Biotech pipeline breadth - paper portfolio - 2026-10-22 update

Rules (locked 2026-10-23, backtest): four times a year, at the last trading session of March, June, September and December, count for every eligible US-listed biotech (the research universe; big pharma, CROs and SPAC shells excluded) its pipeline breadth B = the number of its own industry-sponsored, interventional phase 2, 2/3 or 3 trials that are recruiting, active not recruiting, enrolling by invitation or not yet recruiting on ClinicalTrials.gov (latest complete AACT monthly snapshot dated on or before that day). Hold every company with B ≥ 3 in equal weight from the next session's open until the next quarter's rebalance. Costs 0.5% per side on traded dollars; dividends credited; a stock that stops trading (delisting / takeover) becomes cash at its last close. Start $1,000,000. Benchmarks: XBI (price only; its ~0.25%/yr distribution is not added) and SPY total return from the same first open. The first list is the 2026-09-30 one, bought at the open after the book started (2026-10-23).