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\"rebalance_every_days\": 10,\n        \"return_per_annual_turnover\": 0.0224560811786361,\n        \"target_volatility\": null,\n        \"top_n\": 10\n      }\n    ],\n    \"decisions\": [\n      {\n        \"decision\": \"Retain Liquid-500 for Salarium 1.0 portfolio construction; keep broad coverage as a separate discovery and research funnel.\",\n        \"finding\": \"The broader point-in-time universe reduced drawdown in the risk-scaled policy, but materially weakened annualized return, Sharpe, and ranking IC. More names did not create a better portfolio model.\",\n        \"key\": \"universe\",\n        \"metrics\": [\n          {\n            \"format\": \"percent\",\n            \"label\": \"Liquid-500 return\",\n            \"tone\": \"positive\",\n            \"value\": 0.2998458955181979\n          },\n          {\n            \"format\": \"percent\",\n            \"label\": \"Broad return\",\n            \"tone\": \"negative\",\n            \"value\": 0.1993069657421313\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"Sharpe delta\",\n            \"tone\": \"negative\",\n            \"value\": -0.167355835611376\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"Broad IC\",\n            \"tone\": \"negative\",\n            \"value\": -0.018350427640952\n          }\n        ],\n        \"question\": \"Did expanding the portfolio universe to roughly 2,000 names improve out-of-sample performance?\",\n        \"source_report\": \"reports/experiments/broad_vs_liquid500_walkforward.csv\",\n        \"status\": \"locked\",\n        \"step\": \"01\",\n        \"title\": \"Keep the Liquid-500 portfolio universe\"\n      },\n      {\n        \"decision\": \"Lock a 20-trading-day model horizon and 10-trading-day rebalance cadence.\",\n        \"finding\": \"Separating prediction horizon from trading cadence showed that Salarium's signal is slower-moving. The 20D model traded every 10 days improved both return and Sharpe versus the original 5D/5D design.\",\n        \"key\": \"horizon\",\n        \"metrics\": [\n          {\n            \"format\": \"percent\",\n            \"label\": \"20D/10D return\",\n            \"tone\": \"positive\",\n            \"value\": 0.7448254695982648\n          },\n          {\n            \"format\": \"percent\",\n            \"label\": \"5D/5D return\",\n            \"tone\": \"neutral\",\n            \"value\": 0.4050948110626997\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"20D/10D Sharpe\",\n            \"tone\": \"positive\",\n            \"value\": 1.1697988080365898\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"5D/5D Sharpe\",\n            \"tone\": \"neutral\",\n            \"value\": 0.8661547046626457\n          }\n        ],\n        \"question\": \"Was the original five-day target and five-day rebalance cadence too short and too active?\",\n        \"source_report\": \"reports/experiments/horizon_rebalance_static_matrix.csv\",\n        \"status\": \"locked\",\n        \"step\": \"02\",\n        \"title\": \"Predict 20 days; rebalance every 10\"\n      },\n      {\n        \"decision\": \"Keep Top-10 concentration with a rank-15 persistence buffer; manage joint risk through covariance rather than indiscriminate breadth.\",\n        \"finding\": \"Additional breadth reduced volatility and turnover, but diluted return faster than it improved risk-adjusted performance. The model's useful alpha remained concentrated near the top of the ranking.\",\n        \"key\": \"breadth\",\n        \"metrics\": [\n          {\n            \"format\": \"percent\",\n            \"label\": \"Top-10 return\",\n            \"tone\": \"positive\",\n            \"value\": 0.7448254695982648\n          },\n          {\n            \"format\": \"percent\",\n            \"label\": \"Top-75 return\",\n            \"tone\": \"negative\",\n            \"value\": 0.3561196861954114\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"Top-10 Sharpe\",\n            \"tone\": \"positive\",\n            \"value\": 1.1697988080365898\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"Top-75 Sharpe\",\n            \"tone\": \"neutral\",\n            \"value\": 1.0125276808540618\n          }\n        ],\n        \"question\": \"Could a broader 20\\u201375 name portfolio preserve alpha while reducing risk?\",\n        \"source_report\": \"reports/experiments/portfolio_breadth_static.csv\",\n        \"status\": \"locked\",\n        \"step\": \"03\",\n        \"title\": \"Concentrate on the Top-10\"\n      },\n      {\n        \"decision\": \"Use 60D shrinkage maximum diversification as the primary risk anchor; retain minimum variance as the defensive comparator.\",\n        \"finding\": \"A 60D Ledoit-Wolf maximum-diversification portfolio improved Sharpe and Sortino while modestly improving drawdown versus inverse-volatility weighting. The optimizer completed without fallback in the selected configuration.\",\n        \"key\": \"covariance\",\n        \"metrics\": [\n          {\n            \"format\": \"number\",\n            \"label\": \"Max-div Sharpe\",\n            \"tone\": \"positive\",\n            \"value\": 1.2160074299359995\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"Inverse-vol Sharpe\",\n            \"tone\": \"neutral\",\n            \"value\": 1.1697988080365898\n          },\n          {\n            \"format\": \"percent\",\n            \"label\": \"Max-div return\",\n            \"tone\": \"positive\",\n            \"value\": 0.7541707872271484\n          },\n          {\n            \"format\": \"percent\",\n            \"label\": \"Fallback rate\",\n            \"tone\": \"positive\",\n            \"value\": 0.0\n          }\n        ],\n        \"question\": \"Could covariance-aware construction preserve concentrated alpha while reducing redundant correlated risk?\",\n        \"source_report\": \"reports/experiments/covariance_portfolio_overall.csv\",\n        \"status\": \"locked\",\n        \"step\": \"04\",\n        \"title\": \"Replace standalone risk with joint risk\"\n      },\n      {\n        \"decision\": \"Blend 25% signal-aware weights with 75% covariance-risk weights under the 18% single-name cap.\",\n        \"finding\": \"A 25% signal blend increased the balanced mandate's simulated return while leaving overall Sharpe nearly unchanged. Higher blends continued to raise return but progressively increased volatility and drawdown.\",\n        \"key\": \"signal_blend\",\n        \"metrics\": [\n          {\n            \"format\": \"percent\",\n            \"label\": \"25% return\",\n            \"tone\": \"positive\",\n            \"value\": 0.4821931404002764\n          },\n          {\n            \"format\": \"percent\",\n            \"label\": \"0% return\",\n            \"tone\": \"neutral\",\n            \"value\": 0.4612679542797635\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"25% Sharpe\",\n            \"tone\": \"positive\",\n            \"value\": 1.297916741674641\n          },\n          {\n            \"format\": \"percent\",\n            \"label\": \"25% drawdown\",\n            \"tone\": \"negative\",\n            \"value\": -0.4956375902744995\n          }\n        ],\n        \"question\": \"Should conviction influence weights after Top-10 selection and covariance optimization?\",\n        \"source_report\": \"reports/experiments/signal_aware_covariance_overall.csv\",\n        \"status\": \"locked\",\n        \"step\": \"05\",\n        \"title\": \"Give the signal a governed 25% vote\"\n      },\n      {\n        \"decision\": \"Retain a hard 1.25x governance ceiling as permission\\u2014not a target\\u2014and keep the selected mandate unlevered unless future risk evidence earns additional exposure.\",\n        \"finding\": \"The selected portfolio and exposure policies did not require leverage above 1.00x in the committed evaluation. The risk layer found more value in de-risking than in borrowing additional capital.\",\n        \"key\": \"leverage\",\n        \"metrics\": [\n          {\n            \"format\": \"number\",\n            \"label\": \"Hard ceiling\",\n            \"tone\": \"neutral\",\n            \"value\": 1.25\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"Observed max\",\n            \"tone\": \"positive\",\n            \"value\": 1.0\n          },\n          {\n            \"format\": \"percent\",\n            \"label\": \"Leveraged periods\",\n            \"tone\": \"positive\",\n            \"value\": 0.0\n          },\n          {\n            \"format\": \"number\",\n            \"label\": \"Average exposure\",\n            \"tone\": \"neutral\",\n            \"value\": 0.5341726618705037\n          }\n        ],\n        \"question\": \"Did the evidence justify using portfolio exposure above 1.00x?\",\n        \"source_report\": 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bias."],"provenance":{"config":"configs/crisis_diversifier_research.json","config_sha256":"04e28d4b32a694592d780e635bbed98cbc1d73cf01b9f871d3e426eb05ab36ef","baseline_source":"results/signal_aware_covariance/signal_aware_covariance_results.csv","baseline_source_sha256":"80a3d8d93506393dcc2aef375ad2eb2932bf58d17376cafd469e93e20ce0d979","proxy_report":"reports/experiments/crisis_diversifier_proxy_prices.csv","proxy_report_sha256":"f233107a246a83b4c3686aedd89f8356d1644f5f3857d158e25d32063ff3ceee","verdict_report":"reports/experiments/crisis_diversifier_verdict.md","git_branch":"feat/institutional-website-redesign-20260811-211413","git_commit":"f9f5d61dd621ed4eb474df4c1cd1b82c1a2b689c","git_dirty":true}}},{"name":"decision_archive.json","sha256":"974c27c83bb5af64be43b94ac064eb4ee406806984d9e9124832b2c06929e1a4","raw_utf8":"{\n  \"schema_version\": \"1.0\",\n  \"coverage\": \"Recorded rebalance snapshots preserved from Git history and subsequent governed publications; not a complete 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fresh prices are scored after each eligible market close.\",\n          \"The live macro regime feed is not yet governed, so the baseline exposure fails closed to the configured neutral 75% level.\",\n          \"Yahoo is used as a research data source and is not an exchange-grade production feed.\",\n          \"No brokerage connection, order generation, order submission, or live capital is permitted.\",\n          \"The drawdown floor is soft and cannot prevent losses caused by gaps or missing liquidity.\"\n        ],\n        \"forward_portfolio\": {\n          \"baseline_equity_exposure\": 0.75,\n          \"cash_proxy\": \"BIL\",\n          \"cash_weight\": 0.33999999999999997,\n          \"completed_intervals\": 0,\n          \"controller\": {\n            \"cushion_ratio\": 0.22,\n            \"exposure_cap\": 0.66,\n            \"soft_floor_value\": 78000.0\n          },\n          \"current_drawdown\": -0.0006599999999999939,\n          \"high_water_mark\": 100000.0,\n          \"holdings\": [\n            {\n              \"base_weight\": 0.07484918765211061,\n              \"company_name\": \"Navitas Semiconductor Corporation - Common Stock\",\n              \"paper_weight\": 0.049400463850393005,\n              \"rank\": 1,\n              \"reference_price\": 13.600000381469727,\n              \"ticker\": \"NVTS\"\n            },\n            {\n              \"base_weight\": 0.157480488333504,\n              \"company_name\": \"Intuitive Machines, Inc. - Class A Common Stock\",\n              \"paper_weight\": 0.10393712230011265,\n              \"rank\": 2,\n              \"reference_price\": 16.479999542236328,\n              \"ticker\": \"LUNR\"\n            },\n            {\n              \"base_weight\": 0.09566583587478822,\n              \"company_name\": \"Applied Digital Corporation - Common Stock\",\n              \"paper_weight\": 0.06313945167736022,\n              \"rank\": 3,\n              \"reference_price\": 29.690000534057617,\n              \"ticker\": \"APLD\"\n            },\n            {\n              \"base_weight\": 0.162698167841942,\n              \"company_name\": \"DigitalOcean Holdings, Inc. Common Stock\",\n              \"paper_weight\": 0.10738079077568172,\n              \"rank\": 4,\n              \"reference_price\": 120.86000061035156,\n              \"ticker\": \"DOCN\"\n            },\n            {\n              \"base_weight\": 0.06814697195593784,\n              \"company_name\": \"Riot Platforms, Inc. - Common Stock\",\n              \"paper_weight\": 0.04497700149091898,\n              \"rank\": 5,\n              \"reference_price\": 20.239999771118164,\n              \"ticker\": \"RIOT\"\n            },\n            {\n              \"base_weight\": 0.02333164541743544,\n              \"company_name\": \"IREN Limited - Ordinary Shares\",\n              \"paper_weight\": 0.01539888597550739,\n              \"rank\": 6,\n              \"reference_price\": 39.75,\n              \"ticker\": \"IREN\"\n            },\n            {\n              \"base_weight\": 0.15594787451587147,\n              \"company_name\": \"MACOM Technology Solutions Holdings, Inc. - Common Stock\",\n              \"paper_weight\": 0.10292559718047517,\n              \"rank\": 7,\n              \"reference_price\": 299.92999267578125,\n              \"ticker\": \"MTSI\"\n            },\n            {\n              \"base_weight\": 0.14306149638059434,\n              \"company_name\": \"Rocket Lab Corporation - Common Stock\",\n              \"paper_weight\": 0.09442058761119228,\n              \"rank\": 8,\n              \"reference_price\": 80.01000213623047,\n              \"ticker\": \"RKLB\"\n            },\n            {\n              \"base_weight\": 0.01985732617188199,\n              \"company_name\": \"Oklo Inc. Class A common stock\",\n              \"paper_weight\": 0.013105835273442114,\n              \"rank\": 9,\n              \"reference_price\": 47.0099983215332,\n              \"ticker\": \"OKLO\"\n            },\n            {\n              \"base_weight\": 0.09896100585593418,\n              \"company_name\": \"Cipher Digital Inc. - Common Stock\",\n              \"paper_weight\": 0.06531426386491655,\n              \"rank\": 10,\n              \"reference_price\": 17.209999084472656,\n              \"ticker\": \"CIFR\"\n            }\n          ],\n          \"indicative_nav\": 99934.0,\n          \"last_completed_nav\": 99934.0,\n          \"last_rebalance_date\": \"2026-08-11\",\n          \"portfolio_diagnostics\": {\n            \"average_pairwise_correlation\": 0.4702755272824349,\n            \"covariance_observations\": 60,\n            \"maximum_pairwise_correlation\": 0.7672396327389872,\n            \"optimizer_fallback\": false,\n            \"optimizer_reason\": \"ok\"\n          },\n          \"rebalance_due\": false,\n          \"rebalance_performed\": true,\n          \"sessions_since_rebalance\": 0,\n          \"sessions_until_next_rebalance\": 10,\n          \"shadow_equity_exposure\": 0.66,\n          \"status\": \"active_awaiting_first_completed_interval\"\n        },\n        \"generated_at_utc\": \"2026-08-12T04:36:26.048747+00:00\",\n        \"governance\": {\n          \"append_only_ledger\": true,\n          \"automatic_model_retraining\": false,\n          \"brokerage_connection\": false,\n          \"canonical_release_unchanged\": true,\n          \"historical_backfill\": false,\n          \"live_capital\": false,\n          \"order_generation\": false,\n          \"order_submission\": false,\n          \"paper_only\": true\n        },\n        \"latest_signal_state\": {\n          \"count\": 25,\n          \"date\": \"2026-08-11\",\n          \"rankings\": [\n            {\n              \"company_name\": \"Navitas Semiconductor Corporation - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 1,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.06347059180783697,\n              \"score_percentile\": 1.0,\n              \"ticker\": \"NVTS\",\n              \"volatility_20d\": 0.07440953234428183\n            },\n            {\n              \"company_name\": \"Intuitive Machines, Inc. - Class A Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 2,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.05982070315942444,\n              \"score_percentile\": 0.9979879275653923,\n              \"ticker\": \"LUNR\",\n              \"volatility_20d\": 0.05678509904080008\n            },\n            {\n              \"company_name\": \"Applied Digital Corporation - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 3,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.05017069695944688,\n              \"score_percentile\": 0.9959758551307847,\n              \"ticker\": \"APLD\",\n              \"volatility_20d\": 0.0733600110044515\n            },\n            {\n              \"company_name\": \"DigitalOcean Holdings, Inc. Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 4,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04775646689823833,\n              \"score_percentile\": 0.993963782696177,\n              \"ticker\": \"DOCN\",\n              \"volatility_20d\": 0.0632529297174779\n            },\n            {\n              \"company_name\": \"Riot Platforms, Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 5,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04600146936129407,\n              \"score_percentile\": 0.9919517102615694,\n              \"ticker\": \"RIOT\",\n              \"volatility_20d\": 0.07786043292828686\n            },\n            {\n              \"company_name\": \"IREN Limited - Ordinary Shares\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 6,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04582411478464465,\n              \"score_percentile\": 0.9899396378269618,\n              \"ticker\": \"IREN\",\n              \"volatility_20d\": 0.10141252194585557\n            },\n            {\n              \"company_name\": \"MACOM Technology Solutions Holdings, Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 7,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04461018683586273,\n              \"score_percentile\": 0.9879275653923542,\n              \"ticker\": \"MTSI\",\n              \"volatility_20d\": 0.055983980343282634\n            },\n            {\n              \"company_name\": \"Rocket Lab Corporation - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 8,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.044054288852115556,\n              \"score_percentile\": 0.9859154929577465,\n              \"ticker\": \"RKLB\",\n              \"volatility_20d\": 0.059895736670282786\n            },\n            {\n              \"company_name\": \"Oklo Inc. 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Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 15,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04362281807034319,\n              \"score_percentile\": 0.971830985915493,\n              \"ticker\": \"MP\",\n              \"volatility_20d\": 0.052854612008285035\n            },\n            {\n              \"company_name\": \"IonQ, Inc. Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 16,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.0436065634947264,\n              \"score_percentile\": 0.9698189134808853,\n              \"ticker\": \"IONQ\",\n              \"volatility_20d\": 0.059227250553975375\n            },\n            {\n              \"company_name\": \"Super Micro Computer, Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 17,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04340246566944225,\n              \"score_percentile\": 0.9678068410462777,\n              \"ticker\": \"SMCI\",\n              \"volatility_20d\": 0.06836668970005327\n            },\n            {\n              \"company_name\": \"Credo Technology Group Holding Ltd - Ordinary Shares\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 18,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04336437122465491,\n              \"score_percentile\": 0.9647887323943662,\n              \"ticker\": \"CRDO\",\n              \"volatility_20d\": 0.06524735272111751\n            },\n            {\n              \"company_name\": \"Rigetti Computing, Inc.  - Common stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 19,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04336437122465491,\n              \"score_percentile\": 0.9647887323943662,\n              \"ticker\": \"RGTI\",\n              \"volatility_20d\": 0.06412300691147321\n            },\n            {\n              \"company_name\": \"Joby Aviation, Inc. 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\"company_name\": \"Navitas Semiconductor Corporation - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 19,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04733973594907474,\n              \"score_percentile\": 0.9639278557114228,\n              \"ticker\": \"NVTS\",\n              \"volatility_20d\": 0.058922196863917004\n            },\n            {\n              \"company_name\": \"Applied Materials, Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 20,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04732680229283449,\n              \"score_percentile\": 0.9619238476953907,\n              \"ticker\": \"AMAT\",\n              \"volatility_20d\": 0.04948322405154494\n            },\n 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Class A common stock\",\n              \"paper_weight\": 0.01653553641464193,\n              \"rank\": 4,\n              \"reference_price\": 38.81999969482422,\n              \"ticker\": \"OKLO\"\n            },\n            {\n              \"base_weight\": 0.10940824889072286,\n              \"company_name\": \"Intuitive Machines, Inc. - Class A Common Stock\",\n              \"paper_weight\": 0.06850054891753707,\n              \"rank\": 5,\n              \"reference_price\": 15.239999771118164,\n              \"ticker\": \"LUNR\"\n            },\n            {\n              \"base_weight\": 0.1597197548305075,\n              \"company_name\": \"MARA Holdings, Inc. - Common Stock\",\n              \"paper_weight\": 0.10000060315188836,\n              \"rank\": 6,\n              \"reference_price\": 13.350000381469727,\n              \"ticker\": \"MARA\"\n            },\n            {\n              \"base_weight\": 0.15966512354797013,\n              \"company_name\": \"HubSpot, Inc. Common Stock\",\n              \"paper_weight\": 0.09996639848377768,\n              \"rank\": 7,\n              \"reference_price\": 226.02999877929688,\n              \"ticker\": \"HUBS\"\n            },\n            {\n              \"base_weight\": 0.05088308151817207,\n              \"company_name\": \"AST SpaceMobile, Inc. - Class A Common Stock\",\n              \"paper_weight\": 0.031857917935346126,\n              \"rank\": 9,\n              \"reference_price\": 59.97999954223633,\n              \"ticker\": \"ASTS\"\n            }\n          ],\n          \"indicative_nav\": 98475.17563705462,\n          \"last_completed_nav\": 98475.17563705462,\n          \"last_rebalance_date\": \"2026-09-23\",\n          \"portfolio_diagnostics\": {\n            \"average_pairwise_correlation\": 0.2790397495952266,\n            \"covariance_observations\": 60,\n            \"maximum_pairwise_correlation\": 0.754398062806009,\n            \"optimizer_fallback\": false,\n            \"optimizer_reason\": \"ok\"\n          },\n          \"rebalance_due\": false,\n          \"rebalance_performed\": true,\n          \"sessions_since_rebalance\": 10,\n          \"sessions_until_next_rebalance\": 10,\n          \"shadow_equity_exposure\": 0.6261004047871704,\n          \"status\": \"active_forward_paper\"\n        },\n        \"generated_at_utc\": \"2026-09-25T00:42:15.769871+00:00\",\n        \"governance\": {\n          \"append_only_ledger\": true,\n          \"automatic_model_retraining\": false,\n          \"brokerage_connection\": false,\n          \"canonical_release_unchanged\": true,\n          \"historical_backfill\": false,\n          \"live_capital\": false,\n          \"order_generation\": false,\n          \"order_submission\": false,\n          \"paper_only\": true\n        },\n        \"latest_signal_state\": {\n          \"count\": 25,\n          \"date\": \"2026-09-23\",\n          \"rankings\": [\n            {\n              \"company_name\": \"T1 Energy Inc. Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 1,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.05476872253591856,\n              \"score_percentile\": 1.0,\n              \"ticker\": \"TE\",\n              \"volatility_20d\": 0.05464163378902968\n            },\n            {\n              \"company_name\": \"Atlassian Corporation  - Class A Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 2,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04741347394220769,\n              \"score_percentile\": 0.9979959919839679,\n              \"ticker\": \"TEAM\",\n              \"volatility_20d\": 0.03725142912684114\n            },\n            {\n              \"company_name\": \"NuScale Power Corporation Class A Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 3,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.0458947453278253,\n              \"score_percentile\": 0.9959919839679359,\n              \"ticker\": \"SMR\",\n              \"volatility_20d\": 0.06554991934420225\n            },\n            {\n              \"company_name\": \"Oklo Inc. Class A common stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 4,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04587599012770578,\n              \"score_percentile\": 0.9939879759519038,\n              \"ticker\": \"OKLO\",\n              \"volatility_20d\": 0.049286151243406455\n            },\n            {\n              \"company_name\": \"Intuitive Machines, Inc. - Class A Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 5,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.045521790907980406,\n              \"score_percentile\": 0.9919839679358717,\n              \"ticker\": \"LUNR\",\n              \"volatility_20d\": 0.04712994112471501\n            },\n            {\n              \"company_name\": \"MARA Holdings, Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 6,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04520576347804111,\n              \"score_percentile\": 0.9899799599198397,\n              \"ticker\": \"MARA\",\n              \"volatility_20d\": 0.05716764845547884\n            },\n            {\n              \"company_name\": \"HubSpot, Inc. Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 7,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.045183348115053645,\n              \"score_percentile\": 0.9879759519038076,\n              \"ticker\": \"HUBS\",\n              \"volatility_20d\": 0.044169073673831716\n            },\n            {\n              \"company_name\": \"Applied Digital Corporation - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 8,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04435998418269857,\n              \"score_percentile\": 0.9859719438877755,\n              \"ticker\": \"APLD\",\n              \"volatility_20d\": 0.050159930228939636\n            },\n            {\n              \"company_name\": \"AST SpaceMobile, Inc. - Class A Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 9,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.0440398837870362,\n              \"score_percentile\": 0.9839679358717435,\n              \"ticker\": \"ASTS\",\n              \"volatility_20d\": 0.04959524064401352\n            },\n            {\n              \"company_name\": \"Ciena Corporation Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 10,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04383406971047181,\n              \"score_percentile\": 0.9819639278557114,\n              \"ticker\": \"CIEN\",\n              \"volatility_20d\": 0.04627469460933073\n            },\n            {\n              \"company_name\": \"Cipher Digital Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 11,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04381209658204406,\n              \"score_percentile\": 0.9799599198396793,\n              \"ticker\": \"CIFR\",\n              \"volatility_20d\": 0.06508305322643894\n            },\n            {\n              \"company_name\": \"CleanSpark, Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 12,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04380246380018913,\n              \"score_percentile\": 0.9779559118236473,\n              \"ticker\": \"CLSK\",\n              \"volatility_20d\": 0.05400312719849376\n            },\n            {\n              \"company_name\": \"Viavi Solutions Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 13,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04379515014885372,\n              \"score_percentile\": 0.9759519038076152,\n              \"ticker\": \"VIAV\",\n              \"volatility_20d\": 0.04625330417317988\n            },\n            {\n              \"company_name\": \"lululemon athletica inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 14,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.043702402051634316,\n              \"score_percentile\": 0.9739478957915831,\n              \"ticker\": \"LULU\",\n              \"volatility_20d\": 0.04633880529723961\n            },\n            {\n              \"company_name\": \"Palo Alto Networks, Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 15,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04351636637124832,\n              \"score_percentile\": 0.9719438877755511,\n              \"ticker\": \"PANW\",\n              \"volatility_20d\": 0.052509585053722045\n            },\n            {\n              \"company_name\": \"Hut 8 Corp. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 16,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04346434227670807,\n              \"score_percentile\": 0.969939879759519,\n              \"ticker\": \"HUT\",\n              \"volatility_20d\": 0.05564933099500023\n            },\n            {\n              \"company_name\": \"SiTime Corporation - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 17,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04320933012514263,\n              \"score_percentile\": 0.9679358717434869,\n              \"ticker\": \"SITM\",\n              \"volatility_20d\": 0.047515232442905446\n            },\n            {\n              \"company_name\": \"TeraWulf Inc. - Common Stock\",\n              \"model_configuration\": \"governed_technical_hardened_horizon_20d\",\n              \"rank\": 18,\n              \"regime_is_confident\": false,\n              \"risk_state\": \"neutral\",\n              \"score\": 0.04310757043441668,\n              \"score_percentile\": 0.9659318637274549,\n              \"ticker\": \"WULF\",\n              \"volatility_20d\": 0.053100781810992884\n            },\n            {\n              \"company_name\": \"POET Technologies Inc. - 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