Messy Fund Update

Closing session

Cash 33.6% · Base 20.6% → 25.6% · High-beta 45.8% → 40.8%

Measured conviction and an aligned-down EMA trend justify moving toward the regime target midpoint, but the move is constrained to the maximum session movement cap of 0.05 per bucket rather than the…

• Tlos concentration at 21.4% NAV / ~46.7% of sleeve book is elevated but supported by strong dual-window rank; a partial trim to fund the base raise is proportionate to concentration risk without disputing…
• Zero unfunded new-entry capacity means any addition (e.g., mrdn) must be strictly sell-funded and sized modestly; do not let rotation sizing exceed what the funding leg raises.
• MRDN's single-run fresh rank 1 has no aggregate history; hold off on any addition until it shows durability across runs.

Closing session

Cash 23% → 18.2% · Base 19.4% → 19.7% · High-beta 57.6% → 62.1%

The measured conviction label and aligned_down EMA trend support moving roughly 60% of the way from current weights toward the regime target midpoint, well inside the deterministic movement caps and…

• Wallet is 30.8% NAV concentration with no executable price and 2639bps exit cost — cannot be sized down via ordinary rebalancing, only via ratified required exit.
• Unibtc similarly lacks a trusted chain-local price and requires a ratified required exit rather than discretionary trims.
• 46.5% of beta book value sits in narratives with negative trailing 30d momentum vs TOTAL3ES, per narrative signal.

Closing session

Cash 43.8% → 42% · Base 28% → 30% · High-beta 28.2% → 28%

The measured conviction label and aligned-down EMA signal support a moderate move toward the regime's defensive target midpoint, but movement is capped at 5% per bucket and tempered because…

• Deployable new-entry beta capacity is $0.00; any addition to the sleeve (e.g. cocoro) must be strictly funded by a recorded exit/reduction, not treated as incremental new capacity.
• ani and bald carry no aggregate screening rank and minimal liquidity ($18.2k and $3.1M global respectively, ani vol 24h only $29), making their evidence pedigree the weakest in the sleeve despite small NAV…
• ANI and BALD removals were affirmatively proposed by only one PM seat each; monitor whether future sessions surface an explicit thesis for names this evidence-thin before further reliance on silent…

Closing session

Cash 41.9% → 37% · Base 23% → 28% · High-beta 35.1% → 35%

Analyst recommendation exceeded session movement limits and was clamped by validation.

• 100% of beta book value sits in narratives with negative 30d momentum vs TOTAL3ES
• Deployable beta buy budget is zero; only sell-funded replacement capacity ($16.07) exists
• SWARM's exit evidence is directional (concentration plus coverage loss) but not yet corroborated by a fresh deterioration signal; this reduce is a risk-management trim, not a deterioration call.

Closing session

Cash 51.3% → 47.9% · Base 39.7% → 38.1% · High-beta 9% → 14%

Analyst recommendation exceeded session movement limits and was clamped by validation.

• Executable new-entry capacity is capped at 1 position this session; adding both 1inch and omi as proposed by trend_momentum_pm exceeds funded capacity absent a further reduction.
• Kaito shows fresh/aggregate rank divergence and multi-metric score decay (RelStr -8, Mom/Vol -3, Social -3), consistent with a momentum-breakdown thesis rather than a data glitch.
• Sleeve has only one active member; any reduction of kaito requires a named destination (a ratified addition) since no other member can absorb freed weight.