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Portfolios

The Short strategy assumes shorting "overvalued stocks" without real business yet: it shorts stocks with EV/Sales > 50x, MCap > $2 bln and Price to Book > 3x. The Short strategy backtest can be found in the "Other" menu section

Short strategy
since 2021-09-10

-1.4%

1.6%
day

+0.4%

-0.6%
week

-4.6%

70.2%
Since inception

0.0%

SP500
Since inception

Target portfolio structure

Company	Price and change	Target share	Revenue Growth		EV / LTM	EBITDA (p75)	EV/ Sales	Next GAAP report
Company	Price and change	Target share	Last	Hist	EV / LTM	EBITDA (p75)	EV/ Sales	Next GAAP report
			-6.7%	200.0%	-16.7%	>200x	0.8x	1106.2x
			-6.7%	-90.9%	62.9%	>200x	>200x	158.2x	..
			-6.7%	0.0%	0.0%	>200x	>200x	10000x
			-6.7%	0.0%	0.0%	>200x	163x	10000x
			-6.7%	0.0%	0.0%	>200x	>200x	10000x
			-6.7%	0.0%	0.0%	>200x	3.6x	5412.2x
			-6.7%	200.0%	16.7%	>200x	>200x	1123x
			-6.7%	100.0%	19.1%	>200x	>200x	214.5x	..
			-6.7%	200.0%	95.0%	>200x	>200x	81.4x
			-6.7%	-16.7%	10.1%	>200x	>200x	125.4x	..
			-6.7%	-9.1%	-11.3%	>200x	>200x	133.8x
			-6.7%	0.0%	0.0%	>200x	>200x	9134.6x	..
			-6.7%	-50.0%	53.6%	>200x	>200x	194.8x	..
			-6.7%	-50.0%	-25.5%	>200x	>200x	734.8x
			-6.7%	200.0%	72.4%	>200x	>200x	110.2x	..

Actual Performance

Period	Strategy	S&P500
Day	-1.4%	+1.6%
Week	+0.4%	-0.6%
Since inception (2021-08-31)	-4.6%	+70.2%

Maximum drawdown

66.2%

Date of drawdown

2026-04-22

Sharpe ratio

0.17

Volatility (year)

30%

Portfolio (USD) and S&P500 dynamics (%)

chart technology by TradingView

Weekly price changes (profit) $

Company	Share	Price -w	Price	Change($)
	-6.7%			-1.2%
	-6.7%			-6.3%
	-6.7%			-5.0%
	-6.7%			-26.3%

Weekly price changes (loss) $

Company	Share	Price -w	Price	Change($)
	-6.7%			+8.1%
	-6.7%			+10.9%
	-6.7%			+1.6%
	-6.7%			+2.7%
	-6.7%			+1.2%
	-6.7%			+0.9%
	-6.7%			+1.1%
	-6.7%			+10.1%

News

KOD Stock Up 24% in 3 Months: Here's What You Need to Know

Nuvalent to Participate in the Guggenheim Emerging Outlook: Biotech Summit 2026

globenewswire.com

Madrigal Pharmaceuticals to Release Fourth-Quarter and Full-Year 2025 Financial Results and Host Webcast on February 19, 2026

Scholar Rock Chief Scientific Officer Conducts Multiple Sales Throughout January 2026

Protagonist Therapeutics Chief Medical Officer Sells PTGX 9,514 Shares for $784K to Cover Taxes

globenewswire.com

Ryoncil® Net Revenues Increase for the Quarter to US$30M

globenewswire.com

FDA Acknowledges Effects on Pain Intensity Favor Rexlemestrocel-L, Confirms 12-Month Reduction in Back Pain Supports Product Efficacy

seekingalpha.com

Protagonist Therapeutics, Inc. (PTGX) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

seekingalpha.com

Madrigal Pharmaceuticals, Inc. (MDGL) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

seekingalpha.com

Kodiak Sciences Inc. (KOD) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

Reviews

#reports #UUUU

[Energy Fuels](https://eninvs.com/all.php?name=UUUU) (Uranium) reported for 2026 q3
(2026-05-06, After Market Close):

- Revenue +61.1% YoY (vs +47.1% in previous quarter and historical rate +73.9%)
- EBITDA margin -79.3% increased compared to -138.9% same period last year
- Net Debt decreased by $12 mln over the past reporting period (0.6% of market cap)
- FCF (LTM) -$0.8 bln (negative), 44.3% of market cap
- EV/Sales multiple is 21.4x

#reports #APP

[AppLovin Corporation](https://eninvs.com/all.php?name=APP) (Software — Application) reported for 2026 q3
(2026-05-06, After Market Close):

- Revenue +55.5% YoY (vs +52.8% in previous quarter and historical rate +42.7%)
- EBITDA +56.5% YoY (vs +51.9% in previous quarter and historical rate +95.8%)
- EBITDA margin 79.8% increased compared to 79.3% same period last year
- Net Debt decreased by $120 mln over the past reporting period (0.1% of market cap)
- FCF (LTM) +$4.7 bln (positive), 5.2% of market cap
- EV/EBITDA multiple is 15.1x compared to historical level (75th percentile) of 41.8x
- EV/Sales multiple is 12x

#reports #PLTR

[Palantir Technologies](https://eninvs.com/all.php?name=PLTR) (Software provider) reported for 2026 q3
(2026-05-04, After Market Close):

- Revenue +95.9% YoY (vs +92.7% in previous quarter and historical rate +52.3%)
- EBITDA +173.7% YoY (vs +233.3% in previous quarter and historical rate +158.8%)
- EBITDA margin 47.2% increased compared to 33.8% same period last year
- Net Debt increased by $6.1 bln since the start of the year (1.6% of market cap)
- FCF (LTM) +$10.3 bln (positive), 2.8% of market cap
- EV/EBITDA multiple is 106.7x compared to historical level (75th percentile) of 516.3x
- EV/Sales multiple is 49.9x

#reports #CRSP

[CRISPR Therapeutics](https://eninvs.com/all.php?name=CRSP) (Biological genetically engineered drugs manufacturer ) reported for [2026 q3](https://eninvs.com/press_release.php?source=sec&form_type=10&id=203015)
(2026-05-04, After Market Close):

- Revenue +1200% YoY (vs +3500.0% in previous quarter and historical rate +75.1%)
- EBITDA margin -969.2% increased compared to -13200.0% same period last year
- Net Debt increased by $187 mln over the past reporting period (3.9% of market cap)
- FCF (LTM) +$0.2 bln (positive), 3.8% of market cap
- EV/Sales multiple is 15.3x

#reports #INSM

[Insmed](https://eninvs.com/all.php?name=INSM) (Biotechnology) reported for [2026 q3](https://eninvs.com/press_release.php?source=sec&form_type=10&id=202724)
(2026-05-07, Before Market Open):

- Revenue +269% YoY (vs +297.2% in previous quarter and historical rate +80.5%)
- EBITDA margin -16.6% increased compared to -256.3% same period last year
- Net Debt increased by $18 mln over the past reporting period (0.1% of market cap)
- FCF (LTM) -$0.5 bln (negative), 2.1% of market cap
- EV/Sales multiple is 15.7x

#reports #MSTR
@ crypto

[MicroStrategy](https://eninvs.com/all.php?name=MSTR) (Business intelligence platform) reported for 2026 q3
(2026-05-05, After Market Close):

- Revenue -3.1% YoY (vs +7.0% in previous quarter and historical rate -0.4%)
- EBITDA -436.9% YoY (vs -159.1% in previous quarter and historical rate +3.4%)
- EBITDA margin -10499.2% decreased compared to 3020.2% same period last year
- Net Debt decreased by $4.8 bln since the start of the year (8.5% of market cap)
- FCF (LTM) -$4.8 bln (negative), 8.4% of market cap
- EV/Sales multiple is 143.1x

#reports #UUUU

[Energy Fuels](https://eninvs.com/all.php?name=UUUU) (Uranium) reported for [2026 q2](https://eninvs.com/press_release.php?source=sec&form_type=10&id=201928)
(2026-05-06, After Market Close):

- Revenue +525% YoY (vs +200.0% in previous quarter and historical rate +73.2%)
- EBITDA margin -116.0% increased compared to -300.0% same period last year
- Net Debt increased by $8 mln over the past reporting period (0.4% of market cap)
- EV/Sales multiple is 28x

#reports #TGTX

[TG Therapeutics](https://eninvs.com/all.php?name=TGTX) (Medical services provider) reported for [2026 q2](https://eninvs.com/press_release.php?source=sec&form_type=10&id=201395)
(2026-05-06, Before Market Open):

- Revenue +70.2% YoY (vs +69.4% in previous quarter and historical rate +136.7%)
- EBITDA -37.1% YoY (vs +288.9% in previous quarter and historical rate +103.3%)
- EBITDA margin 9.2% decreased compared to 24.8% same period last year
- Net Debt increased by $997 mln over the past reporting period (12.8% of market cap)
- FCF (LTM) -$0.2 bln (negative), 2.6% of market cap
- EV/EBITDA multiple is 58.8x compared to historical level (75th percentile) of 902.8x
- EV/Sales multiple is 10x

#reports #NKTR

[Nektar Therapeutics](https://eninvs.com/all.php?name=NKTR) (Medicines developer) reported for [2026 q1](https://eninvs.com/press_release.php?source=sec&form_type=10&id=198122)
(2026-03-12, After Market Close):

- Revenue -9.1% YoY (vs +10.0% in previous quarter and historical rate -11.3%)
- EBITDA margin -420.0% decreased compared to -327.3% same period last year
- Net Debt decreased by $121 mln over the past reporting period (0.8% of market cap)
- FCF (LTM) +$0.4 bln (positive), 2.8% of market cap
- EV/Sales multiple is 256.5x

#reports #APP

[AppLovin Corporation](https://eninvs.com/all.php?name=APP) (Software — Application) reported for [2026 q2](https://eninvs.com/press_release.php?source=sec&form_type=10&id=200078)
(2026-05-06, After Market Close):

- Revenue +60.6% YoY (vs +70.6% in previous quarter and historical rate +47.9%)
- EBITDA +137.5% YoY (vs +194.8% in previous quarter and historical rate +124.4%)
- EBITDA margin 79.4% increased compared to 53.7% same period last year
- Net Debt decreased by $293 mln over the past reporting period (0.3% of market cap)
- FCF (LTM) +$2.4 bln (positive), 2.2% of market cap
- EV/EBITDA multiple is 16.9x compared to historical level (75th percentile) of 44.1x
- EV/Sales multiple is 10.8x

#reports #MSTR
@ crypto

[MicroStrategy](https://eninvs.com/all.php?name=MSTR) (Business intelligence platform) reported for [2026 q2](https://eninvs.com/press_release.php?source=sec&form_type=10&id=201287)
(2026-05-05, After Market Close):

- Revenue +7% YoY (vs +11.7% in previous quarter and historical rate +0.1%)
- EBITDA -159.1% YoY (vs -1448800.0% in previous quarter and historical rate +20.1%)
- EBITDA margin -6809.8% decreased compared to 12328.9% same period last year
- Net Debt increased by $3.7 bln since the start of the year (8.1% of market cap)
- FCF (LTM) -$1.8 bln (negative), 3.9% of market cap
- EV/Sales multiple is 130.5x

#reports #TGTX

[TG Therapeutics](https://eninvs.com/all.php?name=TGTX) (Medical services provider) reported for [2026 q1](https://eninvs.com/press_release.php?source=sec&form_type=10&id=198836)
(2026-02-26, Before Market Open):

- Revenue +225.4% YoY (vs +338.6% in previous quarter and historical rate +108.4%)
- EBITDA margin 17.1% increased compared to -14.3% same period last year
- Net Debt decreased by $826 mln over the past reporting period (10.6% of market cap)
- FCF (LTM) +$0.8 bln (positive), 10.3% of market cap
- EV/EBITDA multiple is 62.8x compared to historical level (75th percentile) of 987.2x
- EV/Sales multiple is 12.6x

#reports #NKTR

[Nektar Therapeutics](https://eninvs.com/all.php?name=NKTR) (Medicines developer) reported for [2026 q2](https://eninvs.com/press_release.php?source=sec&form_type=10&id=200672)
(2026-03-12, After Market Close):

- Revenue -9.1% YoY (vs +10.0% in previous quarter and historical rate -11.3%)
- EBITDA margin -420.0% decreased compared to -327.3% same period last year
- Net Debt decreased by $121 mln over the past reporting period (0.8% of market cap)
- FCF (LTM) +$0.4 bln (positive), 2.8% of market cap
- EV/Sales multiple is 256.5x

#reports #APP

[AppLovin Corporation](https://eninvs.com/all.php?name=APP) (Software — Application) reported for 2026 q1
(2026-05-06, After Market Close):

- Revenue +60.6% YoY (vs +70.6% in previous quarter and historical rate +47.9%)
- EBITDA +137.5% YoY (vs +194.8% in previous quarter and historical rate +124.4%)
- EBITDA margin 79.4% increased compared to 53.7% same period last year
- Net Debt decreased by $293 mln over the past reporting period (0.3% of market cap)
- FCF (LTM) +$2.4 bln (positive), 2.2% of market cap
- EV/EBITDA multiple is 17x compared to historical level (75th percentile) of 44.1x
- EV/Sales multiple is 10.8x

#reports #MSTR
@ crypto

[MicroStrategy](https://eninvs.com/all.php?name=MSTR) (Business intelligence platform) reported for 2026 q1
(2026-05-05, After Market Close):

- Revenue +7% YoY (vs +11.7% in previous quarter and historical rate +0.1%)
- EBITDA -159.1% YoY (vs -1448800.0% in previous quarter and historical rate +20.1%)
- EBITDA margin -6809.8% decreased compared to 12328.9% same period last year
- Net Debt increased by $3.7 bln since the start of the year (8.1% of market cap)
- FCF (LTM) -$1.8 bln (negative), 3.9% of market cap
- EV/Sales multiple is 130.5x

#reports #INSM

[Insmed](https://eninvs.com/all.php?name=INSM) (Biotechnology) reported for [2026 q1](https://eninvs.com/press_release.php?source=sec&form_type=10&id=196980)
(2026-02-19, Before Market Open):

- Revenue +297.2% YoY (vs +229.0% in previous quarter and historical rate +65.1%)
- EBITDA margin 0.5% increased compared to -290.7% same period last year
- Net Debt increased by $63 mln over the past reporting period (0.2% of market cap)
- FCF (LTM) -$0.8 bln (negative), 3.1% of market cap
- EV/Sales multiple is 22.1x

#reports #FCEL

[FuelCell Energy](https://eninvs.com/all.php?name=FCEL) (Fuel cell manufacturer) reported for 2026 q1
(2026-06-08, Before Market Open):

- Revenue -29.8% YoY (vs -2.7% in previous quarter and historical rate +15.9%)
- EBITDA margin -112.1% increased compared to -183.0% same period last year
- EV/Sales multiple is 57.4x

#reports #ASMB

[Assembly Biosciences](https://eninvs.com/all.php?name=ASMB) (Pharmaceutical manufacturer) reported for 2026 q1
(2026-03-19, After Market Close):

- Revenue +44.4% YoY (vs +14.3% in previous quarter and historical rate +53.8%)
- EBITDA margin -30.8% increased compared to -100.0% same period last year
- EV/Sales multiple is 37.1x

#reports #INSM

[Insmed](https://eninvs.com/all.php?name=INSM) (Biotechnology) reported for 2026 q2
(2026-05-07, Before Market Open):

- Revenue +297.2% YoY (vs +229.0% in previous quarter and historical rate +65.1%)
- EBITDA margin 0.5% increased compared to -290.7% same period last year
- Net Debt increased by $63 mln over the past reporting period (0.2% of market cap)
- FCF (LTM) -$0.8 bln (negative), 3.1% of market cap
- EV/Sales multiple is 22.1x

#reports #FCEL

[FuelCell Energy](https://eninvs.com/all.php?name=FCEL) (Fuel cell manufacturer) reported for 2026 q2
(2026-06-08, Before Market Open):

- Revenue -29.8% YoY (vs -2.7% in previous quarter and historical rate +15.9%)
- EBITDA margin -112.1% increased compared to -183.0% same period last year
- EV/Sales multiple is 57.4x

#reports #ASMB

[Assembly Biosciences](https://eninvs.com/all.php?name=ASMB) (Pharmaceutical manufacturer) reported for 2026 q2
(2026-03-19, After Market Close):

- Revenue +44.4% YoY (vs +14.3% in previous quarter and historical rate +53.8%)
- EBITDA margin -30.8% increased compared to -100.0% same period last year
- EV/Sales multiple is 37.1x

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Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

© Enhanced Investments Inc. All rights reserved, 2023