LENS  — The Baptista Research LENS Index

Beating the S&P 500 in returns is one thing. Beating it with significantly lower risk is another. LENS is built to do both.

LENS is the Baptista Research LENS Index — a Large-Cap Equity Narrative Strategy — a concentrated, conviction-weighted basket of large-cap companies selected on a single criterion: the dominant market narrative is provably wrong, and a specific catalyst will correct it.

Every position is backed by a Baptista Research article published before the trade opens. Every position enters with a 12-month price target, a named thesis break condition, and a hard stop loss that closes the position at a defined level regardless of whether the thesis has technically broken. Every exit — win, loss, or draw — stays on this page permanently. The methodology is public. The track record is unedited.

The live statistics above show the current state of LENS at all times: positions open, capital deployed, performance vs the S&P 500 Total Return, alpha generated, portfolio beta and maximum drawdown since inception. Those numbers update automatically. The analysis behind them never changes retroactively.

Summary Statistics

LENS does not just aim to beat the S&P 500. It aims to beat it with less risk.

Most research products ignore risk entirely. They show returns and leave you to figure out the drawdown profile yourself. LENS is built differently. The portfolio carries a fraction of the market’s systematic risk because of three structural decisions made before any position opens:

1.  Minimum 15% cash reserve, always.  High cash is not failure. It is the portfolio’s first line of defence against drawdowns. LENS never deploys below 85% invested, which means a 20% market crash produces a maximum 17% portfolio decline at full deployment — and far less at current deployment levels.

2.  Hard stop loss on every position.  Every constituent enters with a defined hard stop loss: Core positions at −25% from entry, Base at −30%, Speculative at −35%. When that level is breached, the position is closed — regardless of thesis status. No black swan event, credit shock or liquidity crisis can hold a position open past its stop.

3.  Named thesis break conditions, not open-ended narratives.  Most products tell you they’ll “reassess” when conditions change. LENS defines the precise event that invalidates each position at entry. When that event occurs, the exit is automatic. No holding on, no moving of goalposts, no “the thesis is still broadly intact.”

At current deployment (31% invested), the LENS portfolio carries an estimated beta of approximately 0.41 vs the S&P 500 — meaning the portfolio takes on roughly 59% less systematic risk than the index while generating positive alpha. That is the risk-reward profile LENS is built to deliver consistently over time.

3 things no other index/ model portfolio product does:

1.  The thesis is published before the position opens. Always.

Not after. Not alongside. Before. The article is dated. The entry is timestamped. You can verify every LENS call was made before the stock moved. There is no mechanism for retroactive credit.

2.  Every position has a named thesis break condition AND a hard stop loss defined at entry.

Two independent exit triggers protect every position. The thesis break condition exits when the analytical case collapses. The hard stop loss exits if price declines beyond a defined threshold — even if the thesis appears intact. Most newsletters tell you their thesis evolved. LENS removes that discretion entirely.

3.  The track record is unedited, permanent and lives on this page forever.

Every exit — win, loss, or draw — stays in the LENS Track Record with the full return, the S&P 500 return over the identical period, the alpha generated, and the exact reason for exit. Nothing gets quietly deleted. The inception date is fixed. The record runs from there.

How a position enters LENS:

• A Baptista Research article documents the narrative gap and the specific catalyst — published before the position opens
• The position enters with entry price, conviction tier, 12-month target, hard stop loss level, and a named thesis break condition
• The article, entry date, target, stop loss and thesis break condition are immediately visible to all subscribers on entry
• On exit, the full return, S&P 500 comparison, alpha and exit reason are added permanently to the LENS Track Record

The LENS conviction framework  (max 30 positions, min 15% cash):

• Core  (5–8% allocation):  Highest conviction. Narrative gap is large, catalyst is identifiable, hard stop at −25% from entry. Typical horizon: 6–18 months.
• Base  (3–5% allocation):  Strong conviction with wider catalyst timeline. Hard stop at −30% from entry. Typical horizon: 9–24 months.
• Speculative  (1–3% allocation):  Early-stage narrative gap requiring additional confirmation. Hard stop at −35% from entry. Conviction increases with evidence; size follows.

LENS is built for one type of reader:

Someone who believes that reading faster, thinking harder and acting on real information generates alpha — and wants evidence that someone else does the same work. Portfolio managers who want a second opinion before a large-cap position. Analysts who need the narrative gap identified before the catalyst. Family offices who want documented exit conditions, hard stop losses and defined risk parameters on every position. Anyone who has ever held a losing position six months longer than they should because the thesis “hadn’t technically broken” — LENS removes that discretion at entry.

$10/month. $100/year. No exceptions. No refunds on missed calls.

A Bloomberg terminal costs $27,000 per year. Professional research desks charge $25,000–$250,000 annually for large-cap coverage with nowhere near this level of documented accountability. LENS charges $100 per year for the same asset class, with published methodology, permanent track record, hard stop losses, and thesis break conditions on every open position.

New positions open when a narrative gap is identified and the article is published. Positions do not wait for subscribers. The Watch List shows what is under active coverage but has not yet triggered an entry. Subscribe now to see the current positions, their stop levels, their thesis break conditions, and what is next.

The live statistics at the top of this page show you what LENS has done. The tables below show you everything open right now. All of it is behind the paywall. All of it updates daily. Subscribe once and it is yours.

Disclaimer: Returns shown are time-weighted index returns (TWR) from inception date, consistent with industry-standard index calculation methodology used by MSCI, S&P and FTSE. Individual subscriber returns will differ based on subscription date and the prices at which personal investment decisions are made. LENS is a hypothetical index for informational and educational purposes only. It does not constitute investment advice or a solicitation to buy or sell any security. Baptista Research is not a registered investment adviser. Past performance does not guarantee future results.

The current LENS positions, performance vs S&P 500 Total Return, watch list and permanent track record are in the tables below: