Strategy · BN
Bottleneck Solvers
Companies relieving the economy's structural shortages: AI compute and power, critical minerals, advanced chips. Picked for forward growth, widening margins, and a reasonable price. Signal-driven, rebalanced daily.
Signal sensitivity — drives Holdings, Recent activity & the curve
Portfolio · Holdings
What the strategy holds nowThe book the strategy actually owns right now, by reporting currency, in % of book (no dollar amounts). It is signal-driven and rebalanced daily, but each name is held until its signal says exit (hold-until-exit, anti-churn) — so turnover stays low. A book can hold fewer names than the model ranks: positions are sized by rule — a volatility target, whole-share lots, per-name caps — with the remainder in cash (the Cash badge).
Holdings publish from the next signal rebalance
The per-name book lands here once the holdings feed goes live — coming soon. This is not a 0% return.
Recent activity
What changed at the last rebalanceBuys and sells from the most recent rebalance, per currency, as a share of the book (no dollar amounts). Low turnover is by design.
Rebalance activity publishes from the next signal rebalance
Buys and sells land here once the activity feed goes live — coming soon.
Live performance
Daily mark-to-market on the live IBKR paper account, indexed to 100 at funding, overlaid with the S&P 500 (a global anchor) and each market's primary local index, measured from the same date.
The US and EU books were relaunched onto new tranches at a flat base on 7 Jul 2026; earlier tranches are archived and no longer shown. Non-USD books are forward-only paper tracks: their walk-forward backtest is computed later (expected around September 2026), recalibrating the model's coefficients periodically, and does not gate publication.
Live curve is still building
A curve needs at least two daily marks to be meaningful. The first points land here as soon as the next sessions close.
Live model
What the strategy would pick if it rebalanced today.
The model ranks these names by signal daily; we hold the names we own until a name's signal says exit — the gap between this ranking and the Holdings above is our hold-until-exit (anti-churn) discipline. The ranking itself is the same for both tranches — the Aggressive/Conservative toggle only changes which signals trigger a trade, so it drives the Holdings and curve above, not this list. So this is a research signal, not a confirmed buy list.
| # | Ticker | Signal | Exchange | Market cap (USD) | Drill-down |
|---|---|---|---|---|---|
| EUR · 13 picks | |||||
| 01 | BESI AMSTERDAM | Strong Buy10.0 | AMSTERDAM | $16.91B | conviction → |
| 02 | ASM AMSTERDAM | Strong Buy7.0 | AMSTERDAM | $46.51B | conviction → |
| 03 | AM PARIS | Strong Buy3.3 | PARIS | $25.00B | conviction → |
| 04 | SAF PARIS | Strong Buy3.1 | PARIS | $154.83B | conviction → |
| 05 | EXA PARIS | Strong Buy2.9 | PARIS | $2.44B | conviction → |
| 06 | R3NK XETRA | Strong Buy2.7 | XETRA | $4.91B | conviction → |
| 07 | AIR PARIS | Strong Buy2.2 | PARIS | $181.19B | conviction → |
| 08 | SU PARIS | Buy2.1 | PARIS | $187.88B | conviction → |
| 09 | EXENS PARIS | Sell | PARIS | $3.29B | conviction → |
| 10 | HAG XETRA | Sell | XETRA | $10.47B | conviction → |
| 11 | MTX XETRA | Buy1.3 | XETRA | $21.49B | conviction → |
| 12 | DG PARIS | Sell | PARIS | $70.93B | conviction → |
| 13 | NEX PARIS | Buy1.0 | PARIS | $7.05B | conviction → |
Earlier model rankings
The model's daily rankings from earlier dates — historical model output, not executed trades. Click any ticker for the full conviction breakdown.
| # | Ticker | Signal | Exchange | Market cap (USD) | Drill-down |
|---|---|---|---|---|---|
| USD · 20 picks | |||||
| 01 | NVDA NASDAQ | Hold | NASDAQ | $5.40T | conviction → |
| 02 | AVGO NASDAQ | Strong Buy8.4 | NASDAQ | $1.73T | conviction → |
| 03 | AMD NASDAQ | Hold | NASDAQ | $850.67B | conviction → |
| 04 | CRDO NASDAQ | Strong Buy6.4 | NASDAQ | $31.56B | conviction → |
| 05 | ALAB NASDAQ | Strong Buy5.5 | NASDAQ | $52.14B | conviction → |
| 06 | TSEM NASDAQ | Strong Buy5.4 | NASDAQ | $24.48B | conviction → |
| 07 | BE NYSE | Strong Buy4.7 | NYSE | $79.31B | conviction → |
| 08 | AMAT NASDAQ | Strong Buy4.2 | NASDAQ | $372.08B | conviction → |
| 09 | MRVL NASDAQ | Hold | NASDAQ | $211.20B | conviction → |
| 10 | MTSI NASDAQ | Strong Buy3.5 | NASDAQ | $21.85B | conviction → |
| 11 | SKHY NASDAQ | Sell | NASDAQ | $1.41T | conviction → |
| 12 | RMBS NASDAQ | Buy3.1 | NASDAQ | $9.51B | conviction → |
| 13 | TSM NYSE | Buy2.3 | NYSE | $2.26T | conviction → |
| 14 | LSCC NASDAQ | Sell | NASDAQ | $16.40B | conviction → |
| 15 | KLIC NASDAQ | Sell | NASDAQ | $4.38B | conviction → |
| 16 | KLAC NASDAQ | Buy1.3 | NASDAQ | $238.98B | conviction → |
| 17 | POWL NASDAQ | Buy1.1 | NASDAQ | $6.57B | conviction → |
| 18 | VECO NASDAQ | Buy1.1 | NASDAQ | $2.73B | conviction → |
| 19 | TER NASDAQ | Buy1.0 | NASDAQ | $59.99B | conviction → |
| 20 | NVMI NASDAQ | Buy1.0 | NASDAQ | $11.89B | conviction → |
| EUR · 12 picks | |||||
| 01 | BESI AMSTERDAM | Strong Buy10.0 | AMSTERDAM | $17.40B | conviction → |
| 02 | SMHN XETRA | Hold | XETRA | $1.64B | conviction → |
| 03 | ASM AMSTERDAM | Strong Buy6.9 | AMSTERDAM | $47.63B | conviction → |
| 04 | AM PARIS | Strong Buy3.4 | PARIS | $24.99B | conviction → |
| 05 | SAF PARIS | Strong Buy3.1 | PARIS | $155.62B | conviction → |
| 06 | EXA PARIS | Strong Buy2.9 | PARIS | $2.45B | conviction → |
| 07 | R3NK XETRA | Strong Buy2.8 | XETRA | $4.98B | conviction → |
| 08 | AIR PARIS | Buy2.2 | PARIS | $180.00B | conviction → |
| 09 | SU PARIS | Buy2.0 | PARIS | $189.87B | conviction → |
| 10 | DG PARIS | Sell | PARIS | $71.97B | conviction → |
| 11 | MTX XETRA | Buy1.2 | XETRA | $21.54B | conviction → |
| 12 | NEX PARIS | Buy1.0 | PARIS | $7.04B | conviction → |
| # | Ticker | Signal | Exchange | Market cap (USD) | Drill-down |
|---|---|---|---|---|---|
| USD · 20 picks | |||||
| 01 | NVDA NASDAQ | Hold | NASDAQ | $5.45T | conviction → |
| 02 | AVGO NASDAQ | Strong Buy8.5 | NASDAQ | $1.75T | conviction → |
| 03 | CRDO NASDAQ | Strong Buy6.9 | NASDAQ | $31.53B | conviction → |
| 04 | ALAB NASDAQ | Strong Buy6.2 | NASDAQ | $50.11B | conviction → |
| 05 | TSEM NASDAQ | Strong Buy5.8 | NASDAQ | $24.85B | conviction → |
| 06 | BE NYSE | Strong Buy5.1 | NYSE | $81.65B | conviction → |
| 07 | MRVL NASDAQ | Hold | NASDAQ | $202.58B | conviction → |
| 08 | AMAT NASDAQ | Strong Buy4.8 | NASDAQ | $375.20B | conviction → |
| 09 | MTSI NASDAQ | Strong Buy4.4 | NASDAQ | $20.99B | conviction → |
| 10 | RMBS NASDAQ | Strong Buy3.9 | NASDAQ | $9.42B | conviction → |
| 11 | TSM NYSE | Buy2.9 | NYSE | $2.28T | conviction → |
| 12 | TER NASDAQ | Buy2.0 | NASDAQ | $58.17B | conviction → |
| 13 | KLAC NASDAQ | Buy2.0 | NASDAQ | $246.91B | conviction → |
| 14 | POWL NASDAQ | Buy1.9 | NASDAQ | $6.65B | conviction → |
| 15 | GFS NASDAQ | Buy1.9 | NASDAQ | $24.74B | conviction → |
| 16 | VECO NASDAQ | Buy1.8 | NASDAQ | $2.78B | conviction → |
| 17 | NVMI NASDAQ | Buy1.8 | NASDAQ | $11.99B | conviction → |
| 18 | LRCX NASDAQ | Buy1.4 | NASDAQ | $400.95B | conviction → |
| 19 | ONTO NYSE | Buy1.2 | NYSE | $17.18B | conviction → |
| 20 | HWM NYSE | Buy1.0 | NYSE | $92.33B | conviction → |
| EUR · 13 picks | |||||
| 01 | BESI AMSTERDAM | Strong Buy10.0 | AMSTERDAM | $17.96B | conviction → |
| 02 | SMHN XETRA | Hold | XETRA | $1.65B | conviction → |
| 03 | ASM AMSTERDAM | Strong Buy7.1 | AMSTERDAM | $47.78B | conviction → |
| 04 | AM PARIS | Strong Buy3.5 | PARIS | $25.21B | conviction → |
| 05 | SAF PARIS | Strong Buy3.1 | PARIS | $160.74B | conviction → |
| 06 | EXA PARIS | Strong Buy3.1 | PARIS | $2.45B | conviction → |
| 07 | R3NK XETRA | Strong Buy2.6 | XETRA | $5.13B | conviction → |
| 08 | AIR PARIS | Buy2.2 | PARIS | $180.50B | conviction → |
| 09 | SU PARIS | Buy2.0 | PARIS | $195.82B | conviction → |
| 10 | EXENS PARIS | Sell | PARIS | $3.45B | conviction → |
| 11 | HAG XETRA | Buy1.6 | XETRA | $10.77B | conviction → |
| 12 | DG PARIS | Buy1.1 | PARIS | $73.67B | conviction → |
| 13 | NEX PARIS | Buy1.0 | PARIS | $7.18B | conviction → |
| # | Ticker | Signal | Exchange | Market cap (USD) | Drill-down |
|---|---|---|---|---|---|
| USD · 20 picks | |||||
| 01 | NVDA NASDAQ | Hold | NASDAQ | $5.56T | conviction → |
| 02 | AVGO NASDAQ | Strong Buy8.8 | NASDAQ | $1.70T | conviction → |
| 03 | TSEM NASDAQ | Strong Buy5.5 | NASDAQ | $25.13B | conviction → |
| 04 | ALAB NASDAQ | Strong Buy5.5 | NASDAQ | $53.85B | conviction → |
| 05 | BE NYSE | Strong Buy5.3 | NYSE | $74.48B | conviction → |
| 06 | MRVL NASDAQ | Strong Buy4.7 | NASDAQ | $200.91B | conviction → |
| 07 | AMAT NASDAQ | Strong Buy4.7 | NASDAQ | $360.86B | conviction → |
| 08 | SKHY NASDAQ | Hold | NASDAQ | $1.26T | conviction → |
| 09 | MTSI NASDAQ | Strong Buy4.2 | NASDAQ | $20.54B | conviction → |
| 10 | RMBS NASDAQ | Strong Buy3.7 | NASDAQ | $9.27B | conviction → |
| 11 | TSM NYSE | Buy2.6 | NYSE | $2.22T | conviction → |
| 12 | KLIC NASDAQ | Sell | NASDAQ | $4.27B | conviction → |
| 13 | LSCC NASDAQ | Buy2.2 | NASDAQ | $16.46B | conviction → |
| 14 | TER NASDAQ | Buy1.8 | NASDAQ | $55.82B | conviction → |
| 15 | KLAC NASDAQ | Buy1.5 | NASDAQ | $242.50B | conviction → |
| 16 | VECO NASDAQ | Buy1.4 | NASDAQ | $2.73B | conviction → |
| 17 | POWL NASDAQ | Buy1.4 | NASDAQ | $6.60B | conviction → |
| 18 | NVMI NASDAQ | Sell | NASDAQ | $11.84B | conviction → |
| 19 | GFS NASDAQ | Buy1.3 | NASDAQ | $24.81B | conviction → |
| 20 | LRCX NASDAQ | Buy1.0 | NASDAQ | $384.97B | conviction → |
| EUR · 13 picks | |||||
| 01 | BESI AMSTERDAM | Strong Buy10.0 | AMSTERDAM | $18.63B | conviction → |
| 02 | ASM AMSTERDAM | Strong Buy7.1 | AMSTERDAM | $49.05B | conviction → |
| 03 | AM PARIS | Strong Buy3.6 | PARIS | $24.67B | conviction → |
| 04 | SAF PARIS | Strong Buy3.0 | PARIS | $160.46B | conviction → |
| 05 | EXA PARIS | Strong Buy3.0 | PARIS | $2.45B | conviction → |
| 06 | R3NK XETRA | Strong Buy3.0 | XETRA | $4.95B | conviction → |
| 07 | AIR PARIS | Strong Buy2.2 | PARIS | $183.06B | conviction → |
| 08 | HO PARIS | Sell | PARIS | $55.29B | conviction → |
| 09 | SU PARIS | Buy1.9 | PARIS | $193.09B | conviction → |
| 10 | EXENS PARIS | Buy1.6 | PARIS | $3.39B | conviction → |
| 11 | DG PARIS | Buy1.1 | PARIS | $73.08B | conviction → |
| 12 | MTX XETRA | Buy1.0 | XETRA | $22.02B | conviction → |
| 13 | NEX PARIS | Buy1.0 | PARIS | $7.04B | conviction → |
| # | Ticker | Signal | Exchange | Market cap (USD) | Drill-down |
|---|---|---|---|---|---|
| USD · 20 picks | |||||
| 01 | NVDA NASDAQ | Strong Buy10.0 | NASDAQ | $5.56T | conviction → |
| 02 | AVGO NASDAQ | Strong Buy8.8 | NASDAQ | $1.70T | conviction → |
| 03 | AMD NASDAQ | Strong Buy8.2 | NASDAQ | $779.62B | conviction → |
| 04 | CRDO NASDAQ | Hold | NASDAQ | $32.06B | conviction → |
| 05 | ALAB NASDAQ | Strong Buy5.5 | NASDAQ | $53.85B | conviction → |
| 06 | BE NYSE | Strong Buy5.3 | NYSE | $74.48B | conviction → |
| 07 | MRVL NASDAQ | Strong Buy4.7 | NASDAQ | $200.91B | conviction → |
| 08 | AMAT NASDAQ | Strong Buy4.7 | NASDAQ | $360.86B | conviction → |
| 09 | SKHY NASDAQ | Strong Buy4.5 | NASDAQ | $1.26T | conviction → |
| 10 | MTSI NASDAQ | Strong Buy4.2 | NASDAQ | $20.54B | conviction → |
| 11 | RMBS NASDAQ | Buy3.7 | NASDAQ | $9.24B | conviction → |
| 12 | TSM NYSE | Buy2.6 | NYSE | $2.22T | conviction → |
| 13 | LSCC NASDAQ | Buy2.2 | NASDAQ | $16.46B | conviction → |
| 14 | ADI NASDAQ | Buy1.8 | NASDAQ | $175.53B | conviction → |
| 15 | TER NASDAQ | Buy1.8 | NASDAQ | $55.82B | conviction → |
| 16 | KLAC NASDAQ | Buy1.5 | NASDAQ | $242.50B | conviction → |
| 17 | VECO NASDAQ | Buy1.4 | NASDAQ | $2.73B | conviction → |
| 18 | POWL NASDAQ | Buy1.4 | NASDAQ | $6.60B | conviction → |
| 19 | NVMI NASDAQ | Buy1.3 | NASDAQ | $11.84B | conviction → |
| 20 | ARM NASDAQ | Buy1.0 | NASDAQ | $269.23B | conviction → |
| EUR · 13 picks | |||||
| 01 | BESI AMSTERDAM | Strong Buy10.0 | AMSTERDAM | $18.07B | conviction → |
| 02 | AIXA XETRA | Strong Buy9.9 | XETRA | $4.73B | conviction → |
| 03 | SMHN XETRA | Hold | XETRA | $1.61B | conviction → |
| 04 | ASM AMSTERDAM | Strong Buy7.2 | AMSTERDAM | $46.87B | conviction → |
| 05 | IFX XETRA | Strong Buy6.0 | XETRA | $85.77B | conviction → |
| 06 | SAF PARIS | Strong Buy3.0 | PARIS | $160.42B | conviction → |
| 07 | R3NK XETRA | Strong Buy2.8 | XETRA | $5.01B | conviction → |
| 08 | FII PARIS | Buy2.4 | PARIS | $3.23B | conviction → |
| 09 | SU PARIS | Buy2.0 | PARIS | $187.91B | conviction → |
| 10 | HAG XETRA | Buy1.6 | XETRA | $10.69B | conviction → |
| 11 | NEX PARIS | Buy1.0 | PARIS | $6.93B | conviction → |
| 12 | MTX XETRA | Buy1.0 | XETRA | $21.74B | conviction → |
| 13 | DG PARIS | Buy1.0 | PARIS | $73.19B | conviction → |
| # | Ticker | Signal | Exchange | Market cap (USD) | Drill-down |
|---|---|---|---|---|---|
| USD · 20 picks | |||||
| 01 | NVDA NASDAQ | Strong Buy10.0 | NASDAQ | $5.52T | conviction → |
| 02 | AMD NASDAQ | Strong Buy8.5 | NASDAQ | $744.67B | conviction → |
| 03 | AVGO NASDAQ | Strong Buy8.5 | NASDAQ | $1.70T | conviction → |
| 04 | CRDO NASDAQ | Hold | NASDAQ | $30.86B | conviction → |
| 05 | ALAB NASDAQ | Hold | NASDAQ | $49.07B | conviction → |
| 06 | BE NYSE | Strong Buy5.6 | NYSE | $69.38B | conviction → |
| 07 | MRVL NASDAQ | Strong Buy4.8 | NASDAQ | $187.68B | conviction → |
| 08 | SKHY NASDAQ | Strong Buy4.7 | NASDAQ | $1.16T | conviction → |
| 09 | AMAT NASDAQ | Strong Buy4.7 | NASDAQ | $345.94B | conviction → |
| 10 | MTSI NASDAQ | Strong Buy4.1 | NASDAQ | $19.85B | conviction → |
| 11 | SMTC NASDAQ | Buy4.0 | NASDAQ | $12.64B | conviction → |
| 12 | RMBS NASDAQ | Buy3.1 | NASDAQ | $9.12B | conviction → |
| 13 | TSM NYSE | Buy2.2 | NYSE | $2.16T | conviction → |
| 14 | LSCC NASDAQ | Buy1.7 | NASDAQ | $16.14B | conviction → |
| 15 | TER NASDAQ | Buy1.6 | NASDAQ | $52.94B | conviction → |
| 16 | KLAC NASDAQ | Buy1.4 | NASDAQ | $225.95B | conviction → |
| 17 | ADI NASDAQ | Buy1.3 | NASDAQ | $172.75B | conviction → |
| 18 | VECO NASDAQ | Buy1.2 | NASDAQ | $2.60B | conviction → |
| 19 | NVMI NASDAQ | Buy1.1 | NASDAQ | $11.22B | conviction → |
| 20 | POWL NASDAQ | Buy1.0 | NASDAQ | $6.38B | conviction → |
| EUR · 12 picks | |||||
| 01 | BESI AMSTERDAM | Strong Buy10.0 | AMSTERDAM | $17.61B | conviction → |
| 02 | AIXA XETRA | Strong Buy9.9 | XETRA | $4.65B | conviction → |
| 03 | ASM AMSTERDAM | Strong Buy7.5 | AMSTERDAM | $44.21B | conviction → |
| 04 | IFX XETRA | Strong Buy5.8 | XETRA | $84.26B | conviction → |
| 05 | SAF PARIS | Strong Buy3.1 | PARIS | $159.72B | conviction → |
| 06 | R3NK XETRA | Strong Buy2.6 | XETRA | $5.07B | conviction → |
| 07 | FII PARIS | Strong Buy2.5 | PARIS | $3.16B | conviction → |
| 08 | AIR PARIS | Buy2.2 | PARIS | $178.18B | conviction → |
| 09 | SU PARIS | Sell | PARIS | $187.79B | conviction → |
| 10 | HAG XETRA | Buy1.5 | XETRA | $10.98B | conviction → |
| 11 | DG PARIS | Buy1.1 | PARIS | $72.80B | conviction → |
| 12 | NEX PARIS | Buy1.0 | PARIS | $7.04B | conviction → |
How Bottleneck Solvers picks names.
Buys the suppliers of whatever the economy is short of. When demand for compute, power, or critical materials runs far ahead of supply, the companies that own the scarce input get durable pricing power. The strategy tags each name to a bottleneck theme, then keeps only those growing fast, widening margins, AND still reasonably priced.
- 01
Universe filter
US and European listings with enough fundamental and analyst-estimate coverage to score. Each market carries its own liquidity floor, tied to a fixed entry-ticket size: a 20-day average daily turnover of at least $5M (US) or €250K (EU) — sized so a full position stays under ~0.4% of a name's daily volume.
- 02
Bottleneck theme tag
Each candidate is mapped to a structural-shortage theme (AI power and thermal infrastructure, critical minerals and shoring, advanced semiconductors, and more). Names with no bottleneck exposure are dropped. The theme map is frozen for a quarter at a time, and every theme carries a pre-registered condition under which its thesis counts as broken and the theme is retired — themes are re-derived quarterly, never quietly edited mid-quarter.
- 03
Forward growth + margins
Consensus forward revenue growth and forward net margin, plus margin expansion (forward minus trailing). Rewards companies that are growing AND getting more profitable, not buying growth at any cost.
- 04
Valuation + balance sheet
Forward PEG keeps the price sane relative to growth; debt-to-free-cash-flow screens out names whose balance sheet cannot fund the build-out.
- 05
Estimate momentum
A recent earnings-surprise (beat) score and analyst upside confirm the fundamentals are inflecting now, not just on paper.
- 06
Composite score + AI research card
Factors are z-scored and blended into a composite; the top-ranked names are selected per market. Each pick gets the same AI research card as the other strategies (Perplexity brief + 3-model council vote) before any order. On the rare day the research service is unavailable, the paper book trades on the quant ranking alone and the missing verdict is visible on the pick page.
Two tranches: one signal feed, two disciplines
Each name gets one of five signals — Strong Buy, Buy, Hold, Sell, Strong Sell — with a 1–10 strength coefficient that sorts within a level. Both tranches read the same signals and the same endorsed ranking; they differ in which buckets trigger a buy. The aggressive sleeve buys Strong Buy and Buy names; the conservative sleeve acts only on Strong Buy when adding names and holds through plain Buy — a stricter entry bar that can mean a smaller book, targeting lower volatility. Both sleeves exit on the same Sell / Strong Sell signals: the tracks differ in the entry bar, the volatility target and the per-name stop, not in how quickly they exit.
- Aggressive
- Acts on Strong Buy and Buy when adding names, so it deploys sooner and runs the fuller book. Targets roughly 22% annualised book volatility (a soft setting, calibrated forward on the paper track) and enforces a hard −25% per-name stop. Exits on Sell / Strong Sell.
- Conservative
- Acts only on Strong Buy when adding names — a stricter entry bar that can mean a smaller book. Targets roughly 14% annualised volatility (a soft setting, calibrated forward) and enforces a hard −15% per-name stop. Exits on the same Sell / Strong Sell signals as the aggressive track — the sleeves differ on entry, risk envelope and stop, not exit speed.
- Rebalance cadence
- Signal-driven, rebalanced daily, hold-until-exit (anti-churn): each name is held until its signal says exit, so turnover stays low. The live paper track and a credible backtest are still accumulating.
- Universe
- US and European growth equity tagged to a structural-supply bottleneck theme