Apex Momentum has fallen 20% inside a quarter four times in 65. July was the latest.

In the backtested record, Apex Momentum has been through 65 quarters since May 2010. In 25 of them the book fell at least 10% from a high to a later low before the next rebalance. In 11 it fell at least 15%, and in four it fell at least 20%.

The four came in early 2020, the summer of 2022, early 2025 and this July, when the book lost 30.3% between June 30 and July 29. The S&P 500 total return index fell 33.8%, 7.5%, 18.7% and 2.4% over those same four stretches.

Three of the four quarters still ended above their starting level at the rebalance. The fourth, early 2020, ended 13.2% below it.

Every figure in this issue is backtested, built from the models' roster record and adjusted closing prices with dividends included, and before fees and taxes. A member mirroring a model would have seen different numbers because of timing, fees and taxes.