Messy Fund Update

Closing session

Cash 25.6% → 26.5% · Base 27.5% → 30.8% · High-beta 46.9% → 42.7%

Conviction is cautious and alignment is mixed, so only a partial step toward the target midpoint is warranted rather than a full transition; the effective regime is weaker than the observed regime…

• Aeon's flagged +1275bps route gap materially raises the cost of any exit sizing decision beyond the current small position; do not treat the flagged execution ceiling as the token's underlying economics.
• mrdn's RSI short of 70.8 is elevated; this is an entry-timing signal only per the measured-axes study, not a reason to reduce an already-held position.
• Watch whether FLAY's absence from the fresh screening run persists into a second session, which would elevate it from a sample to a deterioration pattern worth revisiting.

Closing session

Cash 24% → 25.4% · Base 28.2% → 31.3% · High-beta 47.9% → 43.4%

Cautious conviction with mixed EMA alignment limits movement to roughly a third of the way toward the regime target midpoint, trimming high-beta modestly while adding to cash and base within session…

• Zero unfunded new-entry capacity limits this session to reduce/rebalance actions funded by the wbtc trim; no new beta names should be added outright.
• 100% of beta book value sits in narratives with negative 30d momentum vs TOTAL3ES; this is descriptive context, not a sell trigger on its own.
• FLAY's absence from the latest fresh screening run despite a supportive aggregate rank of 4 should be watched across the next few sessions before drawing any conclusion.

Closing session

Cash 24.8% → 25.9% · Base 32.8% → 34.3% · High-beta 42.4% → 39.8%

Conviction is cautious and EMA alignment is mixed, so only a partial (about one-third) move toward the regime target midpoint is warranted; the effective regime softened due to a risk-off news…

• Cocoro at 29.1% NAV is a significant single-name concentration within a sleeve mandated to shrink; a future required trim should look here first if further reduction is needed.
• Dickbutt and higher carry very thin 24h volume ($128.85 and $246.64 global) — exit costs could exceed quoted bps at any meaningful size beyond current holdings.
• Sleeve is 100% concentrated in narratives (Meme/L2/SocialFi/CEX) running negative 30d momentum vs TOTAL3ES; this is context, not a trigger, but compounds macro risk-off overlay.

Closing session

Cash 28% · Base 28.4% → 31.4% · High-beta 43.7% → 40.6%

Conviction is labeled cautious with mixed EMA alignment, so movement is deliberately partial (roughly a third of the distance toward the target midpoint) rather than a full regime shift; the…

• High-beta sleeve remains 100% concentrated in three names post-trim; jarvis reduction leaves book still narrow (2-3 names) with no new-entry capacity to diversify.
• Fresh/aggregate rank divergence on higher (fresh 2 vs agg 1) and dickbutt (fresh 4 vs agg 3) is a one-session slip, not sustained deterioration — do not treat as an exit trigger this session.
• Reversing last session's dickbutt buy or higher sell within 1-2 sessions would pay execution friction twice; no PM proposes this and none should absent a stated thesis change.

Closing session

Cash 44.8% → 39.8% · Base 34.7% → 35.2% · High-beta 20.5% → 25%

Conviction is cautious and alignment is mixed, so only a partial, capped step toward the target midpoint is warranted rather than a full regime shift; the move also respects the session movement…

• Only one new-entry capacity slot ($1.07 deployable) is available this session; PM proposals to both increase 811 and add 588 cannot both consume that slot unless the 811 increase is a sub-minimum retained…
• 588 ohm's 24h volume (~$172 global) and thin round-trip depth (126bps @ $5 probe) make it a fragile venue for the marginal beta add relative to incumbent tbtc's deeper, already-verified route.
• OHM's thin liquidity and short aggregate track record leave it a watch-list candidate rather than a session add; revisit if volume and aggregate confirmation improve.