I got a new subscriber today and I noticed that their AUM is showing changes in line with my current positions. Does this mean that C2 enters positions as soon as someone subscribes? Backfilling for what is currently held?
That seems odd to me if so, since drawdown will be huge when a stopout occurs after a period of winning. The subscriber will enter at a suboptimal point then stop out with a much bigger loss than realistic.
Am I tripping?