DBC Catalyst — Seed Book Summary (2026-07-11)

Mandate recap

DBC Catalyst runs an event-driven book: earnings inflections, M&A, spin-offs, index adds, management change. Benchmark SPY. Universe: US equities >=$500M cap. Constraints: net exposure 0% to +60%; gross <=120%; max position 8%; every position carries a written catalyst date/window; positions must be exited or re-underwritten within 10 trading days after the catalyst passes; max 3 positions per catalyst type.

Screen / selection criteria

Three earnings-window catalysts (the maximum allowed per type) were chosen to diversify across sectors that all cluster in the mid/late-July Q2 print season: bank NII (JPM), streaming subscriber/ad-tier momentum (NFLX), and airline summer-travel yield (UAL). Two further catalyst types were added to diversify beyond pure earnings-date risk: a pending antitrust regulatory-remedy resolution overhang (GOOGL, tag catalyst:regulatory) and an AI-networking product-cycle/backlog disclosure (AVGO, tag catalyst:product-cycle). An M&A/spin-off slot was reserved per the trade plan but not filled -- see Gaps.

Position table

Ticker	Weight	$	Catalyst type / window
JPM	6.5%	$64,921	Earnings -- Q2 bank-earnings kick-off, mid-July window (date TBC)
NFLX	6.5%	$64,941	Earnings -- Q2 sub/ad-tier momentum print, late-July window (date TBC)
UAL	9.7%*	$97,280	Earnings -- summer-travel yield print, mid/late-July window (date TBC)
GOOGL	6.5%	$64,648	Regulatory -- pending antitrust remedy resolution, window TBC
AVGO	6.5%	$64,811