{
  "architecture": {
    "model_horizon_days": 20,
    "persistence_buffer_rank": 15,
    "portfolio_top_n": 10,
    "rebalance_every_days": 10,
    "universe": "Liquid-500"
  },
  "data_quality": {
    "feature_coverage": 0.998,
    "feature_rows": 499,
    "market_coverage": 0.998,
    "market_names_on_signal_date": 499,
    "market_rows": 61501,
    "maximum_stale_calendar_days": 4,
    "passed": true,
    "provider": "yahoo_research_feed",
    "requested_as_of": "2026-10-01",
    "signal_date": "2026-09-29"
  },
  "disclosures": [
    "This is an append-only forward paper feed, not live investment performance.",
    "The model is frozen between governed validation releases; fresh prices are scored after each eligible market close.",
    "The live macro regime feed is not yet governed, so the baseline exposure fails closed to the configured neutral 75% level.",
    "Yahoo is used as a research data source and is not an exchange-grade production feed.",
    "No brokerage connection, order generation, order submission, or live capital is permitted.",
    "The drawdown floor is soft and cannot prevent losses caused by gaps or missing liquidity."
  ],
  "forward_portfolio": {
    "baseline_equity_exposure": 0.75,
    "cash_proxy": "BIL",
    "cash_weight": 0.37389959521282956,
    "completed_intervals": 3,
    "controller": {
      "cushion_ratio": 0.2087001349290568,
      "exposure_cap": 0.6261004047871704,
      "soft_floor_value": 78000.0
    },
    "current_drawdown": -0.06056784877599042,
    "high_water_mark": 100000.0,
    "holdings": [
      {
        "base_weight": 0.06431240644722283,
        "company_name": "T1 Energy Inc. Common Stock",
        "paper_weight": 0.040266023709443245,
        "rank": 2,
        "reference_price": 4.039999961853027,
        "ticker": "TE"
      },
      {
        "base_weight": 0.15658960550488563,
        "company_name": "Ciena Corporation Common Stock",
        "paper_weight": 0.09804081539207223,
        "rank": 26,
        "reference_price": 355.9100036621094,
        "ticker": "CIEN"
      },
      {
        "base_weight": 0.03543421581506913,
        "company_name": "Applied Digital Corporation - Common Stock",
        "paper_weight": 0.022185376865130738,
        "rank": 11,
        "reference_price": 27.229999542236328,
        "ticker": "APLD"
      },
      {
        "base_weight": 0.16294014522739247,
        "company_name": "Atlassian Corporation  - Class A Common Stock",
        "paper_weight": 0.10201689088295077,
        "rank": 85,
        "reference_price": 195.0800018310547,
        "ticker": "TEAM"
      },
      {
        "base_weight": 0.07463705929126056,
        "company_name": "NuScale Power Corporation Class A Common Stock",
        "paper_weight": 0.04673029303438228,
        "rank": 180,
        "reference_price": 8.680000305175781,
        "ticker": "SMR"
      },
      {
        "base_weight": 0.026410358926796787,
        "company_name": "Oklo Inc. Class A common stock",
        "paper_weight": 0.01653553641464193,
        "rank": 5,
        "reference_price": 38.81999969482422,
        "ticker": "OKLO"
      },
      {
        "base_weight": 0.10940824889072286,
        "company_name": "Intuitive Machines, Inc. - Class A Common Stock",
        "paper_weight": 0.06850054891753707,
        "rank": 3,
        "reference_price": 15.239999771118164,
        "ticker": "LUNR"
      },
      {
        "base_weight": 0.1597197548305075,
        "company_name": "MARA Holdings, Inc. - Common Stock",
        "paper_weight": 0.10000060315188836,
        "rank": 16,
        "reference_price": 13.350000381469727,
        "ticker": "MARA"
      },
      {
        "base_weight": 0.15966512354797013,
        "company_name": "HubSpot, Inc. Common Stock",
        "paper_weight": 0.09996639848377768,
        "rank": 117,
        "reference_price": 226.02999877929688,
        "ticker": "HUBS"
      },
      {
        "base_weight": 0.05088308151817207,
        "company_name": "AST SpaceMobile, Inc. - Class A Common Stock",
        "paper_weight": 0.031857917935346126,
        "rank": 7,
        "reference_price": 59.97999954223633,
        "ticker": "ASTS"
      }
    ],
    "indicative_nav": 93943.21512240096,
    "last_completed_nav": 98475.17563705462,
    "last_rebalance_date": "2026-09-23",
    "portfolio_diagnostics": {
      "average_pairwise_correlation": 0.2790397495952266,
      "covariance_observations": 60,
      "maximum_pairwise_correlation": 0.754398062806009,
      "optimizer_fallback": false,
      "optimizer_reason": "ok"
    },
    "rebalance_due": false,
    "rebalance_performed": false,
    "sessions_since_rebalance": 4,
    "sessions_until_next_rebalance": 6,
    "shadow_equity_exposure": 0.6261004047871704,
    "status": "active_forward_paper"
  },
  "generated_at_utc": "2026-10-01T01:26:32.355394+00:00",
  "governance": {
    "append_only_ledger": true,
    "automatic_model_retraining": false,
    "brokerage_connection": false,
    "canonical_release_unchanged": true,
    "historical_backfill": false,
    "live_capital": false,
    "order_generation": false,
    "order_submission": false,
    "paper_only": true
  },
  "latest_signal_state": {
    "count": 25,
    "date": "2026-09-29",
    "rankings": [
      {
        "company_name": "Fair Isaac Corporation Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 1,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.07144788964534989,
        "score_percentile": 1.0,
        "ticker": "FICO",
        "volatility_20d": 0.0702487682190439
      },
      {
        "company_name": "T1 Energy Inc. Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 2,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.05012129386550512,
        "score_percentile": 0.9979959919839679,
        "ticker": "TE",
        "volatility_20d": 0.0506885063559587
      },
      {
        "company_name": "Intuitive Machines, Inc. - Class A Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 3,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04396009868961429,
        "score_percentile": 0.9959919839679359,
        "ticker": "LUNR",
        "volatility_20d": 0.04725238588241754
      },
      {
        "company_name": "Core Scientific, Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 4,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.043906833979681786,
        "score_percentile": 0.9939879759519038,
        "ticker": "CORZ",
        "volatility_20d": 0.04005446398919353
      },
      {
        "company_name": "Oklo Inc. Class A common stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 5,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04373246603957534,
        "score_percentile": 0.9919839679358717,
        "ticker": "OKLO",
        "volatility_20d": 0.045833704987979486
      },
      {
        "company_name": "Cipher Digital Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 6,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.043222944902943754,
        "score_percentile": 0.9899799599198397,
        "ticker": "CIFR",
        "volatility_20d": 0.062012076388658084
      },
      {
        "company_name": "AST SpaceMobile, Inc. - Class A Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 7,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04321097298490448,
        "score_percentile": 0.9879759519038076,
        "ticker": "ASTS",
        "volatility_20d": 0.04746741157105221
      },
      {
        "company_name": "Coherent Corp. Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 8,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04308575285833406,
        "score_percentile": 0.9859719438877755,
        "ticker": "COHR",
        "volatility_20d": 0.04966048997183677
      },
      {
        "company_name": "Viavi Solutions Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 9,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.043058947580786405,
        "score_percentile": 0.9839679358717435,
        "ticker": "VIAV",
        "volatility_20d": 0.048952017563254624
      },
      {
        "company_name": "DigitalOcean Holdings, Inc. Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 10,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04303569484473502,
        "score_percentile": 0.9819639278557114,
        "ticker": "DOCN",
        "volatility_20d": 0.05154295222007614
      },
      {
        "company_name": "Applied Digital Corporation - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 11,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04301140665864356,
        "score_percentile": 0.9799599198396793,
        "ticker": "APLD",
        "volatility_20d": 0.04775404222568497
      },
      {
        "company_name": "Hut 8 Corp. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 12,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04292184135054387,
        "score_percentile": 0.9779559118236473,
        "ticker": "HUT",
        "volatility_20d": 0.052948046258273346
      },
      {
        "company_name": "Coinbase Global, Inc. - Class A Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 13,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04286972495421479,
        "score_percentile": 0.9759519038076152,
        "ticker": "COIN",
        "volatility_20d": 0.05502659197502973
      },
      {
        "company_name": "Riot Platforms, Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 14,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04280110690302632,
        "score_percentile": 0.9739478957915831,
        "ticker": "RIOT",
        "volatility_20d": 0.05335272158777158
      },
      {
        "company_name": "TeraWulf Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 15,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.042594461537415806,
        "score_percentile": 0.9719438877755511,
        "ticker": "WULF",
        "volatility_20d": 0.051193393911352573
      },
      {
        "company_name": "MARA Holdings, Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 16,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.042220948513928186,
        "score_percentile": 0.969939879759519,
        "ticker": "MARA",
        "volatility_20d": 0.050910644646266975
      },
      {
        "company_name": "CleanSpark, Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 17,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04215028297008084,
        "score_percentile": 0.9679358717434869,
        "ticker": "CLSK",
        "volatility_20d": 0.047024769100745524
      },
      {
        "company_name": "SiTime Corporation - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 18,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04195338271188941,
        "score_percentile": 0.9659318637274549,
        "ticker": "SITM",
        "volatility_20d": 0.045777477249008255
      },
      {
        "company_name": "POET Technologies Inc. - Common Shares",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 19,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04194286070476916,
        "score_percentile": 0.9639278557114228,
        "ticker": "POET",
        "volatility_20d": 0.044633667941153865
      },
      {
        "company_name": "Astera Labs, Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 20,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.041795358771847715,
        "score_percentile": 0.9619238476953907,
        "ticker": "ALAB",
        "volatility_20d": 0.061102502156589744
      },
      {
        "company_name": "Tower Semiconductor Ltd. - Ordinary Shares",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 21,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04179275999888131,
        "score_percentile": 0.9599198396793587,
        "ticker": "TSEM",
        "volatility_20d": 0.04570198509764971
      },
      {
        "company_name": "Lumentum Holdings Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 22,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.041618691366554744,
        "score_percentile": 0.9579158316633266,
        "ticker": "LITE",
        "volatility_20d": 0.049246938605137035
      },
      {
        "company_name": "Robinhood Markets, Inc. - Class A Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 23,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04158390718136327,
        "score_percentile": 0.9559118236472945,
        "ticker": "HOOD",
        "volatility_20d": 0.05023434892078124
      },
      {
        "company_name": "Moderna, Inc. - Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 24,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04154454592499267,
        "score_percentile": 0.9539078156312625,
        "ticker": "MRNA",
        "volatility_20d": 0.04699780052312078
      },
      {
        "company_name": "Hewlett Packard Enterprise Company Common Stock",
        "model_configuration": "governed_technical_hardened_horizon_20d",
        "rank": 25,
        "regime_is_confident": false,
        "risk_state": "neutral",
        "score": 0.04142107253560587,
        "score_percentile": 0.9519038076152304,
        "ticker": "HPE",
        "volatility_20d": 0.05213059390570159
      }
    ],
    "universe_count": 499
  },
  "model": {
    "configuration": "governed_technical_hardened_horizon_20d",
    "daily_retraining": false,
    "frozen_training_end": "2026-06-10",
    "latest_cross_section_rows": 499,
    "model_sha256": "a48dc2ed5e9540f34714b802ee63ce37c690c5c24d063a93f7f7a7329734f0ad",
    "source_rows": 976668,
    "target_horizon_days": 20,
    "test_year": 2026
  },
  "provenance": {
    "config_path": "configs/forward_paper.json",
    "config_sha256": "abe74a41b4bc98b27541fae679c83bdf01a1d3a6f5df6472dbb1479cbc9db15a",
    "git_branch": "main",
    "git_commit": "ae6fc2f2bab55191e0d9e76118b66c364cbb066a",
    "git_dirty": false,
    "ledger_path": "reports/shadow/drawdown_budget_shadow_ledger.csv",
    "market_data_sha256": "0ad66ec2a52d39e1739d013cf2b499b15b7dc824439e309b576a5a314b4bc44c",
    "model_manifest": "artifacts/models/salarium_20d_forward_model_manifest.json",
    "model_sha256": "a48dc2ed5e9540f34714b802ee63ce37c690c5c24d063a93f7f7a7329734f0ad",
    "source_path": "web/public/data/forward_paper_snapshot.json",
    "source_snapshot_sha256": "41e3d31d721a0ae998150902694c16155a8d55612a4f5580aab22689777aeb8d",
    "state_path": "reports/shadow/drawdown_budget_shadow_state.json",
    "universe_manifest": "configs/universe_snapshots/2026-07-10_liquid_500_manifest.json",
    "universe_snapshot_sha256": "2276a83186b3a2828c47a1a95806059080d4320192e8b98f87b4c1ce61220e4b"
  },
  "schema_version": "1.0",
  "system": {
    "name": "Salarium",
    "status": "forward_paper_no_orders",
    "surface": "Forward Paper Snapshot"
  }
}
