Notes

A news scan found the headline 'TEN R91304 computed fundamental annual_2025_pre_growth_cash_per_share'. The report is based on Python arithmetic from dated observations from 2027 to 2029 and 2016 to 2017. The book proxy uses June equity and vessels, and March 30 data, which includes 127,603 million common shares, 287.327 million preferred liquidation, and 50.13 million non-controlling interest proxy, calculated as December 43.529 plus first half income of 6.601, assuming no other flows. The report notes that haircuts are illustrative, not appraisals. For fiscal year 2025, pre-growth cash operating cash flow is 297.622, with improvements of 3.5, preferred dividends of 27, and scheduled debt of 184.1, and dry dock expenses are already included in operating cash flow. Annualized first half earnings per share is not forecast. The report refers to sections 3127 and 3128 for premises and limitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to analyze observations from dates 27201 to 27209 and 27216 to 27217. The analysis, called bookproxy, used June equity and vessels, and data from March 30, including 127,603 million common shares, 287.32735 million preferred liquidation, and 50.13 million non-controlling interest proxy, which equals December 43.529 plus first half income of 6.601, assuming no other flows. The haircuts are illustrative and not appraisals. For the fiscal year 2025, the pre-growth cash operating cash flow is 297.622, with improvements of 3.5, preferred dividends of 27, and scheduled debt of 184.1, and the dry dock expenses are already included in the operating cash flow. The annualized first half earnings per share is not forecast. For premises and limitations, refer to sections 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

A computer calculation, known as a fundamental scrap acceleration multiple, was made using Python arithmetic and old observations from dates 27201 to 09 and 27216 to 17. This calculation uses a book proxy, which includes June equity and vessels, and numbers from March 30, such as 127,603 million common shares, 287.32735 million preferred liquidation, and 50.13 million non-controlling interest proxy, which equals 43.529 from December plus 6.601 from the first half of the year, assuming no other flows. The term non-controlling interest proxy refers to the value of shares not owned by the company. Haircuts, which are reductions in value, are used for illustration, not as actual appraisals. The calculation also looks at the company's cash flow for the fiscal year 2025, which is predicted to be 297.622, with improvements of 3.5, preferred payments of 27, and scheduled debt of 184.1, and notes that drydock expenses are already included in the cash flow. The annualized earnings per share for the first half of the year is not a forecast. For more information on the assumptions and limitations of this calculation, see documents 3127 and 3128. https://www.tenn.gr/wp-content/uploads/2026/09/TEN_Q2_2026.pdf

The automated trading fund manager used Python arithmetic to calculate the fundamental annualized scrap actual value based on observations from September 27, 201 to September 27, 2017, and from December 16 to December 17. The book proxy uses June equity and vessels, and as of March 30, there were 127,603 million common shares, 287.32735 million preferred shares with liquidation value, and 50.13 million non-controlling interest proxy, which equals December 43.529 plus half-year income of 6.601, assuming no other flows. The haircuts are illustrative and not appraisals. For the fiscal year 2025, the pre-growth cash operating cash flow is 297.622, with improvements of 3.5, preferred shares of 27, and scheduled debt of 184.1, and the dry dock is already included in the operating cash flow. The annualized half-year earnings per share is not forecast. For premises and limitations, see documents 3127 and 3128. https://www.tenn.gr/wp-content/uploads/2026/09/TEN_Q2_2026.pdf

A computer calculation, called TEN R91304, was made to determine the fundamental value of a company based on its performance over three years. This calculation used data from the years 2009 to 2017. The company's book value, which is the value of its assets minus its debts, was estimated using the value of its equity and vessels as of June and March 30. The calculation assumed the company had 127,603,000 common shares, 287,327,000 preferred shares that could be liquidated, and 50.13 million non-controlling interests, which is a type of investment where the investor does not have control over the company, as of December. The calculation also assumed the company had income of 43.529 million in the first half of the year and 6.601 million in other income, with no other flows of money in or out. The calculation included haircuts, which are reductions in the value of assets, but these were only examples and not actual appraisals of the assets' values. The company's cash flow from operations, which is the money it has available to pay debts and invest, was estimated to be 297.622 million in the fiscal year 2025, with 3.5 million in improvements, 27 million in preferred debt, and 184.1 million in scheduled debt payments. The cost of drydocking, which is a type of maintenance for vessels, was already included in the cash flow estimate. The company's earnings per share, which is a measure of its profitability, was not forecast for the first half of the year. For more information on the assumptions and limitations of this calculation, see documents 3127 and 3128. https://www.tenn.gr/wp-content/uploads/2026/09/TEN_Q2_2026.pdf

A news scan found the headline 'TEN R91304 computed fundamental spot_10k_annual_EPS'. This is a report from a fund manager. The report uses mathematical calculations from old observations from 2017 to 2019. The manager uses information from June and March, including the number of common shares, which is 127,603,000, and the preferred liquidation value, which is 287,327,000. The manager also uses the value of non-controlling interests, which is 50,130,000, and the income from the first half of the year, which is 6,601,000. The manager assumes there are no other changes. The report mentions haircuts, which are illustrative and not actual appraisals. The report also mentions the cash flow for the fiscal year 2025, which is 297,622,000, and improvements of 3.5, and preferred dividends of 27, and scheduled debt of 184,100,000. The report notes that the cost of drydocking is already included in the cash flow. The report does not forecast the annualized earnings per share for the first half of the year. For more information, see documents 3127 and 3128, which explain the premises and limitations of the report. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to analyze observations from September 27, 2016, to September 17, 2017. The analysis uses June equity and vessels, and March 30 data, which includes 127,603 million common shares, 287.327 million preferred liquidation, and 50.13 million non-controlling interest proxy, which equals December 43.529 plus first half income of 6.601, assuming no other flows. The haircuts are illustrative and not appraisals. For fiscal year 2025, the pre-growth cash operating cash flow is 297.622, with improvements of 3.5, preferred of 27, and scheduled debt of 184.1, and dry dock is already included in the operating cash flow. The annualized first half earnings per share is not forecast. For premises and limitations, refer to sections 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to analyze dated observations from 2017 to 2019. The analysis used June equity and vessel values, and March 30 book values, which included 127,603,000 common shares, 287,327,000 million in preferred liquidation, and 50.13 million in non-controlling interest proxy. The analysis assumed no other flows and used illustrative haircuts, not appraisals. The fund's pre-growth cash flow for the fiscal year 2025 was estimated to be 297.622 million, with improvements of 3.5 million, preferred payments of 27 million, and scheduled debt of 184.1 million, with drydock costs already included in the cash flow. The annualized earnings per share for the first half of the year was not forecast. For premises and limitations, see documents 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to calculate the fundamental profit share based on observations from September 27, 201 to September 27, 2017. The book proxy uses June equity and vessels, and as of March 30, there were 127,603 million common shares, 287.327 million preferred shares with liquidation value, and 50.13 million non-controlling interest proxy shares, which equals 43.529 million shares as of December plus 6.601 million shares from the first half of the year, assuming no other flows. The haircuts are illustrative and not appraisals. For the fiscal year 2025, the pre-growth cash operating cash flow is expected to be 297.622 million, with improvements of 3.5 million, preferred shares of 27 million, and scheduled debt of 184.1 million, with dry dock expenses already included in the operating cash flow. The annualized first half earnings per share is not forecast. For premises and limitations, refer to sections 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

A computer calculation was made using fundamental data from past observations from 2009 to 2017. The calculation uses the company's equity and vessels from June, and the number of common shares, preferred shares, and other interests from March 30. The calculation assumes there are 127,603,000 common shares, 287,327,000 preferred shares with a liquidation value, and 50,130,000 other non-controlling interests, which totals 43,529 plus 6,601 from the first half of the year, and assumes no other changes. The calculation also includes some illustrative reductions in value, but these are not official appraisals. The calculation estimates the company's cash flow for the fiscal year 2025 will be 297,622, with improvements of 3.5, preferred shares of 27, and scheduled debt of 184.1, and notes that the cost of drydocking is already included in the cash flow estimate. The annualized earnings per share for the first half of the year is not a forecast. For more information on the assumptions and limitations of this calculation, see documents 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

A computer calculation, called annualized ex-gain EPS, was made for TEN R91304. This calculation used mathematical formulas and old data from 2017 to 2019. The calculation used a proxy, which is a stand-in value, for book value, and considered equity and vessels from June, and common shares, preferred shares, and other values from March 30. The calculation assumed no other money was added or removed. It also made some illustrative reductions, but these were not official appraisals. For the financial year 2025, the calculation estimated cash flow of 297.622, with improvements of 3.5, preferred shares of 27, and scheduled debt of 184.1. Note that dry dock costs were already included in the cash flow estimate. The first half EPS, which stands for earnings per share, a measure of company profit, was calculated, but this is not a forecast for the future. For more information on the assumptions and limitations of this calculation, see documents 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

A computer calculation, known as a fundamental analysis, was made for the half-year period using earnings per share, or EPS, which is a company's profit divided by the number of common shares. This calculation used observations from the dates September 27, 201 and September 27, 2016 to September 17. The calculation, called book proxy, used equity and vessel values from June and March 30, with 127,603 million common shares, 287.327 million preferred shares that can be liquidated, and 50.13 million non-controlling interest, or NCI, proxy, which is a portion of the company not owned by the main shareholders, and this equals 43.529 from December plus 6.601 from the first half of the year, assuming there are no other changes. The haircuts, which are reductions in value, are examples and not actual appraisals. The pre-growth cash flow, which is the amount of money coming into the company, for the fiscal year 2025 is predicted to be 297.622, with improvements of 3.5, preferred shares of 27, and scheduled debt of 184.1, and the cost of drydock, which is a type of ship maintenance, is already included in the cash flow. The annualized, or year-long, EPS for the first half of the year is not a forecast. For more information on the assumptions and limitations of this calculation, see documents 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to calculate the fundamental fleet write down based on observations from September 27, 201 to September 27, 2017. The book value is calculated using June equity and vessel values, and March 30 data, which includes 127,603 million common shares, 287.32735 million preferred shares with liquidation value, and 50.13 million non-controlling interest proxy, which equals 43.529 million from December plus 6.601 million from the first half of the year, assuming no other flows. The haircuts are illustrative and not appraisals. The fund's pre-growth cash operating cash flow for the fiscal year 2025 is estimated to be 297.622 million, with 3.5 million in improvements, 27 million in preferred payments, and 184.1 million in scheduled debt payments, with dry dock expenses already included in the operating cash flow. The annualized first half earnings per share is not forecast. For premises and limitations, refer to documents 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to analyze observations from dates 27201 to 27216 and 27217. The analysis, called bookproxy, used June equity and vessel values, and considered 127,603 million common shares, 287.32735 million preferred shares with liquidation value, and 50.13 million non-controlling interest, or NCI, proxy, which equals 43.529 from December plus 6.601 from the first half of the year, assuming no other flows. The haircuts, or reductions, are illustrative and not actual appraisals. For the fiscal year 2025, the fund expects pre-growth cash operating cash flow of 297.622, with improvements of 3.5, preferred shares of 27, and scheduled debt of 184.1, and notes that drydock expenses are already included in the operating cash flow. The annualized earnings per share for the first half of the year is not a forecast. For more information on the premises and limitations of this analysis, see documents 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to calculate the target percentage of the book value based on observations from September 27, 201 to September 27, 2017, and from September 27, 2016 to September 27, 2017. The book value proxy uses June equity and vessels, and as of March 30, it includes 127,603 million common shares, 287.327 million preferred shares with liquidation value, and 50.13 million non-controlling interest proxy, which equals December 43.529 plus half-year income of 6.601, assuming no other flows. The haircuts are illustrative and not appraisals. For the fiscal year 2025, the pre-growth cash operating cash flow is expected to be 297.622, with improvements of 3.5, preferred dividends of 27, and scheduled debt of 184.1, and the dry dock expenses are already included in the operating cash flow. The annualized half-year earnings per share is not forecast. For premises and limitations, refer to sections 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to calculate the fundamental data from observations dated September 27, 201 and September 27, 2017. The book proxy uses June equity and vessels, and as of March 30, there were 127,603 million common shares, 287.327 million preferred shares with liquidation value, and 50.13 million non-controlling interest proxy, which equals 43.529 million from December plus 6.601 million from the first half of the year, assuming no other flows. The haircuts are illustrative and not appraisals. For the fiscal year 2025, the pre-growth cash operating cash flow is expected to be 297.622 million, with 3.5 million in improvements, 27 million in preferred dividends, and 184.1 million in scheduled debt, and the dry dock expenses are already included in the operating cash flow. The annualized first half earnings per share is not forecast. For premises and limitations, refer to sections 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to calculate the fundamental book value based on observations from September 27, 2016, to September 27, 2017, and from December 16, 2017, to December 17, 2017. The book proxy uses June equity and vessels, and as of March 30, it has 127,603 million common shares, with a preferred liquidation value of 287.32735 million and a non-controlling interest proxy of 50.13 million, which is calculated as 43.529 million from December plus 6.601 million from the first half of the year, assuming no other flows. The haircuts are illustrative and not appraisals. For the fiscal year 2025, the pre-growth cash operating cash flow is expected to be 297.622 million, with improvements of 3.5 million, preferred payments of 27 million, and scheduled debt payments of 184.1 million, with drydock expenses already included in the operating cash flow. The annualized first half earnings per share is not forecast. For premises and limitations, refer to sections 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to calculate the fundamental NCI_proxy from observations dated September 27, 201 and September 27, 2016, to September 30, 2017. The book proxy uses June equity and vessels, and as of March 30, it had 127,603,000 common shares, 287,327,000 million in preferred liquidation, and 50.13 million in NCI proxy, which equals 43.529 million from December plus 6.601 million in half-year income, assuming no other flows. The haircuts are illustrative and not appraisals. For fiscal year 2025, the pre-growth cash operating cash flow is forecast to be 297.622 million, with 3.5 million in improvements, 27 million in preferred, and 184.1 million in scheduled debt, and the dry dock is already included in the operating cash flow. The annualized half-year earnings per share is not forecast. For premises and limitations, see sections 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

The automated trading fund manager used Python arithmetic to analyze observations from dates 27201-09 and 27216-17. The analysis, which is called a book proxy, used June equity and vessel values, and considered 127,603 million common shares, 287.327 million preferred liquidation shares, and 50.13 million non-controlling interest proxy shares, which equals 43.529 million from December plus 6.601 million from the first half of the year, assuming no other flows. The haircuts, which refer to reductions in value, are illustrative and not actual appraisals. For the fiscal year 2025, the pre-growth cash operating cash flow is expected to be 297.622 million, with improvements of 3.5 million, preferred shares of 27 million, and scheduled debt of 184.1 million, and the dry dock expenses are already included in the operating cash flow. The annualized first half earnings per share is not forecast. For more information on the premises and limitations of this analysis, see sections 3127 and 3128. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

A news scan found the following data line: a return percentage of 72.33927809785669, a drawdown percentage of 15.716086078967429, a win rate of 70, a sample size of 10, a mean percentage of 6.036252749048554, an average win percentage of 11.576452167289105, and an average loss percentage of -6.8908792268460655. The data also includes a half Kelly value of 0.2607125508670452, a partial value of 6, missing checks of 10, trades missing of 3, and an endpoint of 1. This data is from a train period of 2020 to 2024 and a known holdout period of 2025 to September 11. The prices were split normalized, with no cash dividend credit, and an adjusted entry signal with split-only execution. The data uses 15-minute opens, filtered by a regular trading hours calendar, and assumes a managed variant with a plus 2R quarter per sample, but the actual manager trades less frequently, so this is not a live replication. The drawdown is a daily mark approximation, not an intraday one. A vector backtest long only compounded return assertion was passed. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=TEN&feed=sip

A news scan found the headline 'TEN R91304 raw-price fixed-path m15_True_L40_holdout_0.0006'. The fund's return percentage is 75.82076626413259, with a drawdown percentage of 15.547349387881749. The win rate is 70, based on a sample of 10 trades. The mean percentage is 6.248537698710038, with an average win percentage of 11.799828615604348 and an average loss percentage of -6.704474440710017. The half Kelly criterion, a measure of bet size, is 0.2647723921365619. There are 6 partial trades and 10 missing checks, with 3 trades missing. The endpoint is 1. The fund was trained on data from 2020 to 2024 and tested on known holdout data from 2025 to September 11. The prices used were split-normalized, without cash dividend credit, and the entry signal was adjusted. The execution was split-only, using 15-minute opens on a regular trading hours calendar. The managed variant assumes a quarterly return of 2 times the benchmark return for each sample, but the actual manager trades less frequently, so this is not a live replication. The drawdown is approximated daily, not intraday. The Vectorbt long-only compounded return assertion passed. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=TEN&feed=sip

A news scan found the following data: the return percentage is -39.257732084578564, the drawdown percentage is 61.824487508845124, the win rate is 38.46153846153847, the sample size is 26, the mean percentage is -0.9708691193050293, the average win percentage is 14.218597372922503, and the average loss percentage is -10.464285676947238. The data also includes a half Kelly value of 0, a partial value of 8, missing checks of 77, and trades missing of 11, with an endpoint of 0. This data is from a train period of 2020 to 2024 and a known holdout period of 2025 to September 11. The prices were split and normalized, with no cash dividend credit, and the entry signal was adjusted for split-only execution. The data uses 15-minute opens, filtered by a regular trading hours calendar, and assumes a managed variant with a plus 2R quarter per sample, although the actual manager trades less frequently, so this is not a live replication. The drawdown is approximated daily, not intraday. A vector backtest long only compounded return assertion was passed. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=TEN&feed=sip

A news scan found the following data line: {"return_pct":-36.01556482818553,"drawdown_pct":61.325007981286376,"win_rate":38.46153846153847,"sample":26,"mean_pct":-0.7726124521840025,"avg_win_pct":14.447263405200166,"avg_loss_pct":-10.285034863049109,"halfKelly":0,"partial":8,"missing_checks":77,"trades_missing":11,"endpoint":0}; this is a raw data output from a trading fund manager, showing performance metrics from 2020 to 2024, with a known holdout period from 2025 to September 11. The data is based on normalized prices, without cash dividend credits, and uses a split-only execution strategy. The manager uses a 15-minute calendar filter and assumes a quarterly return of 2 times the benchmark, but the actual manager trades less frequently, so this is not a live replication. The drawdown is approximated on a daily basis, not intraday. The data also passed a vectorbt long-only compounded return assertion test. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=TEN&feed=sip

A news scan found the following data line: return percentage is 68.184862141503, drawdown percentage is 14.928783676776526, win rate is 70, sample size is 10, mean percentage is 5.802029415035332, average win percentage is 11.43793055145598, average loss percentage is -7.348406569946175, half Kelly is 0.25363108251679184, partial is 6, missing checks is 11, trades missing is 3, endpoint is 0. This data is from a trading simulation called R91304, which used a fixed-path method with a 15-minute time frame and a holdout period from 2025 to September 11. The simulation used split-normalized prices and did not account for cash dividends. The entry signal was adjusted and the execution was split-only. The simulation was filtered by a regular trading hours calendar and used 15-minute opening prices. The manager variant assumed a quarterly return of two times the benchmark, but the actual manager traded less frequently, so this is not a live replication. The drawdown was calculated daily, not intraday. The Vectorbt long-only compounded return assertion was passed. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=TEN&feed=sip

A news scan found the following data line: the return percentage is 71.58242544660118, the drawdown percentage is 14.758470803522162, the win rate is 70, the sample size is 10, the mean percentage is 6.0138454487611686, the average win percentage is 11.661029679010808, the average loss percentage is -7.162917755154659, the half Kelly criterion, a measure of bet size, is 0.25786082422831613, the partial value is 6, the number of missing checks is 11, and the number of trades missing is 3, with an endpoint of 0. This data is from a training period of 2020 to 2024 and a known holdout period of 2025 to September 11. The prices used were split-normalized, without cash dividend credits, and the entry signal was adjusted, with split-only execution. The data used 15-minute opens, filtered by a regular trading hours calendar, and a managed variant that assumes a quarter of the benefit each sample, although the actual manager trades less frequently, so this is not a live replication. The drawdown is a daily mark approximation, not an intraday one. The Vectorbt long-only compounded return assertion passed. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=TEN&feed=sip