| Year | Strat | S&P 500 | Δ |
|---|---|---|---|
| 2026* | +23.1% | +11.7% | +11.4% |
| 2025 | +55.9% | +16.4% | +39.5% |
| 2024 | -2.6% | +23.5% | -26.1% |
| 2023 | -6.9% | +24.2% | -31.1% |
| 2022 | +5.8% | -19.7% | +25.5% |
| 2021 | +5.7% | +27.4% | -21.6% |
| 2020* | +51.7% | +23.1% | +28.6% |
Global commodity producers ranked by EV/EBITDA mean-reversion upside — cheap cyclical producers, excluding names the Frontier spot model rates negative (positive-potential only). Top ~15, equal weight, monthly.
| Period | Strategy | S&P 500 | vs index |
|---|---|---|---|
| Day | +0.8% | +0.9% | -0.1% |
| Week | +1.1% | -0.8% | +1.8% |
| Month | +11.1% | -1.8% | +12.9% |
| YTD | +24.0% | +12.8% | +11.3% |
The chart above uses the official live strategy track published on eninvs.com; the portfolio below is the current Frontier model book.
| # | Holding | Weight | Day | score |
|---|---|---|---|---|
| 1 | PBF mean-reversion upside +256%; EV/EBITDA 10.6x (cheap vs history); mkt cap $9.5bn. | 20.0% | +1.6% | 256% |
| 2 | ESEA mean-reversion upside +80%; EV/EBITDA 3.3x (cheap vs history); mkt cap $0.5bn. | 20.0% | +1.2% | 80% |
| 3 | VLO mean-reversion upside +48%; EV/EBITDA 16.7x (cheap vs history); mkt cap $116.0bn. | 20.0% | +1.3% | 48% |
| 4 | DAC mean-reversion upside +26%; EV/EBITDA 4.4x (cheap vs history); mkt cap $3.2bn. | 20.0% | +1.6% | 26% |
| 5 | WTI mean-reversion upside +10%; EV/EBITDA 5.5x (cheap vs history); mkt cap $0.6bn. | 20.0% | -1.9% | 10% |
| Rebalance | Signal | Holding | Price (USD) | Weight | Result |
|---|---|---|---|---|---|
| 9 Sep 2026 | Buy | WTI W&T Offshore mean-reversion upside +10%; EV/EBITDA 5.5x (cheap vs history); mkt cap $0.6bn. | 4.06 | 20.0% | — |
| Sell | ZIM ZIM Integrated Shipping dropped out of the top ranking (entry score was 487%) | 29.38 | — | +22.8% | |
| Sell | ANDE The Andersons dropped out of the top ranking (entry score was 58%) | 71.32 | — | +8.9% | |
| Sell | NEM Newmont Corporation dropped out of the top ranking (entry score was 37%) | 128.71 | — | +21.7% | |
| Sell | CF CF Industries dropped out of the top ranking (entry score was 26%) | 138.11 | — | +18.3% | |
| 14 Aug 2026 | Sell | GOLD Barrick Gold dropped out of the top ranking (entry score was 21%) | 44.00 | — | +1.1% |
| 10 Aug 2026 | Buy | ANDE The Andersons mean-reversion upside +60%; EV/EBITDA 9.3x (cheap vs history); mkt cap $2.2bn. | 65.49 | 11.1% | — |
| Sell | SBSW Sibanye-Stillwater dropped out of the top ranking (entry score was 108%) | 10.67 | — | +0.3% | |
| Sell | IPOAF Industrias Peñoles dropped out of the top ranking (entry score was 25%) | 51.90 | — | -0.2% | |
| 7 Aug 2026 | Buy | SBSW Sibanye-Stillwater mean-reversion upside +108%; EV/EBITDA 3.6x (cheap vs history); mkt cap $7.0bn. | 10.64 | 10.0% | — |
| Buy | IPOAF Industrias Peñoles mean-reversion upside +25%; EV/EBITDA 4.3x (cheap vs history); mkt cap $18.5bn. | 52.00 | 10.0% | — | |
| Buy | GOLD Barrick Gold mean-reversion upside +22%; EV/EBITDA 12.1x (cheap vs history); mkt cap $74.8bn. | 43.51 | 10.0% | — | |
| 6 Aug 2026 | Buy | CF CF Industries mean-reversion upside +23%; EV/EBITDA 7.5x (cheap vs history); mkt cap $25.1bn. | 116.73 | 14.3% | — |
| Sell | SBSW Sibanye-Stillwater dropped out of the top ranking (entry score was 98%) | 9.89 | — | +16.1% | |
| Sell | IPI Intrepid Potash dropped out of the top ranking (entry score was 0%) | 34.92 | — | -2.6% | |
| 5 Aug 2026 | Sell | TROX Tronox Holdings dropped out of the top ranking (entry score was 250%) | 5.85 | — | -6.3% |
| Sell | WTI W&T Offshore dropped out of the top ranking (entry score was 36%) | 3.25 | — | -7.9% | |
| 29 Jul 2026 | Buy | WTI W&T Offshore mean-reversion upside +36%; EV/EBITDA 6.1x (cheap vs history); mkt cap $0.5bn. | 3.53 | 10.0% | — |
| 25 Jul 2026 | Buy | TROX Tronox Holdings mean-reversion upside +253%; EV/EBITDA 19.5x (cheap vs history); mkt cap $1.0bn. | 6.24 | 11.1% | — |
| Buy | ESEA Euroseas mean-reversion upside +70%; EV/EBITDA 3.5x (cheap vs history); mkt cap $0.5bn. | 76.99 | 11.1% | — | |
| Buy | DAC Danaos Corporation mean-reversion upside +23%; EV/EBITDA 4.1x (cheap vs history); mkt cap $2.9bn. | 140.22 | 11.1% | — | |
| 13 Jul 2026 | Sell | GNK Genco Shipping & Trading dropped out of the top ranking (entry score was 72%) | 25.35 | — | +7.1% |
| 7 Jul 2026 | Buy | SBSW Sibanye-Stillwater mean-reversion upside +98%; EV/EBITDA 3.3x (cheap vs history); mkt cap $6.4bn. | 8.52 | 14.3% | — |
| Buy | ZIM ZIM Integrated Shipping mean-reversion upside +22%; EV/EBITDA 2.6x (cheap vs history); mkt cap $2.8bn. | 23.92 | 14.3% | — | |
| Sell | CF CF Industries dropped out of the top ranking (entry score was 67%) | 114.94 | — | +7.5% | |
| 20 Jun 2026 | Buy | GNK Genco Shipping & Trading mean-reversion upside +37%; EV/EBITDA 14.0x (cheap vs history); mkt cap $1.0bn. | 23.68 | 16.7% | — |
| 15 Jun 2026 initial book | Buy | PBF PBF Energy mean-reversion upside +294%; EV/EBITDA 13.6x (cheap vs history); mkt cap $5.4bn. | 39.66 | 20.0% | — |
| Buy | IPI Intrepid Potash mean-reversion upside +84%; EV/EBITDA 12.1x (cheap vs history); mkt cap $0.5bn. | 35.86 | 20.0% | — | |
| Buy | VLO Valero Energy mean-reversion upside +68%; EV/EBITDA 15.8x (cheap vs history); mkt cap $77.8bn. | 256.92 | 20.0% | — | |
| Buy | CF CF Industries mean-reversion upside +60%; EV/EBITDA 7.8x (cheap vs history); mkt cap $23.5bn. | 106.90 | 20.0% | — | |
| Buy | NEM Newmont Corporation mean-reversion upside +50%; EV/EBITDA 8.3x (cheap vs history); mkt cap $80.1bn. | 105.80 | 20.0% | — |
Prices are the frozen close on the signal date — the price at which the live paper-book starts (buy) or stops (sell) holding the position. Sell result is the price change from the position's own buy signal, dividends not included.