0.27
1.00
2022: +37.3% versus −19.4%
The Live Managed Account gained 37.3% in the year the S&P 500 fell 19.4%, the year that shows the strategy doing what it is designed to do.
Where it lags
In sustained uptrends with few drawdowns, a regime strategy can trail a static long position. Over three years to August 2026, the Live Managed Account returned +13.3% a year versus +19.5% for the S&P 500.
Figures shown are for CTM, not CTM Max. Past performance is not indicative of future results. Live Managed Account statistics are computed on month-end values, so intra-month drawdowns are not captured. Back-tested statistics use daily data and are not directly comparable. Beta and alpha are estimated from monthly returns with a low R-squared and should be read as directional.
Investor materials
Current White Hare documents.
The documents below use the White Hare identity and are intended for qualified and professional investors. They should remain within the same investor-confirmation perimeter as the performance information above.
PDF · 2 pages
Live Managed Account Factsheet
Live-account performance, risk statistics, monthly returns, account specifications and disclosures through August 2026.
PDF · 2 pages · Backtested
CTM 2026 Factsheet
Backtested growth, drawdown, trailing and monthly returns for CTM against the S&P 500, December 2020 through August 2026.
PDF · 2 pages · Backtested
CTM Max Factsheet
Backtested growth, drawdown, trailing and monthly returns for the full-commitment CTM Max response, December 2020 through August 2026.
PDF · 2 pages · Backtested
CTM Shariah Factsheet
Shariah-compliant long-or-cash implementation, SPUS comparison, specifications and full hypothetical-performance disclosures through August 2026.
Past performance is not indicative of future results. The Live Managed Account factsheet reports an actual live account. The CTM 2026, CTM Max and CTM Shariah factsheets are hypothetical and backtested; theoretical results in all materials are identified separately.
Comprehensive service
A partner across the investment-solution lifecycle.
White Hare combines the model, operational discipline and partner support required to bring a systematic mandate to market and maintain it over time.
Design
Mandate structure, exposure rules and investment constraints.
Operate
Daily signals, controls and model-governance documentation.
Implement
Coordination with appointed issuers, platforms, custodians and execution providers.
Support
Due diligence, factsheets, data packages and investor communication.
Across every solution
The same four principles.
Rule-based
The same regime signal drives each mandate. Its permitted response is defined in advance: CTM Shariah remains long or cash.
Non-discretionary
No human override. Every position change since inception has been signal-driven.
Systematic
The same process runs daily in every regime. The investable universe and exposure rules follow each mandate.
Asymmetric
Participate when conditions are supportive and reduce or reverse exposure when the mandate permits and the evidence deteriorates.
White Hare Asset Management
Foresight grounded in today's signals
For qualified and institutional investors only. This website does not constitute an offer or a solicitation. Past performance is not indicative of future results. This website is published by White Hare Asset Management. LEGAL TEXT TO BE VALIDATED