Harbor Signal.

Individual signals. Each row follows one share from its buy signal date. Realised entries use the recorded sale price and show a bold sale date. Unrealised entries use the last accepted valuation price and its actual quote date. The website refresh date shows when the snapshot was published; it is separate from the quote date.

Return on Investment. The total-return column is a dollar amount per share: sale or valuation price plus the signal's cumulative pre-tax dividends. Return on Investment equals (sale or valuation price + dividends) divided by the price on the buy signal date, minus one. Returns are cumulative and are not annualised. Dollar amounts display two decimals and returns one decimal percentage point. Calculations use unrounded values, so recalculating from displayed amounts can produce a small rounding difference.

Holding periods. Elapsed calendar days from the buy signal date to the sale or valuation date are divided by 365 and multiplied by 12. The result is displayed to the nearest whole month. The aggregate median is calculated from unrounded holding periods, then rounded for display.

Dividends. Each signal uses its own recorded cumulative pre-tax dividends. Unrealised dividends were checked through 17 Oct 2026; realised dividends remain limited to the completed holding period. Paid ordinary and special cash dividends are included only when the buy signal qualifies for the payment. Dividends are checked monthly and the website is republished after updates. Daily price refreshes do not update dividends or corporate actions. Original USD dividend amounts are used where preserved in the source; other totals retain their recorded currency conversion. These totals are not individually translated at each dividend payment date. Dividends are not reinvested.

US dollar reporting. Original USD prices are used where preserved in the source. Other historical rand prices use purchase-date, sale-date, or historical valuation-date exchange rates from the Federal Reserve's DEXSFUS series, using the preceding available observation for holidays or weekends. Refreshed unrealised prices use Google Finance quotes: US quotes are in USD; JSE quotes in South African cents are divided by 100 and converted using the latest available USD/ZAR rate. Historical buys and realised results remain fixed. Invalid, unavailable or older quotes retain the last accepted price and its date. Reference prices may differ from actual execution prices.

Combined Signal Summary. The summary includes all 231 buy signals: 86 realised and 145 unrealised. Hit rate is the number with a strictly positive, unrounded USD return, including pre-tax dividends, divided by all signals. Losses and break-even results remain in the denominator. Median return and median holding period are the middle observations, averaging the two central observations when the count is even. Each buy signal has equal weight. Repeated signals in one company count separately and are related outcomes.

Open signals. Unrealised quote dates are 19 Oct 2026. Of the 145 open signals, 93.8% have positive USD returns including recorded pre-tax dividends; their median cumulative return is 81.9% and median elapsed holding period is 38 months. These outcomes can change before a sale signal. The combined summary mixes completed holding periods for realised signals with elapsed holding periods for unrealised signals.

Scope and limitations. The signal performance record and aggregate statistics have not been independently audited. This is a research signal record, not an actual client account or a capital-weighted portfolio return. Fees, trading costs, spreads and taxes are excluded and would reduce investor returns. Historical signals do not imply a current research view. Read the investment disclosures.