Messy Fund Update

Fund / Signal update · 26 September 2026 · vnext-2026-07-24

Weekly workflow proof for Messy-managed micro test funds on Base: Guru Lotus books base04, base05, and base06, plus Lagoon books lg-base01 and lg-base02. Screening prepares evidence; the Chair decides; the system records the resolution; only then can execution mutate the book. Macro and narrative below are the postures those sessions used, not a live market refresh at publish time.

Custody / provider

This week's public micro books use two Base custody adapters. base04, base05, and base06 sit on Guru Lotus vaults. Messy's engine runs research, council decisioning, and trade construction; capital on those books sits in Guru's vault contracts. On the Guru books, the trading key can trade but cannot withdraw, a limit enforced by the vault contracts, not our software. lg-base01 and lg-base02 sit on Lagoon vaults for custody and share accounting. Provider-side contract failure is venue risk on either adapter. Keys live in Turnkey; our backend never holds key material.

For the blast-radius map (engine vs custody vs token), see Custody Broke. The Engine Didn’t..

This week at a glance

29 council sessions across 5 micro funds — 25 executed, 3 holds.
Week regime path: Risk-off (R-) → Neutral (N) — Effective macro regime is N with fresh coverage and 80% confidence.
Narrative tape (session-frozen): Across 16 active narrative(s), 30d momentum vs TOTAL3ES ranges from Privacy Coins at +51.7pp to SocialFi at -22.2pp.
lg-base01 NAV $57.89 (+5.3% 7d, 5 exec / 1 hold).
lg-base02 NAV $52.73 (-4.7% 7d, 5 exec / 0 hold).
BYTE led aggregate screens this week — a candidate signal, not an automatic trade.

Across the councils

Several Chairs flagged soft narrative tape — a large share of beta book value sat in narratives with negative 30d momentum vs TOTAL3ES. (base04, base05, base06, lg-base01, lg-base02; 5 funds).

Week regime · what the councils used

Regime path

Risk-off (R-) → Neutral (N)

Mon R- exec

Tue R+ exec

Wed R+ session

Thu R+ exec

Fri R+ exec

Sat N exec

Sampled from base04 sessions across the week

Closing macro brief

Neutral (N) · as of 2026-09-26

Effective macro regime is N with fresh coverage and 80% confidence.

Soft narrative tape

Across 16 active narrative(s), 30d momentum vs TOTAL3ES ranges from Privacy Coins at +51.7pp to SocialFi at -22.2pp.

75.4% of beta book value (attributed by primary narrative) sits in narratives with negative trailing 30d momentum vs TOTAL3ES.

Flagged in base04, base05, base06, lg-base01, lg-base02 Chair notes

Micro funds · week scan

Fund	NAV	7d	Sessions	Exec	Hold
base04	$43.26	+2.0%	6	5	0	Council
base05	$43.12	+0.5%	6	4	2	Council
base06	$35.39	+4.1%	6	6	0	Council
lg-base01	$57.89	+5.3%	6	5	1	Council
lg-base02	$52.73	-4.7%	5	5	0	Council

base04

$43.26 NAV

-0.1% 1d +2.0% 7d -13.5% 30d

6 sessions · 5 exec · 0 hold

base05

$43.12 NAV

-0.3% 1d +0.5% 7d -17.1% 30d

6 sessions · 4 exec · 2 hold

base06

$35.39 NAV

+1.5% 1d +4.1% 7d +14.9% 30d

6 sessions · 6 exec · 0 hold

lg-base01

$57.89 NAV

-2.9% 1d +5.3% 7d +7.3% 30d

6 sessions · 5 exec · 1 hold

lg-base02

$52.73 NAV

-0.9% 1d -4.7% 7d -8.3% 30d

5 sessions · 5 exec · 0 hold

base04 — council & book

✅

Closing session · executed reconciled · 26 September 2026

The rebalance executed and reconciled: the manager approved the package, and the fund moved toward a ratified posture of about 34% base, 22% cash, and 44% high beta, with the high-beta raise split proportionally across neiro and apeman.

Week strip: Mon exec · Tue exec · Wed session · Thu exec · Fri exec · Sat exec · 6 sessions

Open Council minutes →

Mon exec

Tue exec

Wed session

Thu exec

Fri exec

Sat exec

Week net · Cash 33.2% → 21.7% · Base 44.4% → 34.3% · High-beta 22.4% → 44%

Tue exec New entries at $1-2 notional sit near the $1.00 minimum; sub-minimum or friction-dominated trades may be skipped by the planner or consume most of the position's expected edge in round-trip cost.

Closing session

Cash 28.1% → 21.7% · Base 42.9% → 34.3% · High-beta 29% → 44%

Recommendation was projected onto the regime-band convergence step by validation.

Effective regime is neutral (risk-off news overlay ~-17 points against observed risk-on); the binding posture raise proceeds into a mixed regime read — size accordingly.
100% of beta book value sits in narratives with negative trailing 30d momentum vs TOTAL3ES; the beta raise deepens exposure to a lagging narrative cluster.
Round-trip cost at position notional is unmeasured for both incumbents (neiro, apeman); exit-cost figures (135 bps / 83 bps) are the only executable-cost facts available.

Current book

Cash 25.7% · Base 34.3% · High-beta 40%

CASH (USDC) 25.7% BASE (WETH) 34.3% NEIRO 20.1% APEMAN 20.0%

Top aggregate candidates — 7-day lookback , as of 26 September 2026

#1 BYTE Appeared in 7/7 source run(s) with avg rank 3.00, best rank 1, recency score 27.57.

#2 MDOGAI Appeared in 7/7 source run(s) with avg rank 3.14, best rank 2, recency score 29.06.

#3 NEIRO Appeared in 7/7 source run(s) with avg rank 3.57, best rank 2, recency score 29.43.

base05 — council & book

🔒

Closing session · maintain current · 26 September 2026

No trades executed: the council ratified the current book and the fund was not modified.

Week strip: Mon exec · Tue exec · Wed exec · Thu hold · Fri exec · Sat hold · 6 sessions

Open Council minutes →

Mon exec

Tue exec

Wed exec

Thu hold

Fri exec

Sat hold

Week net · Cash 23% → 13.8% · Base 28.2% → 22% · High-beta 48.8% → 64.2%

Thu hold 48.1% of beta book value attributed to Meme, a narrative with negative trailing 30d momentum vs TOTAL3ES; concentration risk is real but a same-week reversal of last session's jack add needs a named thesis…

Closing session

Cash 13% → 13.8% · Base 22.8% → 22% · High-beta 64.2%

Recommendation was projected onto the regime-band convergence step by validation.

82.8% of beta book value attributed to Meme narratives with negative trailing 30d momentum vs TOTAL3ES — narrative concentration is the book's standing structural risk
effective regime reads neutral on the news overlay despite risk-on hard data; conviction on any gross beta increase should be sized down accordingly
breadth at 4 positions sits at the bottom of the derived 4-10 band; adding a name is the normal fix, but only with evidence that survives the fresh/aggregate screen

Current book

Cash 13% · Base 22.9% · High-beta 64.1%

CASH (USDC) 13.0% BASE (WETH) 22.9% JACK 20.1% ROOST 18.9% PEEZY 14.1% AMKT 11.1%

Top aggregate candidates — 7-day lookback , as of 26 September 2026

#1 NOGS Appeared in 7/7 source run(s) with avg rank 6.00, best rank 2, recency score 18.33.

#2 JACK Appeared in 5/7 source run(s) with avg rank 2.40, best rank 1, recency score 22.78.

#3 ANLOG Appeared in 4/7 source run(s) with avg rank 3.25, best rank 1, recency score 14.54.

base06 — council & book

✅

Closing session · executed reconciled · 26 September 2026

The rebalance executed and reconciled: the council ratified a posture of about 15% cash, 18% base, and 67% high beta (from roughly 12.9/16.6/70.5) and adopted a resize trimming MSETH, Aerodrome, and PENDLE into reserves while holding the other five names; realized post-execution weights are not yet available, so the ratified target is not confirmed as achieved.

Week strip: Mon exec · Tue exec · Wed exec · Thu exec · Fri exec · Sat exec · 6 sessions

Open Council minutes →

Mon exec

Tue exec

Wed exec

Thu exec

Fri exec

Sat exec

Week net · Cash 26.9% → 15% · Base 34.9% → 18% · High-beta 38.2% → 67%

Tue exec Fresh-only candidates (221 cx, 9476 w, 9398 comp) have no aggregate screening history; any add should be sized as unconfirmed evidence, not conviction.

Closing session

Cash 12.9% → 15% · Base 16.6% → 18% · High-beta 70.5% → 67%

Recommendation was projected onto the regime-band convergence step by validation.

Effective regime is neutral (news overlay roughly -17 points) despite observed risk-on; do not treat the observed score as license to add beta beyond the posture reduction.
75.4% of beta book value sits in narratives with negative trailing 30d momentum vs TOTAL3ES; this supports trimming, not adding.
Aero is extended: RSI short 80.7 (+27.3), +47.6% unrealized, top-1 at 10.6% NAV — any trim should be sized as a discipline trim, not a thesis exit.

Current book

Cash 15% · Base 18% · High-beta 67%

CASH (USDC) 15.0% BASE (WETH) 18.0% W 12.7% NPC 12.6% COMP 12.0% ZEN 11.8% VVV 11.6% PENDLE 2.1% AERO 2.1% MSETH 2.1%

Top aggregate candidates — 7-day lookback , as of 26 September 2026

#1 RED Appeared in 7/7 source run(s) with avg rank 3.57, best rank 1, recency score 28.54.

#2 AERO Appeared in 6/7 source run(s) with avg rank 6.33, best rank 1, recency score 20.47.

#3 NPC Appeared in 6/7 source run(s) with avg rank 7.83, best rank 5, recency score 10.84.

lg-base01 — council & book

✅

Closing session · executed reconciled · 26 September 2026

The rebalance executed and reconciled: the council locked a fund posture of about 15% cash, 18% base, and 67% high beta and rotated the beta book by selling 1000x and fuse and entering auki.

Week strip: Mon exec · Tue exec · Wed exec · Thu exec · Fri hold · Sat exec · 6 sessions

Open Council minutes →

Mon exec

Tue exec

Wed exec

Thu exec

Fri hold

Sat exec

Week net · Cash 22% → 15% · Base 28% → 18% · High-beta 49.9% → 67%

Fri hold 10985 1000x shows a one-session adverse cluster; per continuity policy a reversal of a position the last session increased needs a named thesis change, not a single snapshot

Closing session

Cash 12.3% → 15% · Base 15.7% → 18% · High-beta 72% → 67%

Recommendation was projected onto the regime-band convergence step by validation.

Effective regime is neutral, not risk-on: a high-confidence risk-off news overlay (~-17 effective points) diverges from supportive hard data; treat the beta trim as the risk response and do not layer net beta…
53.4% of beta book value sits in narratives with negative trailing 30d momentum vs TOTAL3ES; the trim partially addresses this but the residual book remains momentum-tilted against the aggregate.
10267 anyone is aggregate rank 3 but absent from the latest fresh run — a coverage gap to monitor, not a sell trigger on one session.

Current book

Cash 15.6% · Base 18% · High-beta 66.4%

CASH (USDC) 15.6% BASE (WETH) 18.0% AUKI 10.3% WPEAQ 10.1% EDEL 9.9% FBOMB 9.6% PROPS 9.3% VVV 8.7% ANYONE 8.5%

Top aggregate candidates — 7-day lookback , as of 26 September 2026

#1 EDEL Appeared in 5/7 source run(s) with avg rank 3.40, best rank 1, recency score 22.11.

#2 PROPS Appeared in 5/7 source run(s) with avg rank 4.60, best rank 1, recency score 21.31.

#3 ANYONE Appeared in 5/7 source run(s) with avg rank 4.80, best rank 2, recency score 15.22.

lg-base02 — council & book

✅

Closing session · executed reconciled · 26 September 2026

The rebalance executed and reconciled: the council ratified a posture of about 14.7% cash, 18.3% base, and 67% high beta (up from roughly 11.9/18.3/69.9) and adopted a rotation exiting fuse and entering auki alongside trims of edel, jitosol, woon, and anyone and small increases in b3 and props; realized post-execution weights are not yet available.

Week strip: Mon exec · Wed exec · Thu exec · Fri exec · Sat exec · 5 sessions

Open Council minutes →

Mon exec

Wed exec

Thu exec

Fri exec

Sat exec

Week net · Cash 21.1% → 14.7% · Base 28.5% → 18.3% · High-beta 50.3% → 67%

Wed exec fuse at 18.6% NAV is the top-1 concentration fact; additions to fuse would deepen a binding condition — prefer trim or hold

Closing session

Cash 11.9% → 14.7% · Base 18.3% · High-beta 69.9% → 67%

Recommendation was projected onto the regime-band convergence step by validation.

Effective regime is neutral (news overlay ~-17 points) against an observed risk-on reading; treat this as a trim-at-the-margin session, not an add session.
48.0% of beta book value sits in narratives with negative trailing 30d momentum vs TOTAL3ES.
Fresh-only candidates red (161 bps round trip), skl (112 bps), and bnkr (48 bps) carry no aggregate history and no measured-axis coverage; any entry should be sized accordingly.

Current book

Cash 14.8% · Base 18.2% · High-beta 67%

CASH (USDC) 14.8% BASE (WETH) 18.2% EDEL 9.7% WOON 9.7% JITOSOL 9.6% ANYONE 9.6% PROPS 9.6% AUKI 9.5% B3 9.4%

Top aggregate candidates — 7-day lookback , as of 26 September 2026

#1 EDEL Appeared in 5/7 source run(s) with avg rank 3.60, best rank 1, recency score 21.86.

#2 PROPS Appeared in 5/7 source run(s) with avg rank 5.20, best rank 2, recency score 19.93.

#3 ANYONE Appeared in 5/7 source run(s) with avg rank 5.40, best rank 3, recency score 13.84.

Aggregate signal

✅ Aggregate signal

BYTE

Byte

Appeared in 7/7 daily runs across base04 over the 7-day lookback. Appeared in 7/7 source run(s) with avg rank 3.00, best rank 1, recency score 27.57.

What this teaches the future Fund Agent

Macro gates exposure. Use the session-frozen regime the council actually saw (this week: Neutral (N)) — not a later live refresh.

Daily screen ≠ automatic trade. Aggregate leaders inform the slate; they do not bypass Chair decision or execution gates.

Chair decides, system records. Seats analyze and propose; the Chair adjudicates; minutes and execution receipts stay public on each fund’s Council tab.

Inspect the same workflow

All Funds base04 Council base05 Council base06 Council lg-base01 Council lg-base02 Council Macros Narratives

What this teaches the future Fund Agent

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