---
hedgefund: 1
name: Example multi-desk book
currency: USD
nav: 100000000
updated: 2026-11-01
---

# Example multi-desk book

A made-up book of five sleeves: an equity long-short sleeve, a pair, a deal spread, a bond ladder and a small options overlay. The long-short sleeve takes under a third of the capital and most of the variance, which is the thing to look at here. Every number is made up.

The numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms

## Limits

```json
{
  "max_gross_pct": 150,
  "max_net_pct": 60,
  "max_vol_pct": 12,
  "max_var99_pct": 2,
  "max_tail_sum_pct": 25,
  "max_risk_share_pct": 60,
  "min_liquid_7d_pct": 50,
  "max_sleeve_capital_pct": 40,
  "needs_yes_over_pct_nav": 5,
  "drawdown_stop_pct": 10
}
```

## Correlation

```json
0.3
```

## Sleeves

### equity_long_short

```json
{
  "model": "long_short_book",
  "capital_pct": 30,
  "assumed": { "tail_loss_pct": 25, "liquidity_days": 5 },
  "inputs": {
    "positions": [
      {
        "name": "Stock A",
        "weight_pct": 30,
        "betas": [1.3, -0.2, 0.5],
        "idio_vol_pct": 30,
        "expected_alpha_pct": 6
      },
      {
        "name": "Stock B",
        "weight_pct": 25,
        "betas": [1.2, -0.1, 0.4],
        "idio_vol_pct": 28,
        "expected_alpha_pct": 5
      },
      {
        "name": "Stock C",
        "weight_pct": 25,
        "betas": [1.4, -0.3, 0.6],
        "idio_vol_pct": 35,
        "expected_alpha_pct": 4
      },
      {
        "name": "Stock D",
        "weight_pct": 20,
        "betas": [1.1, 0.2, 0.2],
        "idio_vol_pct": 25,
        "expected_alpha_pct": 3
      },
      {
        "name": "Stock E",
        "weight_pct": 20,
        "betas": [1, 0.3, 0.1],
        "idio_vol_pct": 22,
        "expected_alpha_pct": 2
      },
      {
        "name": "Stock F",
        "weight_pct": -30,
        "betas": [0.7, 0.4, -0.2],
        "idio_vol_pct": 20,
        "expected_alpha_pct": -3,
        "borrow_bps": 30
      },
      {
        "name": "Stock G",
        "weight_pct": -30,
        "betas": [0.8, 0.3, -0.3],
        "idio_vol_pct": 24,
        "expected_alpha_pct": -4,
        "borrow_bps": 50
      },
      {
        "name": "Stock H",
        "weight_pct": -25,
        "betas": [0.6, 0.5, -0.1],
        "idio_vol_pct": 18,
        "expected_alpha_pct": -2,
        "borrow_bps": 25
      },
      {
        "name": "Stock I",
        "weight_pct": -15,
        "betas": [0.9, 0.1, -0.4],
        "idio_vol_pct": 40,
        "expected_alpha_pct": -6,
        "borrow_bps": 800
      }
    ],
    "factors": [
      { "name": "Market", "vol_pct": 16 },
      { "name": "Value", "vol_pct": 8 },
      { "name": "Momentum", "vol_pct": 10 }
    ],
    "factor_corr": [
      [1, 0.1, -0.1],
      [0.1, 1, -0.3],
      [-0.1, -0.3, 1]
    ],
    "cash_rate_pct": 4,
    "financing_rate_pct": 6,
    "max_gross_pct": 250,
    "max_net_pct": 30,
    "max_factor_share_pct": 25
  }
}
```

### pairs

```json
{
  "model": "pairs_spread",
  "capital_pct": 10,
  "assumed": { "vol_pct": 8, "tail_loss_pct": 10, "liquidity_days": 3, "carry_pct": 0 },
  "inputs": {
    "series_a": [
      108.12, 108.57, 103.13, 103.28, 102.31, 104.84, 107.3, 104.71, 102.25, 99.76, 100.82, 100.29, 100.27, 100.31, 102.79, 101.69,
      102.56, 102.15, 104.54, 108.17, 101.79, 102.04, 101.32, 100.85, 99.1, 96.83, 96.75, 97.23, 97.84, 95.01, 94.87, 94.28,
      96.59, 97.83, 96.15, 98.17, 97.7, 95.29, 95.82, 97.05, 94.79, 96.32, 99.1, 98.71, 98.34, 97.28, 99.53, 98.69,
      99.56, 99.39, 101.5, 100.89, 97.23, 99.35, 101.55, 99.1, 99.4, 99.33, 100.55, 101.12, 104.48, 106.08, 104.26, 106.52,
      108.34, 106.24, 105.95, 103.44, 104.96, 104.46, 107.19, 106.83, 104.73, 103.89, 103.81, 101.68, 98.76, 100.12, 99.72, 99.31,
      100.34, 101.1, 99.65, 98.28, 98.92, 101.36, 103.15, 101.98, 101.38, 104.99, 103.88, 104.66, 105.52, 105.99, 106.45, 107.69,
      108.35, 108.47, 110.48, 110.34, 108.45, 107.75, 106.32, 106.49, 104.92, 105.62, 102.94, 102.82, 105.32, 104.97, 105.1, 107.19,
      105.74, 106.02, 103.25, 100.81, 102.17, 100.61, 100.92, 100.48, 101.25, 98.02, 96.89, 96.4, 95.25, 94.18, 91.6, 88.51,
      86.67, 86.33, 86.05, 86.66, 88.49, 86.96, 85.07, 83.48, 83.86, 81.13, 81.38, 82.81, 82.68, 82.27, 82.72, 83.14,
      84.93, 81.84, 81.47, 82.31, 80.94, 82.77, 81.43, 84.07, 84.72, 84.85, 85.56, 85.16, 85.77, 85.72, 83.98, 83.23,
      84.4, 83.87, 81.29, 79.32, 79.95, 81.29, 81.97, 81.18, 81.22, 82.95, 80.72, 82.22, 83.5, 82.05, 83.4, 79.65,
      79.95, 78.02, 75.87, 76.43, 75.68, 75.07, 74.33, 71.12, 72.01, 71.81, 72.53, 72.69, 72.44, 73.33, 73.83, 74.64,
      76.35, 76.9, 77.04, 75.98, 74.18, 73.75, 73.68, 73.89, 74.15, 71.69, 71.78, 71.49, 69.96, 69.68, 68.7, 69.15,
      67.31, 70.81, 70.64, 70.09, 70.53, 70.31, 70.64, 70.55, 71.25, 72.45, 73.08, 73.54, 74.42, 74.52, 73.21, 72.9,
      72.16, 71.05, 72.46, 72.75, 71.08, 69.57, 70.58, 68.45, 71.43, 71.92, 71.79, 71.11, 71.26, 70.03, 68.98, 68.85,
      68.32, 67.81, 68.03, 67.15, 66.12, 65.89, 67.07, 66.25, 65.5, 67.16, 68.57, 68.93, 68.13, 68.69, 67.88, 69.03,
      70.61, 71.4, 70.77, 69.29, 70.9, 72.13, 74.27, 73.7, 74.35, 73.28, 75.06, 75.77, 73.85, 72.74, 72.29, 72.79,
      72.3, 73.63, 75.22, 75.3, 75.55, 74.1, 73.82, 74.8, 74.92, 75.89, 75.9, 76.07, 77.1, 76.49, 73.32, 72.95,
      73.4, 76.44, 75.78, 75.48, 73.77, 74.6, 74.87, 73.37, 71.53, 70.76, 70.91, 72.12, 71.81, 72.47, 70.81, 69.78,
      69.7, 69.03, 68.65, 68.14, 70.17, 69.15, 66.99, 68.4, 68, 68.91, 71.28, 70.05, 70.53, 73.98, 73.15, 73.56,
      73.25, 71.05, 72.55, 74.1, 73.66, 72.63, 72.48, 71.59, 70.58, 70.61, 71.85, 72.14, 71.41, 73.37, 75.11, 72.43,
      72.28, 71.8, 70.66, 69.93, 70.07, 69.56, 70.48, 69.65, 69.98, 70.38, 71.84, 72.18, 73.81, 74.64, 74.69, 73.64,
      73.3, 72.48, 72.83, 73.7, 74.26, 75.16, 76.51, 76.56, 78.76, 79.02, 76.71, 76.34, 75.73, 74.2, 73.22, 74.02,
      71.63, 71.26, 70.51, 70.74, 71.14, 72.48, 73.16, 71.83, 73.75, 74.17, 72.31, 71.53, 70.86, 69.51, 69.51, 70.29,
      70.48, 72.24, 71.45, 70.35, 70.79, 71.27, 71.14, 72.51, 73.33, 73.48, 72.58, 73.31, 74.91, 77.81, 79.32, 77.92,
      79.36, 80.13, 80.86, 78.81, 80.84, 79.97, 80.07, 77.41, 77.89, 77.68, 78.59, 77.79, 78.2, 76.06, 75.64, 74.62,
      75.52, 76.54, 76.14, 76.9, 77.87, 74.2, 75.83, 75.53, 76.46, 75.92, 75.37, 79.44, 80.92, 78.71, 82.66, 81.17,
      83.28, 80.79, 81.99, 84.3, 84.99, 86.34, 87.32, 87.88, 86.42, 84.29, 84.95, 86.3, 86.79, 87.05, 86.43, 87.47,
      89.55, 91.81, 91.3, 92.07, 93.51, 95.49, 96.59, 95.44, 96.95, 98.63, 98.6, 101.11, 100.11, 98.41, 99.38, 101.46,
      101.24, 98.48, 97.44, 97.48, 96.36, 95.08, 98.74, 99.78, 98.94, 101.19, 98.97, 98.83, 98.96, 96.84, 97.82, 98.12,
      96.49, 97.01, 93.21, 92.38, 94.76, 94.14, 95.32, 96.07, 96.83, 97.44, 99.83, 98.6, 98.62, 99.63, 99.79, 96.51,
      94.69, 95.14, 97.03, 97.8
    ],
    "series_b": [
      49.48, 49.95, 48.68, 48.5, 47.89, 48.74, 48.72, 48.11, 47.72, 47.66, 47.54, 47.91, 47.56, 47.96, 48.9, 47.8,
      48, 47.66, 48.13, 48.9, 47.31, 47.11, 46.71, 47.1, 46.57, 46.21, 46.27, 46.92, 46.84, 46.3, 46.18, 46.12,
      46.42, 46.52, 45.5, 46.03, 45.57, 44.92, 45.16, 45.88, 45.45, 45.76, 45.87, 45.87, 45.23, 45.04, 45.18, 44.15,
      44.88, 44.96, 45.34, 45.15, 44.38, 45.51, 46.42, 46.47, 46.63, 46.35, 46.56, 46.7, 47.62, 48.34, 47.23, 48.19,
      49.03, 49.04, 48.64, 47.73, 48.02, 48.34, 48.73, 48.19, 48.18, 47.76, 47.49, 46.96, 46.32, 47.01, 47.34, 47.55,
      47.2, 47.21, 47.24, 46.6, 46.43, 47.22, 47.99, 48.39, 48.06, 48.97, 48.89, 49.08, 49.08, 49.83, 48.86, 48.68,
      49.11, 48.84, 48.47, 48.82, 47.94, 47.29, 46.95, 47.17, 46.85, 46.77, 46.49, 46.22, 46.96, 47.67, 47.21, 47.67,
      47.09, 46.86, 46.32, 45.58, 46.06, 45.82, 45.34, 45.44, 45.27, 45.23, 45.01, 45.2, 44.96, 44.63, 43.41, 42.05,
      41.35, 40.59, 40.4, 40.69, 41.18, 40.71, 40.23, 39.89, 40.17, 39.21, 38.92, 39.2, 39, 38.82, 38.86, 39.24,
      40.06, 39.56, 38.76, 39.24, 39.03, 39.51, 38.99, 40.23, 40.52, 40.55, 40.48, 40.14, 40.44, 40.33, 39.89, 39.63,
      39.86, 39.64, 39.15, 37.96, 38.23, 38.6, 38.81, 38.65, 38.49, 39, 37.95, 38.07, 38.41, 37.93, 37.76, 36.58,
      36.79, 36.05, 36.07, 35.88, 35.83, 35.46, 35.3, 34.57, 34.57, 34.11, 34.43, 34.53, 34.36, 34.98, 35.13, 35.29,
      35.61, 35.75, 35.59, 35.18, 34.42, 33.74, 33.49, 33.38, 33.36, 32.68, 32.49, 32.41, 32.21, 31.79, 31.78, 32.25,
      31.67, 32.53, 32.43, 32.12, 31.81, 31.89, 31.81, 31.62, 31.9, 32.42, 32.79, 33.37, 33.79, 34.24, 33.58, 33.83,
      33.53, 33.66, 34, 34, 33.26, 33.06, 32.92, 32.61, 33.52, 33.19, 33.12, 33.23, 33.21, 33.3, 32.89, 33.09,
      32.8, 32.45, 32.95, 32.54, 32.11, 32.1, 32.12, 32.14, 32.07, 32.33, 32.48, 32.59, 32.46, 32.11, 31.71, 32.03,
      32.58, 32.78, 32.85, 32.5, 32.47, 32.71, 32.91, 33.45, 33.17, 33.18, 33.69, 34.18, 33.91, 33.42, 33.73, 33.55,
      33.63, 33.6, 34.17, 34.11, 34.45, 34.04, 33.77, 33.88, 33.57, 33.57, 33.53, 34.16, 34.08, 33.88, 33.18, 33.3,
      33.79, 34.15, 34.07, 34.44, 34.24, 34.55, 34.68, 34.18, 33.87, 33.67, 33.35, 33.74, 33.43, 33.47, 33.13, 33.25,
      33.08, 32.74, 32.78, 32.75, 33.18, 32.65, 32.03, 32.44, 32.28, 32.07, 32.5, 32.37, 32.62, 33.58, 33.96, 34.12,
      33.98, 33.53, 33.84, 33.64, 34.03, 34.11, 33.86, 33.73, 33.1, 33.11, 33.19, 33.34, 33.53, 34.03, 34.71, 33.93,
      33.98, 33.9, 33.5, 33.02, 33.26, 33.15, 33.67, 33.63, 33.63, 34.1, 34.28, 34.21, 34.65, 35.18, 35.61, 35.56,
      35.3, 35.01, 34.56, 34.77, 34.79, 34.9, 35.42, 35.68, 35.94, 36.42, 35.96, 35.43, 35.36, 34.93, 34.75, 35.11,
      34.32, 34.46, 34.34, 34.45, 34.56, 34.55, 34.6, 34.19, 34.65, 35.17, 34.01, 33.58, 33.75, 33.91, 33.29, 33.49,
      33.4, 33.8, 33.94, 33.55, 33.97, 34.34, 33.83, 34.5, 34.93, 34.81, 34.93, 35.42, 35.78, 36.17, 36.66, 36.21,
      36.43, 36.84, 36.97, 36.4, 37.1, 36.89, 36.92, 36.4, 37.07, 36.82, 36.76, 36.67, 36.63, 36.16, 36.33, 36.37,
      36.49, 36.59, 36.94, 37.26, 37.16, 36.37, 36.52, 36.15, 36.23, 36.17, 36.13, 37.07, 37.41, 36.81, 37.82, 37.8,
      38.52, 38.25, 38.63, 38.96, 39.22, 39.59, 39.98, 39.77, 39.11, 38.35, 38.23, 38.39, 38.03, 38.21, 38.17, 39.02,
      39.34, 40.07, 40.28, 40.99, 41.21, 41.85, 42.31, 42.1, 42.33, 42.5, 42.46, 43.09, 42.35, 42.04, 42.65, 42.89,
      43, 41.63, 42.25, 42.16, 42.08, 41.97, 42.66, 43.17, 43.17, 43.85, 43.03, 43, 43.06, 42.22, 42.78, 42.61,
      42.24, 42.2, 41.31, 40.9, 41.45, 41.62, 41.6, 41.2, 41.8, 42.07, 42.36, 42.26, 42.77, 42.74, 42.15, 41.47,
      40.92, 40.57, 40.35, 40.19
    ],
    "entry_z": 2,
    "exit_z": 0.5,
    "cost_bps_per_leg": 5,
    "fit_share_pct": 50
  }
}
```

### deal_spread

```json
{
  "model": "merger_spread",
  "capital_pct": 15,
  "assumed": { "vol_pct": 6, "liquidity_days": 10 },
  "inputs": {
    "deal_cash": 20,
    "deal_stock_ratio": 0.5,
    "acquirer_price": 60,
    "target_price": 47,
    "break_price": 35,
    "days_to_close": 120,
    "dividends_target": 0.25,
    "dividends_acquirer": 0.4,
    "financing_rate_pct": 5,
    "borrow_bps": 50
  }
}
```

### rates

```json
{
  "model": "rates_ladder",
  "capital_pct": 35,
  "assumed": { "vol_pct": 5, "liquidity_days": 1 },
  "inputs": {
    "bonds": [
      {
        "name": "Bond 1.25y",
        "face": 1000000,
        "coupon_pct": 3.5,
        "maturity_years": 1.25,
        "yield_pct": 3.9,
        "freq": 2
      },
      {
        "name": "Bond 2.5y",
        "face": 1000000,
        "coupon_pct": 4,
        "maturity_years": 2.5,
        "yield_pct": 4.1,
        "freq": 2
      },
      {
        "name": "Bond 3.75y",
        "face": 1000000,
        "coupon_pct": 4,
        "maturity_years": 3.75,
        "yield_pct": 4.3,
        "freq": 4
      },
      {
        "name": "Bond 5y",
        "face": 1000000,
        "coupon_pct": 4.5,
        "maturity_years": 5,
        "yield_pct": 4.5,
        "freq": 1
      },
      {
        "name": "Bond 10y",
        "face": 1000000,
        "coupon_pct": 5,
        "maturity_years": 10,
        "yield_pct": 5.1,
        "freq": 2
      }
    ],
    "shocks_bps": [-100, -50, 50, 100, 200],
    "horizon_years": 0.5,
    "curve": [
      { "years": 0.5, "yield_pct": 3.6 },
      { "years": 1, "yield_pct": 3.8 },
      { "years": 2, "yield_pct": 4 },
      { "years": 3, "yield_pct": 4.2 },
      { "years": 5, "yield_pct": 4.5 },
      { "years": 10, "yield_pct": 5 }
    ]
  }
}
```

### options_overlay

```json
{
  "model": "options_book",
  "capital_pct": 5,
  "assumed": { "vol_pct": 30, "liquidity_days": 2, "carry_pct": -2 },
  "inputs": {
    "spot": 100,
    "rate_pct": 4,
    "dividend_yield_pct": 1,
    "capital": 50000,
    "loss_limit_pct": 25,
    "legs": [
      {
        "type": "put",
        "qty": -10,
        "strike": 90,
        "expiry_years": 0.25,
        "vol_pct": 26,
        "multiplier": 100
      },
      {
        "type": "put",
        "qty": 10,
        "strike": 80,
        "expiry_years": 0.25,
        "vol_pct": 32,
        "multiplier": 100
      },
      {
        "type": "call",
        "qty": -10,
        "strike": 110,
        "expiry_years": 0.25,
        "vol_pct": 20,
        "multiplier": 100
      }
    ],
    "spot_shocks_pct": [-30, -20, -10, -5, 0, 5, 10, 20, 30],
    "vol_shocks_pts": [-5, 0, 5, 10, 20]
  }
}
```