Analysis window: since the 23 Oct snapshot (2026-10-23 → 2026-10-26). Holding moves, benchmark moves and market facts below are all measured over this window.

• High-yield spread: no observation within 4 days of 2026-10-23 (nearest on/before 2026-10-23: 2026-10-22; latest 2026-10-22) — excluded from the 2026-10-23 → 2026-10-26 window, not substituted from another period.
• US 10Y yield 4.98% (+2 bp, 2026-10-22 → 2026-10-26).
• VIX 18.4 (-0.6, 2026-10-22 → 2026-10-26).
• S&P 500 (SPY) +0.75% from 2026-10-23 to 2026-10-26.
• Nasdaq-100 (QQQ) outperformed SPY by 0.55 pts from 2026-10-23 to 2026-10-26.
• DAX +0.91% from 2026-10-23 to 2026-10-26.
• CAC 40 +0.83% from 2026-10-23 to 2026-10-26.
• FTSE 100 +0.72% from 2026-10-23 to 2026-10-26.
• AEX +0.14% from 2026-10-23 to 2026-10-26.

A move is company-specific only with causal evidence in the window — reported results, guidance or a primary filing of a thesis-moving kind — and only when it departs from its benchmark. A dated or merely relevant item (an opinion piece, a preview, an officer change) is listed but never treated as the cause; “unexplained” is preferred to a false explanation. Funds and trusts never get company attribution.

A domain with fewer fresh inputs than it requires is UNKNOWN, never green. Configure components in Setup.

Flows are diagnostic, never authority. A missing or stale reading stays NOT CHECKED / STALE — set a proxy and record readings in Setup.

Change and contribution compare the value shown (the current accepted snapshot) with the prior accepted snapshot. A sleeve shows — when any of its lines was traded or isn't priced on a comparable basis. An underweight sleeve is not authority to buy it.

Each rule's WATCH band is shown under its name; set it with "watch within" in the rulebook.

A freeze prevents a new allocation; it is not an instruction to sell an existing holding.

A condition that can't be evaluated is a capability gap, not a pass.

No negative, thesis-relevant company fact on record.

The register only lists negative, thesis-relevant facts about operating companies (funds and trusts are excluded); CONFIRMED means a primary filing. Thesis coverage: 7 of 7 holdings have a written thesis; 0 review(s) are stale. Holdings without one remain explicitly unverified.

No holding is below cost.

Reaching a review threshold triggers a review — it does not by itself authorise a sale.

Reconciliation: $0.00 vs $64.67 tolerance — exact, no exception.

Fundamentals

No confirmed company-level deterioration on record.

Price behaviour

Over the window since the 23 Oct snapshot: mixed / quiet period. 7 of 7 moves tracked their benchmark over the same window; 0 with no causal evidence on record;0 with causal company evidence (results, guidance or a primary filing); 4 with only a dated or relevant item, which is not treated as the cause.

Sizing

Within every cap.

New entry

Open under your rules.

Conclusion

The portfolio is not shown as broken. Worth $64,675 with $15,920 unrealised; no confirmed action signal.