Rules version: 2026-11.9
1. Organiser
The Investment League is organised by Sergio Ávila Bolsa (hereinafter, the organiser) through sergioavilabolsa.com.
2. Purpose and nature
The Investment League subscription gives access to a community of investors: the League forum, the other members' portfolios and their shared analyses. As part of that service, and at no extra cost, the organiser holds a simulated portfolio competition every month for educational and entertainment purposes.
Portfolios are simulated: no real money is invested and finishing in any position involves no loss. Nothing published in the League constitutes financial advice or an investment recommendation.
3. Participants
Adults with an active subscription that includes the Investment League may take part. Each person may only take part with one account. To receive a prize you must provide your full name, tax ID or equivalent document and country of tax residence.
4. How each edition works
Each edition corresponds to one calendar month. Registration opens on day 6 of the previous month and closes at 23:59 (Madrid time) on day 5 of the edition's month. Portfolios are built from day 1 to day 5 of that month and, until registration closes, can be changed as often as you like. The competition runs from day 6 to the last day of the month. For example, for the January edition registration runs from 6 December to 5 January, portfolios are built from 1 to 5 January and the competition runs from 6 to 31 January. Each participant builds a simulated portfolio of 10 stocks with reference capital of 100,000 €, allocating between 4% and 30% of the capital to each stock. Registration can be cancelled from the League page until it closes.
For every participant, the entry price of each stock is the close of the first session of the competition (day 6 or, if there is no market that day, the next session). From then on portfolios are valued every day at closing prices. While registration is open, other members' portfolios stay hidden; they are made public at 00:00 on the day the competition starts.
For a month's edition to go ahead there must be at least 20 registered participants before the last day of the previous month: the check is made at 00:00 (Madrid time) on that last day, when the prize is announced. If the minimum is not reached, that edition does not take place and has no prizes; existing registrations move automatically to the following month's edition, whose registration opens at that same moment. If it is reached, the edition goes ahead even if people drop out later, and more participants can keep registering until day 5 of the edition's month.
Cancelling a registration for an edition, or not taking part in it, does not affect the subscription and gives no right to a refund: the subscription gives access to the community and its content, and the competition is included at no extra cost.
5. Prizes
The prize for each edition is set by the organiser and announced on the last day of the month before it starts. Once announced it is not changed. It is paid by Sergio Ávila Bolsa from its promotional budget.
Prizes for the next edition will be announced on November 30, 2026.
The prizes for each edition are published on this page and on the League page on the last day of the month before it starts. From then on they are not changed. The organiser may set different amounts for each edition, always announcing them on that date.
6. Jury and criteria
The winners are decided by a jury made up of the organiser and, where applicable, other analysts it appoints. The system calculates a proposal using the following criteria, which the jury reviews and confirms:
- Quality of analysis (40 points): a summary of your portfolio posted in the edition's forum topic, between day 6 and the last day of the month, of between 150 and 200 words. A valid summary earns 30 points and the jury may adjust the score by up to 10 points up or down according to its quality. Without a valid summary, 0 points.
- Risk management (30 points): the portfolio's maximum drawdown during the edition, scored according to its relative position among participants (20 points), and diversification according to the weight of the largest position (10 points).
- Return (20 points): according to the position in the edition's return ranking.
- Contribution to the community (10 points): the rest of the messages you post in the edition topic during that same period, for example commenting on other participants' summaries. None: 0; one to two: 4; three to five: 7; six or more: 10.
Each edition's forum topic is called «Edición [month] de [year]» (for example, «Edición enero de 2027») and the organiser opens it on day 6, once all portfolios are closed, so that nobody can copy other people's ideas before the close. Only messages posted in that topic from that day until the last day of the month count towards the assessment. To prepare your summary you can use My Portfolio with Sergio AI.
Messages posted in the edition topic can only be edited or deleted within 30 minutes of being posted. After that they are fixed, and the jury assesses them as they stand, with their original posting date. We recommend writing your summary outside the forum and posting it once it is finished.
The quality score of the summary is calculated with five objective standards, worth 0 to 4 points each (maximum 20 points). The adjustment to the summary's 30 points is that total minus 10, i.e. between -10 and +10. Sergio AI applies these rules to each summary, without taking the return achieved into account, and the jury reviews the result:
- Stocks explained: Share of the portfolio's stocks for which you give at least one concrete reason: all of them, 4 points; three quarters or more, 3; half or more, 2; some, 1; none, 0.
- Consistency with the portfolio: You only name stocks that are in your portfolio and describe their weights as you registered them: no errors, 4 points; one error, 2; two or more, 0.
- Risk and diversification: One point for each: you explain why you split the capital that way; you explain diversification by sector, country or asset type; you name a specific risk of the portfolio; you say what you would do or watch if that risk materialises.
- Horizon and catalysts: One point for each: you say what you expect from the portfolio during the month; you name a specific event of the month (earnings, macroeconomic data, AGM, launch); you name a second, different event; you give a price level or indicator you are going to watch.
- Concrete data: One point for each different quantitative figure you use to justify your choice (P/E, earnings growth, margin, debt, dividend, a technical level…), up to 4.
In the event of a tie, the higher return wins. The jury may declare an edition void if no entry reaches a minimum level of quality. The result is published when the jury confirms it, in the first days of the following month, and is final.
Messages posted solely to score points (with no analytical content, repeated or copied) do not count, and the jury may exclude anyone who breaches these rules or the forum rules.
7. Prize delivery
The prize is credited as balance in the winner's account. That balance can be used to pay for sergioavilabolsa.com subscriptions. Anyone with an active Institutional Radar — Annual subscription can request to withdraw the balance in cash; without it, the part of the balance equal to the price of that subscription can only be used to pay for it. The balance expires after 12 months.
8. Taxation
Prizes are taxed in the winner's personal income tax as a capital gain. When a prize exceeds €300, the organiser applies the withholding or payment on account required by current legislation. The organiser reports the prizes to the Spanish Tax Agency. Winners not resident in Spain are subject to the Non-Resident Income Tax rules and, where applicable, the relevant double taxation treaty.
9. Personal data
Participants' data are processed to run the competition, publish the ranking and, for winners, deliver the prize and meet tax obligations, in accordance with the sergioavilabolsa.com privacy policy. By taking part you agree that your username, your portfolio and your position are shown to the other members.
10. Changes and acceptance
The organiser may modify these rules for future editions; changes are published on this page before the start of the edition to which they apply and require new acceptance. Taking part implies accepting these rules.