Citrini Research rebuilds Citrindex, shifts to reversal trades as thematic playbook breaks
citrini · x · 2026-11-05
Citrini Research's 10th State of the Themes argues the market regime has shifted, making first-cycle thematic frameworks dangerous for the next phase.
- Since launching 5/31/2023, the Citrindex has beaten the S&P 500 by over 2.5x.
- Over the past 12 months, thematic narratives have moved from "obvious, cheap proven winners" toward "speculative, unprofitable companies relying on a 2030 TAM."
- The team overhauled the portfolio bottom-up: pivoting from continuation trades to reversals, pairs, and fresh ideas, keeping core themes but changing allocations dramatically.
(Paywalled article.)
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