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        "decision": "Retain Liquid-500 for Salarium 1.0 portfolio construction; keep broad coverage as a separate discovery and research funnel.",
        "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.",
        "key": "universe",
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        "step": "01",
        "title": "Keep the Liquid-500 portfolio universe"
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        "decision": "Lock a 20-trading-day model horizon and 10-trading-day rebalance cadence.",
        "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.",
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        "status": "locked",
        "step": "02",
        "title": "Predict 20 days; rebalance every 10"
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        "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.",
        "key": "breadth",
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            "tone": "positive",
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            "label": "Top-75 return",
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            "label": "Top-75 Sharpe",
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        "question": "Could a broader 20\u201375 name portfolio preserve alpha while reducing risk?",
        "source_report": "reports/experiments/portfolio_breadth_static.csv",
        "status": "locked",
        "step": "03",
        "title": "Concentrate on the Top-10"
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        "decision": "Use 60D shrinkage maximum diversification as the primary risk anchor; retain minimum variance as the defensive comparator.",
        "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.",
        "key": "covariance",
        "metrics": [
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            "format": "number",
            "label": "Max-div Sharpe",
            "tone": "positive",
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        "status": "locked",
        "step": "04",
        "title": "Replace standalone risk with joint risk"
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        "decision": "Blend 25% signal-aware weights with 75% covariance-risk weights under the 18% single-name cap.",
        "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.",
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