Galahad trading system performance for January 2026
Here is the Galahad trading system performance report for January 2026, including the monthly benchmark comparison and a brief review of the market environment that shaped the portfolio during the period.
Monthly Performance
Since inception refers to the start of live trading in Galahad, beginning in February 2022. See Performance Disclosures: Monthly Performance. Evan uses Interactive Brokers as his primary broker and reporting agent.
Market Environment
January opened with tariff threats, Fed leadership uncertainty, and periodic geopolitical flareups, but markets absorbed the noise and continued higher. The S&P 500 gained 1.47% for the month, supported by a still-resilient consumer backdrop and another solid earnings season. Beneath the surface, leadership broadened as money rotated away from the most crowded mega-cap technology trade toward small caps, international equities, and more defensive areas.
Portfolio Positioning
Galahad stayed in a risk-on posture throughout the month with two of three trend positions engaged, and gross exposure moved from 136.13% at the start of January to 140.47% by month end. Gold was the primary contributor, with both the core IAU position and the Gold trend posting double-digit gains, while the Nasdaq trend added modestly. The system rebalanced the Gold trend mid-month, refreshed both Gold and Nasdaq put protection later in the month, and added selectively to STRF, FBTC, and XLV. For the month, Galahad returned 5.55%, compared to 1.47% for the S&P 500.
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