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Commentary · Monthly Notes
Monthly notes — NAV review · attribution · vs baselines · self-audit. Style follows whitepaper STYLE.md.
Inception Report · May 2026 2026-05-26 verdict pending
Inception report covering the 125-day framework-monitoring period. Base / Bull / Bear NAVs at +5.4% / +7.4% / +3.0%. Current regime in Q4 (stagflation hedge); β_USD = -0.96 dominates the factor exposure.
inceptionregime-Q4duration-overweight
Each note follows the 7-section template documented in whitepaper STYLE.md. The verdict line — when present — is always the last sentence.