Final benchmark result
CB-2026-09-03-1M
One-month market allocation evaluation round.
Claude Fable 5.1 Won This Monthly Round
Scored from 2026-09-04 close to 2026-10-05 close. This page shows raw portfolio return, S&P 500 comparison, and the maximum possible return for the saved asset universe.
Portfolio Return And S&P 500
All return bars use one shared scale.
Shows each model's saved portfolio weights.
Ranked in the same order as the chart.
Not model portfolios.
Benchmark return over the same scoring window
100% Brazil Equities (EWZ) hindsight ceiling
Score Formula
100 matches the oracle return; negative scores preserve the size of a loss.
Official Scores
Rows show portfolio return, S&P 500 comparison, and regret versus the maximum possible return.
| Claude Fable 5.1 | Anthropic | SEMICONDUCTORS | 3 | 8.54% | 0.60% | +7.93 pp | 4.99% |
| GPT-5.6 Sol | OpenAI | CYBERSECURITY | 3 | 6.41% | 0.60% | +5.81 pp | 7.11% |
| Claude Opus 5 | Anthropic | CYBERSECURITY | 3 | 5.50% | 0.60% | +4.89 pp | 8.03% |
| Grok 4.6 | xAI | CYBERSECURITY | 3 | 1.52% | 0.60% | +0.91 pp | 12.01% |
| Grok 4.5 | xAI | CYBERSECURITY | 3 | 1.07% | 0.60% | +0.47 pp | 12.45% |
| Gemini 3.1 Pro | AEROSPACE_DEFENSE | 3 | -2.12% | 0.60% | -2.73 pp | 15.65% | |
| Grok 4.3 | xAI | REGIONAL_BANKS | 3 | -3.58% | 0.60% | -4.18 pp | 17.11% |
- 1 Inputs saved
11 public audit hashes are available.
- 2 Portfolios collected
7 valid model portfolios.
- 3 Start priced
70 starting-price rows published.
- 4 Scores published
The benchmark result is available for this completed round.
Final Score Published
This round has model portfolios, starting prices, ending prices, and final scores.
7 valid portfolios
No invalid parsed submissions are published for the public run.
70 saved choices
v2.1 is preserved exactly as the model-facing list.
Published
Portfolio return, S&P 500 return, maximum possible return, CapitalBench context, and regret publish after scoring.
11 artifacts published.
official-v3-20260903-monthly
36,567 shared prompt characters.
70 entry and exit price rows support the final score.
Where Models Concentrated In This Round
Each model has equal weight. This shows the combined portfolio created by averaging all valid model portfolios in this monthly round.
Cybersecurity (CIBR)
Combined average allocation to the three largest assets.
Higher means model capital was spread across more assets.
What Moved During The Round
The table shows the top realized asset returns over the official scoring window. These returns explain the opportunity set behind the model scores.
| 1 | Brazil Equities (EWZ) | EWZ | 13.52% | 37.86 | 42.98 |
| 2 | Cybersecurity (CIBR) | CIBR | 12.07% | 94.59 | 106.01 |
| 3 | Semiconductors (SMH) | SMH | 11.80% | 567.01 | 633.90 |
| 4 | Ethereum ETF (ETHA) | ETHA | 10.31% | 18.52 | 20.43 |
| 5 | Bitcoin ETF (IBIT) | IBIT | 7.36% | 45.23 | 48.56 |
| 6 | Technology Sector (XLK) | XLK | 7.29% | 187.28 | 200.93 |
| 7 | US Momentum Equities (MTUM) | MTUM | 6.00% | 304.86 | 323.14 |
| 8 | Taiwan Equities (EWT) | EWT | 5.19% | 112.18 | 118.00 |
| 9 | Nasdaq 100 (QQQ) | QQQ | 5.18% | 718.96 | 756.20 |
| 10 | Software (IGV) | IGV | 4.92% | 104.57 | 109.72 |
| 11 | US Large-Cap Growth (IWF) | IWF | 4.00% | 123.41 | 128.35 |
| 12 | Broad AI Technology (AIQ) | AIQ | 3.93% | 64.32 | 66.85 |
Portfolio attribution How Each Holding Contributed
Contribution equals submitted allocation multiplied by the asset return over the scoring window.
How Each Holding Contributed
Contribution equals submitted allocation multiplied by the asset return over the scoring window.
| Claude Fable 5.1 | Semiconductors (SMH) | 35% | 11.80% | 4.13% |
| Claude Fable 5.1 | Cybersecurity (CIBR) | 35% | 12.07% | 4.23% |
| Claude Fable 5.1 | S&P 500 (SPY) | 30% | 0.60% | 0.18% |
| Claude Opus 5 | Cybersecurity (CIBR) | 35% | 12.07% | 4.23% |
| Claude Opus 5 | Regional Banks (KRE) | 35% | -6.48% | -2.27% |
| Claude Opus 5 | Semiconductors (SMH) | 30% | 11.80% | 3.54% |
| Gemini 3.1 Pro | Aerospace and Defense (ITA) | 35% | -8.26% | -2.89% |
| Gemini 3.1 Pro | Industrials Sector (XLI) | 35% | -2.95% | -1.03% |
| Gemini 3.1 Pro | US Momentum Equities (MTUM) | 30% | 6.00% | 1.80% |
| GPT-5.6 Sol | Cybersecurity (CIBR) | 35% | 12.07% | 4.23% |
| GPT-5.6 Sol | Semiconductors (SMH) | 35% | 11.80% | 4.13% |
| GPT-5.6 Sol | Regional Banks (KRE) | 30% | -6.48% | -1.94% |
| Grok 4.3 | Regional Banks (KRE) | 35% | -6.48% | -2.27% |
| Grok 4.3 | US Small-Cap Stocks (IWM) | 35% | -4.27% | -1.49% |
| Grok 4.3 | S&P 500 (SPY) | 30% | 0.60% | 0.18% |
| Grok 4.5 | Cybersecurity (CIBR) | 35% | 12.07% | 4.23% |
| Grok 4.5 | Regional Banks (KRE) | 35% | -6.48% | -2.27% |
| Grok 4.5 | Industrials Sector (XLI) | 30% | -2.95% | -0.88% |
| Grok 4.6 | Cybersecurity (CIBR) | 35% | 12.07% | 4.23% |
| Grok 4.6 | Aerospace and Defense (ITA) | 35% | -8.26% | -2.89% |
| Grok 4.6 | S&P 500 (SPY) | 30% | 0.60% | 0.18% |
Saved model-facing context Prompt And Input Packet
The shared packet below is the prompt body common to every model call. Each provider call appends a
small model-specific identifier block shown after the artifacts.
Prompt And Input Packet
The shared packet below is the prompt body common to every model call. Each provider call appends a small model-specific identifier block shown after the artifacts.
Shared Model-Facing Prompt Packet 36,567 characters
# CapitalBench portfolio-v3.0 Task
You are participating in an offline, time-resolved CapitalBench evaluation round. Every model receives the same frozen information and makes one single-turn, non-agentic judgment without tools, browsing, retrieval, or follow-up.
Your objective is to rank assets for realized return over exactly one month and identify candidates that can beat SPY. CapitalBench, not you, constructs the scored portfolio from your judgment using the fixed rule below.
The deterministic candidate slate exists to prevent omission; it is not a recommendation. Assess every slate candidate. You may add at most two wildcard options from the complete allowed universe, but only when the frozen briefing supplies a specific reason the mechanical slate missed.
Use only facts and mechanical market data supplied in this input. You may use internal learned knowledge and general priors, but do not intentionally rely on facts, prices, news, or events after the research cutoff. Treat section order, mention count, option order, table order, and slate inclusion as neutral presentation choices rather than recommendation signals.
Do not extrapolate recent returns mechanically. A recent winner has no positive edge without independent in-window support. Give extreme recent losers a fair reversal test, but distinguish temporary price overreaction from fundamental deterioration. Use the supplied cross-sectional dispersion, medium-horizon relative strength, volatility, drawdown, volume, briefing evidence, and quality evidence. Optimize for the stated close-to-close scoring window only.
For every assessed candidate, provide probabilities and an 80% excess-return range relative to SPY. Rank every assessment without ties. top3_option_ids must be the options ranked 1, 2, and 3. prefer_spy is a diagnostic judgment and does not override the deterministic rule.
CapitalBench applies this rule after your response:
1. Preserve your candidate ranks.
2. A non-SPY candidate is eligible only when you label its recent return as overreaction and give it at least a 55% probability of beating SPY.
3. Select at most the first three eligible candidates in your rank order.
4. Fill fixed portfolio slots of 35%, 35%, and 30% in that order.
5. Put every unused slot in SPY.
You do not submit allocations or an alternative portfolio. Return only valid JSON. Do not include markdown, citations, prose, or commentary outside the JSON.
Required JSON format:
{
"round_id": "<round_id>",
"model_id": "<model_id>",
"provider": "<provider>",
"mode": "closed_capability",
"dispersion_state": "low, normal, or high",
"dominant_pattern": "continuation, reversal, or mixed",
"market_rationale": "<concise market-level judgment>",
"candidate_assessments": [
{
"option_id": "<allowed option ID>",
"origin_lanes": ["<exact lane or lanes from the deterministic slate, or wildcard>"],
"mechanism": "continuation, reversal, catalyst, defensive, or no_edge",
"p_beat_spy_pct": <integer 0-100>,
"p_top3_pct": <integer 0-100>,
"excess_return_p10_pct": <number>,
"excess_return_p50_pct": <number>,
"excess_return_p90_pct": <number>,
"recent_return_interpretation": "overreaction, fundamental_deterioration, supported_continuation, or no_edge",
"evidence": ["<1-3 concise facts from the supplied input>"],
"rank": <unique contiguous integer beginning at 1>
}
],
"top3_option_ids": ["<rank 1>", "<rank 2>", "<rank 3>"],
"prefer_spy": <boolean>,
"portfolio_rationale": "<concise explanation of the ranked judgment>",
"key_risks": ["<risk 1>", "<risk 2>"]
}
Rules:
- assess every deterministic slate candidate and no more than two optional wildcards;
- use origin_lanes exactly as shown for slate candidates and ["wildcard"] for additions;
- probabilities are whole percentages from 0 to 100;
- excess-return estimates are percentage points relative to SPY and must satisfy p10 <= p50 <= p90;
- ranks must be unique and contiguous from 1 through the number of assessments;
- evidence must refer only to supplied input and contain no URLs;
- key_risks must contain 2-5 concrete risks;
- do not output portfolio allocations, a second ranking, a financial-advice disclaimer, or extra fields.
## Round Metadata
- Round ID: CB-2026-09-03-1M
- Decision date: 2026-09-03
- Research cutoff UTC: 2026-09-04T01:30:44Z
- Decision deadline UTC: 2026-09-04T13:25:00Z
- Horizon: one month
- Entry date: 2026-09-04
- Exit date: 2026-10-05
- Entry rule: Use the official entry prices supplied in prices/entry_prices.csv.
- Exit rule: Use the official exit prices supplied in prices/exit_prices.csv.
- Scoring benchmark: S&P 500 / SPY
- Return calculation: adjusted close prices are used when available.
## Briefing
# CapitalBench Market Briefing — September 3, 2026
Research cutoff: **2026-09-04T01:30:44Z**. Decision date: **September 3, 2026**.
This briefing provides fixed factual datapoints only. It does not rank, recommend, analyze, or map facts to CapitalBench options. Inclusion, order, grouping, and row count are not evidence of expected return. A mechanical full-universe price, risk, and benchmark-relative appendix follows this briefing in the model input.
## U.S. market close and rates
- Associated Press reported that on September 3 the S&P 500 rose 1.1%, the Dow Jones Industrial Average rose 1.2%, and the Nasdaq composite rose 1.4%. It reported gains of 2.7% for Microsoft, 1.0% for Apple, 3.0% for Meta Platforms, and 1.8% for Nvidia.
- Associated Press reported September 3 settlements of $95.52 a barrel for Brent crude, down 0.1%, and $91.30 for U.S. crude, up 0.3%.
- The U.S. Treasury's September 3 par-yield table listed 3.83% at one month, 3.95% at one year, 4.34% at two years, 4.52% at five years, 4.77% at ten years, and 5.25% at thirty years. Treasury's long-term real-rate average was 2.92%.
- Reuters reported the pan-European STOXX 600 up 0.5% to 649.1 on September 3. Reuters also reported the yen about 2% stronger against the dollar and spot gold up about 2% to $4,473.40 during the U.S. session.
## Monetary policy
- Federal Reserve Governor Christopher Waller said September 3 that he was inclined to support no rate change at the September meeting if incoming inflation data showed cooling, while a hot reading could make him consider an increase. Associated Press reported that he did not provide forward guidance.
- The Federal Reserve scheduled an FOMC meeting for September 15–16, with a statement, press conference, and Summary of Economic Projections on September 16. The scheduled blackout period is September 5–17.
- The Federal Reserve's August Beige Book, posted September 2 and based on information collected on or before August 24, said economic activity increased modestly since early July. Ten districts reported slight-to-moderate growth and two reported no change. Consumer spending grew slightly on balance, employment was generally stable to modestly higher, and prices rose across districts. The report described a positive general outlook but mixed sector sentiment and heightened uncertainty around energy prices, policy, and international conflict.
- The European Central Bank scheduled a monetary-policy meeting for September 9–10 and a press conference for September 10. The Bank of Japan scheduled its next policy meeting for September 17–18. No decision from either meeting was available at the cutoff.
## Employment and wages
- ADP reported September 2 that private employers added 38,000 jobs in August, the slowest monthly pace since January. Goods-producing employment fell 10,000, including 17,000 fewer manufacturing jobs. Service employment rose 48,000, including a 45,000 increase in education and health services. July's total was revised to 46,000 from 44,000.
- ADP reported August median base-pay growth of 3.2% from a year earlier for all workers, 3.0% for job stayers, and 4.7% for job changers. Median gross pay rose 4.7% overall, 4.4% for stayers, and 7.3% for changers.
- The Labor Department reported 206,000 initial unemployment claims for the week ended August 29, up 2,000 from the prior week's revised level. The four-week average was 207,250. Continuing claims were 1.779 million for the week ended August 22 and the insured unemployment rate was 1.2%.
- BLS reported that July job openings were little changed at 7.3 million. Hires and total separations were each 5.1 million; quits were 3.1 million and layoffs and discharges were 1.7 million. June openings were revised down by 177,000 to 7.2 million.
- Challenger, Gray & Christmas counted 52,881 announced U.S. job cuts in August, up 58% from July and down 38% from a year earlier. Announced hiring plans totaled 12,325.
- The August U.S. Employment Situation is scheduled for September 4 at 8:30 a.m. ET, after this briefing's cutoff. Its results were unknown at the cutoff.
## Activity, productivity, and trade
- ISM reported an August Services PMI of 55.4, up from 54.1 in July. Business Activity was 61.7, New Orders 60.9, Employment 47.8, Prices 72.6, Backlog of Orders 55.6, and Supplier Deliveries 51.3.
- ISM reported an August Manufacturing PMI of 54.6, down from 55.6 in July. New Orders were 53.7, Production 58.3, Employment 51.2, Supplier Deliveries 59.3, Inventories 50.6, Prices 71.1, and Backlogs 51.8.
- BLS revised second-quarter nonfarm business productivity to a 1.4% annual rate. Output rose 1.7% and hours rose 0.3%; productivity was 2.2% higher than a year earlier. Unit labor costs increased at a 1.2% annual rate and 1.4% year over year. Manufacturing productivity rose at a 2.4% annual rate and manufacturing unit labor costs declined 0.3%.
- BEA's second estimate put second-quarter real GDP growth at a 1.5% annual rate, compared with 2.1% in the first quarter. Real final sales to private domestic purchasers rose 4.2% and real GDI rose 2.2%. The gross domestic purchases price index rose at a 5.8% annual rate; the PCE price index rose 5.3% and its core measure rose 3.6%.
- BEA and Census reported that the July U.S. goods-and-services trade deficit increased to $88.6 billion from a revised $71.2 billion in June. Exports fell $2.1 billion to $310.7 billion and imports rose $15.3 billion to $399.3 billion. The goods deficit was $119.6 billion and the services surplus was $31.0 billion. Capital-goods imports rose $14.4 billion.
## Inflation, spending, and housing
- BLS reported that July CPI rose 0.1% for the month and 3.4% from a year earlier. Core CPI rose 0.2% for the month and 2.5% year over year. Shelter rose 0.1% in July. Energy fell 1.5% for the month and was 14.7% higher than a year earlier.
- BEA reported that July personal income rose 0.4%, disposable income rose 0.5%, and nominal PCE rose 0.2%. Real PCE was little changed and real disposable income rose 0.4%. The PCE and core PCE price indexes each rose 0.2% for the month; year-over-year rates were 3.7% and 3.3%, respectively. The saving rate was 3.0%.
- Census estimated July retail and food-services sales at $763.6 billion, down 0.6% from June with uncertainty of plus or minus 0.4 percentage point, and up 5.0% from a year earlier with uncertainty of plus or minus 0.5 percentage point.
- Census estimated July housing starts at a 1.239 million annual rate, down 12.4% from June with uncertainty of plus or minus 9.5%. Permits were 1.443 million, up 5.0%. Single-family starts were 808,000, down 9.9%; Census marked that monthly change as not statistically significant at its stated confidence level.
## Energy, geopolitics, and international data
- Associated Press reported September 3 that Iran fired missiles toward Kuwait and that Kuwaiti defenses intercepted them. It also reported recent U.S. strikes on Iranian rocket launchers on Hormuz Island. The conflict remained active at the cutoff.
- OPEC reported that seven OPEC+ countries planned a 188,000-barrel-per-day September production adjustment from earlier voluntary adjustments. The group scheduled its next monthly meeting for September 6.
- EIA's latest weekly petroleum report was released September 2 for the week ended August 28. Because of the September 7 federal holiday, EIA scheduled its following release for September 10 at noon ET.
- Eurostat's flash estimate put August euro-area inflation at 3.3%, up from 2.9% in July. Energy inflation was estimated at 14.3%, services at 3.0%, non-energy industrial goods at 1.2%, and food, alcohol and tobacco at 1.2%.
- China's National Bureau of Statistics reported an official August manufacturing PMI of 49.8, up from 49.2. Production was 50.4, new orders 50.6, employment 48.7, and raw-material inventories 48.1. The official non-manufacturing index was 49.0 and the composite output index was 49.5.
## Corporate releases and dated events
- Broadcom reported fiscal third-quarter revenue of $29.6 billion, up 86% from a year earlier. GAAP operating income was $16.0 billion and GAAP diluted EPS was $2.68. Cash from operations was $14.2 billion, capital expenditure was $0.5 billion, and company-defined free cash flow was $13.7 billion. Broadcom reported AI semiconductor revenue of $16.7 billion, up 221% year over year and 54% sequentially. It forecast fiscal fourth-quarter revenue of approximately $34.8 billion and a company-defined non-GAAP operating margin of about 66%.
- Oracle scheduled fiscal first-quarter 2027 results for September 10 after the market close. Adobe scheduled its fiscal third-quarter 2026 earnings call for September 10. Adobe also announced that Anil Chakravarthy would become president and CEO and Shantanu Narayen executive chair effective December 1.
- Scheduled U.S. releases within the one-week scoring window include the August Employment Situation on September 4; consumer credit on September 8; quarterly services on September 9; PPI, wholesale trade, and the delayed petroleum report on September 10; and CPI, real earnings, Financial Accounts, and business-formation data on September 11. U.S. markets are closed September 7 for Labor Day.
- Later events within the one-month window include the FOMC meeting on September 15–16; retail sales, business inventories, and import/export prices on September 16; housing starts on September 17; industrial production and state employment on September 18; international transactions and new-home sales on September 24; durable goods on September 25; JOLTS on September 29; Q2 GDP revisions, August PCE inflation and income/spending, and advance trade/inventory data on September 30; construction spending and ISM Manufacturing on October 1; and the September U.S. Employment Situation and August factory orders on October 2.
All scheduled-event outcomes were unknown at the cutoff. Dates may be revised by the publishing institutions. Price history in the mechanical full-universe appendix is descriptive context, not a forecast.
## Options
Allowed option:
ID: CASH
Name: Cash / Do Not Invest
Symbol: N/A
Asset class: cash
Category: cash
Group: cash
Risk bucket: cash
Description: Cash position with no market exposure. Return is treated as 0 unless a round explicitly defines a cash yield proxy.
Allowed option:
ID: SHORT_TREASURY
Name: Short-Term Treasury Bills
Symbol: BIL
Asset class: cash_like
Category: treasury_bills
Group: cash_and_short_duration
Risk bucket: low
Description: Short-term US Treasury bill exposure. Typically used as a cash-like proxy with low duration risk.
Allowed option:
ID: SP500
Name: S&P 500
Symbol: SPY
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Broad US large-cap equity exposure. Represents large publicly traded US companies across multiple sectors.
Allowed option:
ID: TOTAL_US_MARKET
Name: Total US Stock Market
Symbol: VTI
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Broad exposure to the total US equity market, including large-, mid-, and small-cap companies. Useful as a diversified US equity proxy.
Allowed option:
ID: NASDAQ100
Name: Nasdaq 100
Symbol: QQQ
Asset class: equity
Category: growth_equity
Group: us_growth_and_technology
Risk bucket: high
Description: Large-cap, growth-oriented US equity exposure with heavy weights in technology and communication services. Sensitive to mega-cap earnings, rates, and growth-stock sentiment.
Allowed option:
ID: LARGE_GROWTH
Name: US Large-Cap Growth
Symbol: IWF
Asset class: equity
Category: style_factor
Group: us_style_factor
Risk bucket: high
Description: US large-cap growth stock exposure. Often tilted toward companies with higher expected growth, higher valuations, and greater sensitivity to interest rates.
Allowed option:
ID: LARGE_VALUE
Name: US Large-Cap Value
Symbol: IWD
Asset class: equity
Category: style_factor
Group: us_style_factor
Risk bucket: medium
Description: US large-cap value stock exposure. Often tilted toward companies with lower valuation multiples, dividends, financials, energy, and cyclical sectors.
Allowed option:
ID: MID_CAP
Name: US Mid-Cap Stocks
Symbol: IJH
Asset class: equity
Category: size_factor
Group: us_size_factor
Risk bucket: high
Description: US mid-cap equity exposure. Represents companies between large caps and small caps, with sensitivity to domestic growth, financing conditions, and risk appetite.
Allowed option:
ID: SMALL_CAP
Name: US Small-Cap Stocks
Symbol: IWM
Asset class: equity
Category: size_factor
Group: us_size_factor
Risk bucket: high
Description: US small-cap equity exposure. Often more sensitive to domestic economic growth, credit conditions, rates, and market risk appetite.
Allowed option:
ID: SMALL_VALUE
Name: US Small-Cap Value
Symbol: IWN
Asset class: equity
Category: style_and_size_factor
Group: us_style_factor
Risk bucket: high
Description: US small-cap value equity exposure. Combines smaller company exposure with value-oriented characteristics.
Allowed option:
ID: DIVIDEND
Name: US Dividend Equities
Symbol: SCHD
Asset class: equity
Category: dividend_equity
Group: us_factor_equity
Risk bucket: medium
Description: US dividend-oriented equity exposure. Often tilted toward profitable, mature companies with dividend histories.
Allowed option:
ID: LOW_VOL
Name: US Low Volatility Equities
Symbol: SPLV
Asset class: equity
Category: low_volatility_factor
Group: us_factor_equity
Risk bucket: medium
Description: US equity exposure focused on historically lower-volatility stocks. Often used as a defensive equity factor proxy.
Allowed option:
ID: MOMENTUM
Name: US Momentum Equities
Symbol: MTUM
Asset class: equity
Category: momentum_factor
Group: us_factor_equity
Risk bucket: high
Description: US equity exposure tilted toward stocks with stronger recent price momentum. Sensitive to trend persistence and factor rotations.
Allowed option:
ID: TECHNOLOGY
Name: Technology Sector
Symbol: XLK
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US technology sector exposure within large-cap equities. Includes software, hardware, semiconductors, and technology services companies.
Allowed option:
ID: COMMUNICATIONS
Name: Communication Services Sector
Symbol: XLC
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US communication services sector exposure. Includes large internet platforms, media, telecom, and entertainment companies.
Allowed option:
ID: CONSUMER_DISCRETIONARY
Name: Consumer Discretionary Sector
Symbol: XLY
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US consumer discretionary sector exposure. Sensitive to consumer spending, employment, credit conditions, and household confidence.
Allowed option:
ID: CONSUMER_STAPLES
Name: Consumer Staples Sector
Symbol: XLP
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US consumer staples sector exposure. Includes companies selling essential consumer products and is often considered a defensive equity sector.
Allowed option:
ID: HEALTHCARE
Name: Healthcare Sector
Symbol: XLV
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US healthcare sector exposure. Includes pharmaceuticals, biotechnology, medical devices, healthcare services, and insurers.
Allowed option:
ID: FINANCIALS
Name: Financials Sector
Symbol: XLF
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US financial sector exposure. Includes banks, insurers, capital markets firms, and financial services companies.
Allowed option:
ID: INDUSTRIALS
Name: Industrials Sector
Symbol: XLI
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US industrial sector exposure. Includes aerospace, machinery, transportation, logistics, and industrial services companies.
Allowed option:
ID: ENERGY
Name: Energy Sector
Symbol: XLE
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US energy sector exposure. Sensitive to oil and gas prices, production trends, geopolitics, and capital discipline.
Allowed option:
ID: MATERIALS
Name: Materials Sector
Symbol: XLB
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US materials sector exposure. Includes chemicals, metals, mining, packaging, and construction materials companies.
Allowed option:
ID: UTILITIES
Name: Utilities Sector
Symbol: XLU
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US utilities sector exposure. Often sensitive to interest rates, electricity demand, regulation, and defensive equity flows.
Allowed option:
ID: REAL_ESTATE
Name: Real Estate Sector
Symbol: XLRE
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US listed real estate equity exposure. Sensitive to interest rates, property fundamentals, credit conditions, and real estate valuations.
Allowed option:
ID: INTERMEDIATE_TREASURY
Name: Intermediate-Term US Treasury Bonds
Symbol: IEF
Asset class: bond
Category: treasury_duration
Group: bonds_and_rates
Risk bucket: medium
Description: Intermediate-duration US Treasury bond exposure. Sensitive to changes in interest rates, inflation expectations, and growth expectations.
Allowed option:
ID: LONG_TREASURY
Name: Long-Term US Treasury Bonds
Symbol: TLT
Asset class: bond
Category: treasury_duration
Group: bonds_and_rates
Risk bucket: high
Description: Long-duration US Treasury bond exposure. More sensitive to interest-rate changes than shorter-duration bond funds.
Allowed option:
ID: TIPS
Name: Treasury Inflation-Protected Securities
Symbol: TIP
Asset class: bond
Category: inflation_linked_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: US Treasury inflation-protected bond exposure. Sensitive to real interest rates and inflation expectations.
Allowed option:
ID: INVESTMENT_GRADE_CREDIT
Name: Investment Grade Corporate Bonds
Symbol: LQD
Asset class: bond
Category: corporate_credit
Group: credit
Risk bucket: medium
Description: US investment-grade corporate bond exposure. Sensitive to interest rates, credit spreads, and corporate balance-sheet conditions.
Allowed option:
ID: HIGH_YIELD_CREDIT
Name: High Yield Corporate Bonds
Symbol: HYG
Asset class: bond
Category: corporate_credit
Group: credit
Risk bucket: high
Description: US high-yield corporate bond exposure. Sensitive to credit spreads, default expectations, liquidity, and risk appetite.
Allowed option:
ID: AGGREGATE_BONDS
Name: US Aggregate Bond Market
Symbol: AGG
Asset class: bond
Category: aggregate_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: Broad US investment-grade bond market exposure. Includes Treasuries, agency securities, mortgage-backed securities, and corporate bonds.
Allowed option:
ID: DEVELOPED_EX_US
Name: Developed Markets ex-US
Symbol: VEA
Asset class: equity
Category: international_equity
Group: international_equity
Risk bucket: high
Description: Developed-market equity exposure outside the United States. Includes regions such as Europe, Japan, Canada, and developed Asia-Pacific markets.
Allowed option:
ID: EMERGING_MARKETS
Name: Emerging Markets
Symbol: VWO
Asset class: equity
Category: international_equity
Group: international_equity
Risk bucket: very_high
Description: Emerging-market equity exposure. Sensitive to global growth, currency moves, capital flows, commodity cycles, and country-specific policy risk.
Allowed option:
ID: EUROPE
Name: Europe Equities
Symbol: VGK
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: high
Description: European equity exposure. Sensitive to European growth, monetary policy, currency trends, energy costs, and regional earnings.
Allowed option:
ID: JAPAN
Name: Japan Equities
Symbol: EWJ
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: high
Description: Japanese equity exposure. Sensitive to Japanese corporate earnings, yen movements, monetary policy, and global trade conditions.
Allowed option:
ID: CHINA
Name: China Equities
Symbol: MCHI
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: very_high
Description: China equity exposure through publicly traded Chinese companies. Sensitive to Chinese growth, policy actions, currency moves, and geopolitical risk.
Allowed option:
ID: INDIA
Name: India Equities
Symbol: INDA
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: very_high
Description: Indian equity exposure. Sensitive to Indian economic growth, currency moves, domestic policy, valuations, and foreign capital flows.
Allowed option:
ID: GOLD
Name: Gold
Symbol: IAU
Asset class: commodity
Category: precious_metals
Group: commodities
Risk bucket: medium
Description: Gold exposure through a listed gold trust. Sensitive to real interest rates, US dollar strength, inflation expectations, and safe-haven demand.
Allowed option:
ID: BROAD_COMMODITIES
Name: Broad Commodities
Symbol: PDBC
Asset class: commodity
Category: broad_commodities
Group: commodities
Risk bucket: high
Description: Broad commodity exposure through a diversified commodity strategy ETF. Sensitive to energy, metals, agriculture, inflation expectations, and global demand.
Allowed option:
ID: SEMICONDUCTORS
Name: Semiconductors
Symbol: SMH
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Semiconductor equity exposure. Includes companies involved in chip design, manufacturing, equipment, and related supply chains.
Allowed option:
ID: SOFTWARE
Name: Software
Symbol: IGV
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: high
Description: Software equity exposure. Includes companies in application software, infrastructure software, and related technology services.
Allowed option:
ID: BROAD_AI_TECH
Name: Broad AI Technology
Symbol: AIQ
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Broad artificial intelligence and technology equity exposure. Includes companies associated with AI applications, infrastructure, data, and related technology services.
Allowed option:
ID: AUTONOMOUS_ROBOTICS
Name: Autonomous Technology and Robotics
Symbol: ARKQ
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Autonomous technology and robotics equity exposure. Includes companies associated with automation, robotics, autonomous transport, energy storage, and related technology platforms.
Allowed option:
ID: CYBERSECURITY
Name: Cybersecurity
Symbol: CIBR
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: high
Description: Cybersecurity equity exposure. Includes companies providing network security, identity, endpoint, cloud security, and related cybersecurity products and services.
Allowed option:
ID: SOLAR
Name: Solar Energy
Symbol: TAN
Asset class: equity
Category: thematic_equity
Group: clean_energy
Risk bucket: very_high
Description: Solar energy equity exposure. Includes companies associated with solar power equipment, development, installation, and related clean-energy supply chains.
Allowed option:
ID: METALS_MINING
Name: Metals and Mining
Symbol: XME
Asset class: equity
Category: commodity_equity
Group: commodities
Risk bucket: very_high
Description: Metals and mining equity exposure. Includes companies involved in steel, aluminum, precious metals, coal, copper, and diversified mining industries.
Allowed option:
ID: EQUAL_WEIGHT_SP500
Name: Equal-Weight S&P 500
Symbol: RSP
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Equal-weight US large-cap equity exposure. Reduces concentration in the largest S&P 500 constituents compared with market-cap weighting.
Allowed option:
ID: BIOTECH
Name: Biotechnology
Symbol: XBI
Asset class: equity
Category: industry_equity
Group: healthcare_and_biotech
Risk bucket: very_high
Description: US biotechnology equity exposure. Sensitive to clinical data, financing conditions, regulation, mergers, and risk appetite.
Allowed option:
ID: REGIONAL_BANKS
Name: Regional Banks
Symbol: KRE
Asset class: equity
Category: industry_equity
Group: us_industry
Risk bucket: very_high
Description: US regional bank equity exposure. Sensitive to deposit trends, credit quality, yield curves, regulation, and commercial real estate conditions.
Allowed option:
ID: AEROSPACE_DEFENSE
Name: Aerospace and Defense
Symbol: ITA
Asset class: equity
Category: industry_equity
Group: us_industry
Risk bucket: high
Description: US aerospace and defense equity exposure. Sensitive to defense budgets, aircraft demand, supply chains, and geopolitical risk.
Allowed option:
ID: CANADA
Name: Canada Equities
Symbol: EWC
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Canadian equity exposure through US-listed shares. Sensitive to financials, energy, materials, domestic growth, and Canadian dollar conditions.
Allowed option:
ID: UNITED_KINGDOM
Name: United Kingdom Equities
Symbol: EWU
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: United Kingdom equity exposure through US-listed shares. Sensitive to sterling, UK growth, global financials, energy, and dividend-oriented sectors.
Allowed option:
ID: AUSTRALIA
Name: Australia Equities
Symbol: EWA
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Australian equity exposure through US-listed shares. Sensitive to banks, materials, commodity demand, China-linked growth, and Australian dollar conditions.
Allowed option:
ID: SOUTH_KOREA
Name: South Korea Equities
Symbol: EWY
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: South Korean equity exposure through US-listed shares. Sensitive to semiconductors, exports, won movements, global trade, and regional geopolitics.
Allowed option:
ID: TAIWAN
Name: Taiwan Equities
Symbol: EWT
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: Taiwan equity exposure through US-listed shares. Sensitive to semiconductor supply chains, global electronics demand, currency movements, and geopolitical risk.
Allowed option:
ID: BRAZIL
Name: Brazil Equities
Symbol: EWZ
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: Brazilian equity exposure through US-listed shares. Sensitive to commodities, rates, fiscal policy, currency moves, and emerging-market capital flows.
Allowed option:
ID: MEXICO
Name: Mexico Equities
Symbol: EWW
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Mexican equity exposure through US-listed shares. Sensitive to domestic growth, currency moves, trade links, remittances, and nearshoring activity.
Allowed option:
ID: SOUTH_AFRICA
Name: South Africa Equities
Symbol: EZA
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: South African equity exposure through US-listed shares. Sensitive to resources, domestic policy, currency moves, power availability, and emerging-market flows.
Allowed option:
ID: MORTGAGE_BACKED_BONDS
Name: Agency Mortgage-Backed Bonds
Symbol: MBB
Asset class: bond
Category: securitized_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: US agency mortgage-backed securities exposure. Sensitive to interest rates, prepayment behavior, mortgage spreads, and housing finance conditions.
Allowed option:
ID: MUNICIPAL_BONDS
Name: Municipal Bonds
Symbol: MUB
Asset class: bond
Category: municipal_bonds
Group: bonds_and_rates
Risk bucket: low
Description: US municipal bond exposure. Sensitive to rates, state and local credit conditions, fund flows, and tax-exempt fixed-income demand.
Allowed option:
ID: EMERGING_MARKET_BONDS
Name: Emerging Market USD Bonds
Symbol: EMB
Asset class: bond
Category: emerging_market_debt
Group: credit
Risk bucket: high
Description: US dollar emerging-market bond exposure. Sensitive to sovereign spreads, US rates, currency stress, commodity cycles, and global risk appetite.
Allowed option:
ID: INTERNATIONAL_BONDS
Name: International Aggregate Bonds
Symbol: BNDX
Asset class: bond
Category: international_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: International investment-grade bond exposure. Sensitive to global rates, currency hedging, regional credit conditions, and non-US monetary policy.
Allowed option:
ID: SILVER
Name: Silver
Symbol: SLV
Asset class: commodity
Category: precious_metals
Group: commodities
Risk bucket: high
Description: Silver exposure through a listed trust. Sensitive to precious-metals demand, industrial usage, real rates, US dollar moves, and inflation expectations.
Allowed option:
ID: COPPER
Name: Copper
Symbol: CPER
Asset class: commodity
Category: industrial_metals
Group: commodities
Risk bucket: high
Description: Copper exposure through an exchange-traded product. Sensitive to industrial demand, China-linked growth, supply conditions, inventories, and electrification themes.
Allowed option:
ID: AGRICULTURE
Name: Agriculture Commodities
Symbol: DBA
Asset class: commodity
Category: agriculture
Group: commodities
Risk bucket: high
Description: Agricultural commodity exposure through a diversified exchange-traded product. Sensitive to weather, crop conditions, global demand, inventories, and currency moves.
Allowed option:
ID: OIL
Name: Crude Oil
Symbol: USO
Asset class: commodity
Category: energy_commodities
Group: commodities
Risk bucket: very_high
Description: Crude oil exposure through an exchange-traded product. Sensitive to supply, demand, inventories, OPEC policy, geopolitical risk, and futures-curve structure.
Allowed option:
ID: US_DOLLAR
Name: US Dollar
Symbol: UUP
Asset class: currency
Category: currency
Group: currencies
Risk bucket: medium
Description: US dollar currency exposure through an exchange-traded product. Sensitive to relative rates, global risk appetite, trade balances, and reserve-currency demand.
Allowed option:
ID: EURO
Name: Euro
Symbol: FXE
Asset class: currency
Category: currency
Group: currencies
Risk bucket: medium
Description: Euro currency exposure through an exchange-traded product. Sensitive to European rates, growth, fiscal policy, energy conditions, and US dollar movements.
Allowed option:
ID: YEN
Name: Japanese Yen
Symbol: FXY
Asset class: currency
Category: currency
Group: currencies
Risk bucket: high
Description: Japanese yen currency exposure through an exchange-traded product. Sensitive to Japanese monetary policy, rate differentials, carry trades, and safe-haven demand.
Allowed option:
ID: BITCOIN_ETF
Name: Bitcoin ETF
Symbol: IBIT
Asset class: crypto_proxy
Category: crypto_asset
Group: crypto_proxies
Risk bucket: very_high
Description: Bitcoin exposure through a US-listed spot bitcoin exchange-traded product. Sensitive to digital-asset flows, regulation, liquidity, rates, and risk appetite.
Allowed option:
ID: ETHEREUM_ETF
Name: Ethereum ETF
Symbol: ETHA
Asset class: crypto_proxy
Category: crypto_asset
Group: crypto_proxies
Risk bucket: very_high
Description: Ethereum exposure through a US-listed spot Ethereum exchange-traded product. Sensitive to digital-asset flows, network activity, regulation, liquidity, and risk appetite.
Base Instructions prompt.md
# CapitalBench portfolio-v3.0 Task
You are participating in an offline, time-resolved CapitalBench evaluation round. Every model receives the same frozen information and makes one single-turn, non-agentic judgment without tools, browsing, retrieval, or follow-up.
Your objective is to rank assets for realized return over exactly one month and identify candidates that can beat SPY. CapitalBench, not you, constructs the scored portfolio from your judgment using the fixed rule below.
The deterministic candidate slate exists to prevent omission; it is not a recommendation. Assess every slate candidate. You may add at most two wildcard options from the complete allowed universe, but only when the frozen briefing supplies a specific reason the mechanical slate missed.
Use only facts and mechanical market data supplied in this input. You may use internal learned knowledge and general priors, but do not intentionally rely on facts, prices, news, or events after the research cutoff. Treat section order, mention count, option order, table order, and slate inclusion as neutral presentation choices rather than recommendation signals.
Do not extrapolate recent returns mechanically. A recent winner has no positive edge without independent in-window support. Give extreme recent losers a fair reversal test, but distinguish temporary price overreaction from fundamental deterioration. Use the supplied cross-sectional dispersion, medium-horizon relative strength, volatility, drawdown, volume, briefing evidence, and quality evidence. Optimize for the stated close-to-close scoring window only.
For every assessed candidate, provide probabilities and an 80% excess-return range relative to SPY. Rank every assessment without ties. top3_option_ids must be the options ranked 1, 2, and 3. prefer_spy is a diagnostic judgment and does not override the deterministic rule.
CapitalBench applies this rule after your response:
1. Preserve your candidate ranks.
2. A non-SPY candidate is eligible only when you label its recent return as overreaction and give it at least a 55% probability of beating SPY.
3. Select at most the first three eligible candidates in your rank order.
4. Fill fixed portfolio slots of 35%, 35%, and 30% in that order.
5. Put every unused slot in SPY.
You do not submit allocations or an alternative portfolio. Return only valid JSON. Do not include markdown, citations, prose, or commentary outside the JSON.
Required JSON format:
{
"round_id": "<round_id>",
"model_id": "<model_id>",
"provider": "<provider>",
"mode": "closed_capability",
"dispersion_state": "low, normal, or high",
"dominant_pattern": "continuation, reversal, or mixed",
"market_rationale": "<concise market-level judgment>",
"candidate_assessments": [
{
"option_id": "<allowed option ID>",
"origin_lanes": ["<exact lane or lanes from the deterministic slate, or wildcard>"],
"mechanism": "continuation, reversal, catalyst, defensive, or no_edge",
"p_beat_spy_pct": <integer 0-100>,
"p_top3_pct": <integer 0-100>,
"excess_return_p10_pct": <number>,
"excess_return_p50_pct": <number>,
"excess_return_p90_pct": <number>,
"recent_return_interpretation": "overreaction, fundamental_deterioration, supported_continuation, or no_edge",
"evidence": ["<1-3 concise facts from the supplied input>"],
"rank": <unique contiguous integer beginning at 1>
}
],
"top3_option_ids": ["<rank 1>", "<rank 2>", "<rank 3>"],
"prefer_spy": <boolean>,
"portfolio_rationale": "<concise explanation of the ranked judgment>",
"key_risks": ["<risk 1>", "<risk 2>"]
}
Rules:
- assess every deterministic slate candidate and no more than two optional wildcards;
- use origin_lanes exactly as shown for slate candidates and ["wildcard"] for additions;
- probabilities are whole percentages from 0 to 100;
- excess-return estimates are percentage points relative to SPY and must satisfy p10 <= p50 <= p90;
- ranks must be unique and contiguous from 1 through the number of assessments;
- evidence must refer only to supplied input and contain no URLs;
- key_risks must contain 2-5 concrete risks;
- do not output portfolio allocations, a second ranking, a financial-advice disclaimer, or extra fields. Round Manifest manifest.yaml
round_id: CB-2026-09-03-1M
title: CapitalBench CB-2026-09-03-1M
description: One-month market allocation evaluation round.
decision_date: '2026-09-03'
decision_deadline: '2026-09-04T13:25:00Z'
horizon: one month
methodology_version: portfolio-v3.0
model_roster_version: portfolio-v3-roster-a6569134c151
model_roster_frozen_at_utc: '2026-09-04T01:34:01.626389+00:00'
expected_model_ids:
- openai-gpt-5-6-sol
- anthropic-claude-opus-5
- anthropic-claude-fable-5-1
- google-gemini-3-1-pro
- xai-grok-4-3
- xai-grok-4-5
- xai-grok-4-6
universe_version: v2.1
submission_format: portfolio
portfolio_constraints:
min_holdings: 1
max_holdings: 3
allocation_increment_pct: 5
min_allocation_pct: 5
max_total_allocation_pct: 100
allow_cash: true
allow_benchmark_asset: true
max_economic_exposure_pct: null
entry_rule: Use the official entry prices supplied in prices/entry_prices.csv.
exit_rule: Use the official exit prices supplied in prices/exit_prices.csv.
entry_date: '2026-09-04'
exit_date: '2026-10-05'
created_at: '2026-09-04T01:34:01.626389+00:00'
notes: >-
Fresh September 3, 2026 research; no prior input report used. Entry is the next
eligible NYSE session. One calendar month after entry is Sunday, October 4, so
the exit rolls forward to the next eligible NYSE session. Briefing briefing.md
# CapitalBench Market Briefing — September 3, 2026
Research cutoff: **2026-09-04T01:30:44Z**. Decision date: **September 3, 2026**.
This briefing provides fixed factual datapoints only. It does not rank, recommend, analyze, or map facts to CapitalBench options. Inclusion, order, grouping, and row count are not evidence of expected return. A mechanical full-universe price, risk, and benchmark-relative appendix follows this briefing in the model input.
## U.S. market close and rates
- Associated Press reported that on September 3 the S&P 500 rose 1.1%, the Dow Jones Industrial Average rose 1.2%, and the Nasdaq composite rose 1.4%. It reported gains of 2.7% for Microsoft, 1.0% for Apple, 3.0% for Meta Platforms, and 1.8% for Nvidia.
- Associated Press reported September 3 settlements of $95.52 a barrel for Brent crude, down 0.1%, and $91.30 for U.S. crude, up 0.3%.
- The U.S. Treasury's September 3 par-yield table listed 3.83% at one month, 3.95% at one year, 4.34% at two years, 4.52% at five years, 4.77% at ten years, and 5.25% at thirty years. Treasury's long-term real-rate average was 2.92%.
- Reuters reported the pan-European STOXX 600 up 0.5% to 649.1 on September 3. Reuters also reported the yen about 2% stronger against the dollar and spot gold up about 2% to $4,473.40 during the U.S. session.
## Monetary policy
- Federal Reserve Governor Christopher Waller said September 3 that he was inclined to support no rate change at the September meeting if incoming inflation data showed cooling, while a hot reading could make him consider an increase. Associated Press reported that he did not provide forward guidance.
- The Federal Reserve scheduled an FOMC meeting for September 15–16, with a statement, press conference, and Summary of Economic Projections on September 16. The scheduled blackout period is September 5–17.
- The Federal Reserve's August Beige Book, posted September 2 and based on information collected on or before August 24, said economic activity increased modestly since early July. Ten districts reported slight-to-moderate growth and two reported no change. Consumer spending grew slightly on balance, employment was generally stable to modestly higher, and prices rose across districts. The report described a positive general outlook but mixed sector sentiment and heightened uncertainty around energy prices, policy, and international conflict.
- The European Central Bank scheduled a monetary-policy meeting for September 9–10 and a press conference for September 10. The Bank of Japan scheduled its next policy meeting for September 17–18. No decision from either meeting was available at the cutoff.
## Employment and wages
- ADP reported September 2 that private employers added 38,000 jobs in August, the slowest monthly pace since January. Goods-producing employment fell 10,000, including 17,000 fewer manufacturing jobs. Service employment rose 48,000, including a 45,000 increase in education and health services. July's total was revised to 46,000 from 44,000.
- ADP reported August median base-pay growth of 3.2% from a year earlier for all workers, 3.0% for job stayers, and 4.7% for job changers. Median gross pay rose 4.7% overall, 4.4% for stayers, and 7.3% for changers.
- The Labor Department reported 206,000 initial unemployment claims for the week ended August 29, up 2,000 from the prior week's revised level. The four-week average was 207,250. Continuing claims were 1.779 million for the week ended August 22 and the insured unemployment rate was 1.2%.
- BLS reported that July job openings were little changed at 7.3 million. Hires and total separations were each 5.1 million; quits were 3.1 million and layoffs and discharges were 1.7 million. June openings were revised down by 177,000 to 7.2 million.
- Challenger, Gray & Christmas counted 52,881 announced U.S. job cuts in August, up 58% from July and down 38% from a year earlier. Announced hiring plans totaled 12,325.
- The August U.S. Employment Situation is scheduled for September 4 at 8:30 a.m. ET, after this briefing's cutoff. Its results were unknown at the cutoff.
## Activity, productivity, and trade
- ISM reported an August Services PMI of 55.4, up from 54.1 in July. Business Activity was 61.7, New Orders 60.9, Employment 47.8, Prices 72.6, Backlog of Orders 55.6, and Supplier Deliveries 51.3.
- ISM reported an August Manufacturing PMI of 54.6, down from 55.6 in July. New Orders were 53.7, Production 58.3, Employment 51.2, Supplier Deliveries 59.3, Inventories 50.6, Prices 71.1, and Backlogs 51.8.
- BLS revised second-quarter nonfarm business productivity to a 1.4% annual rate. Output rose 1.7% and hours rose 0.3%; productivity was 2.2% higher than a year earlier. Unit labor costs increased at a 1.2% annual rate and 1.4% year over year. Manufacturing productivity rose at a 2.4% annual rate and manufacturing unit labor costs declined 0.3%.
- BEA's second estimate put second-quarter real GDP growth at a 1.5% annual rate, compared with 2.1% in the first quarter. Real final sales to private domestic purchasers rose 4.2% and real GDI rose 2.2%. The gross domestic purchases price index rose at a 5.8% annual rate; the PCE price index rose 5.3% and its core measure rose 3.6%.
- BEA and Census reported that the July U.S. goods-and-services trade deficit increased to $88.6 billion from a revised $71.2 billion in June. Exports fell $2.1 billion to $310.7 billion and imports rose $15.3 billion to $399.3 billion. The goods deficit was $119.6 billion and the services surplus was $31.0 billion. Capital-goods imports rose $14.4 billion.
## Inflation, spending, and housing
- BLS reported that July CPI rose 0.1% for the month and 3.4% from a year earlier. Core CPI rose 0.2% for the month and 2.5% year over year. Shelter rose 0.1% in July. Energy fell 1.5% for the month and was 14.7% higher than a year earlier.
- BEA reported that July personal income rose 0.4%, disposable income rose 0.5%, and nominal PCE rose 0.2%. Real PCE was little changed and real disposable income rose 0.4%. The PCE and core PCE price indexes each rose 0.2% for the month; year-over-year rates were 3.7% and 3.3%, respectively. The saving rate was 3.0%.
- Census estimated July retail and food-services sales at $763.6 billion, down 0.6% from June with uncertainty of plus or minus 0.4 percentage point, and up 5.0% from a year earlier with uncertainty of plus or minus 0.5 percentage point.
- Census estimated July housing starts at a 1.239 million annual rate, down 12.4% from June with uncertainty of plus or minus 9.5%. Permits were 1.443 million, up 5.0%. Single-family starts were 808,000, down 9.9%; Census marked that monthly change as not statistically significant at its stated confidence level.
## Energy, geopolitics, and international data
- Associated Press reported September 3 that Iran fired missiles toward Kuwait and that Kuwaiti defenses intercepted them. It also reported recent U.S. strikes on Iranian rocket launchers on Hormuz Island. The conflict remained active at the cutoff.
- OPEC reported that seven OPEC+ countries planned a 188,000-barrel-per-day September production adjustment from earlier voluntary adjustments. The group scheduled its next monthly meeting for September 6.
- EIA's latest weekly petroleum report was released September 2 for the week ended August 28. Because of the September 7 federal holiday, EIA scheduled its following release for September 10 at noon ET.
- Eurostat's flash estimate put August euro-area inflation at 3.3%, up from 2.9% in July. Energy inflation was estimated at 14.3%, services at 3.0%, non-energy industrial goods at 1.2%, and food, alcohol and tobacco at 1.2%.
- China's National Bureau of Statistics reported an official August manufacturing PMI of 49.8, up from 49.2. Production was 50.4, new orders 50.6, employment 48.7, and raw-material inventories 48.1. The official non-manufacturing index was 49.0 and the composite output index was 49.5.
## Corporate releases and dated events
- Broadcom reported fiscal third-quarter revenue of $29.6 billion, up 86% from a year earlier. GAAP operating income was $16.0 billion and GAAP diluted EPS was $2.68. Cash from operations was $14.2 billion, capital expenditure was $0.5 billion, and company-defined free cash flow was $13.7 billion. Broadcom reported AI semiconductor revenue of $16.7 billion, up 221% year over year and 54% sequentially. It forecast fiscal fourth-quarter revenue of approximately $34.8 billion and a company-defined non-GAAP operating margin of about 66%.
- Oracle scheduled fiscal first-quarter 2027 results for September 10 after the market close. Adobe scheduled its fiscal third-quarter 2026 earnings call for September 10. Adobe also announced that Anil Chakravarthy would become president and CEO and Shantanu Narayen executive chair effective December 1.
- Scheduled U.S. releases within the one-week scoring window include the August Employment Situation on September 4; consumer credit on September 8; quarterly services on September 9; PPI, wholesale trade, and the delayed petroleum report on September 10; and CPI, real earnings, Financial Accounts, and business-formation data on September 11. U.S. markets are closed September 7 for Labor Day.
- Later events within the one-month window include the FOMC meeting on September 15–16; retail sales, business inventories, and import/export prices on September 16; housing starts on September 17; industrial production and state employment on September 18; international transactions and new-home sales on September 24; durable goods on September 25; JOLTS on September 29; Q2 GDP revisions, August PCE inflation and income/spending, and advance trade/inventory data on September 30; construction spending and ISM Manufacturing on October 1; and the September U.S. Employment Situation and August factory orders on October 2.
All scheduled-event outcomes were unknown at the cutoff. Dates may be revised by the publishing institutions. Price history in the mechanical full-universe appendix is descriptive context, not a forecast. Rendered Options In Prompt options.yaml rendered for model prompt
Allowed option:
ID: CASH
Name: Cash / Do Not Invest
Symbol: N/A
Asset class: cash
Category: cash
Group: cash
Risk bucket: cash
Description: Cash position with no market exposure. Return is treated as 0 unless a round explicitly defines a cash yield proxy.
Allowed option:
ID: SHORT_TREASURY
Name: Short-Term Treasury Bills
Symbol: BIL
Asset class: cash_like
Category: treasury_bills
Group: cash_and_short_duration
Risk bucket: low
Description: Short-term US Treasury bill exposure. Typically used as a cash-like proxy with low duration risk.
Allowed option:
ID: SP500
Name: S&P 500
Symbol: SPY
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Broad US large-cap equity exposure. Represents large publicly traded US companies across multiple sectors.
Allowed option:
ID: TOTAL_US_MARKET
Name: Total US Stock Market
Symbol: VTI
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Broad exposure to the total US equity market, including large-, mid-, and small-cap companies. Useful as a diversified US equity proxy.
Allowed option:
ID: NASDAQ100
Name: Nasdaq 100
Symbol: QQQ
Asset class: equity
Category: growth_equity
Group: us_growth_and_technology
Risk bucket: high
Description: Large-cap, growth-oriented US equity exposure with heavy weights in technology and communication services. Sensitive to mega-cap earnings, rates, and growth-stock sentiment.
Allowed option:
ID: LARGE_GROWTH
Name: US Large-Cap Growth
Symbol: IWF
Asset class: equity
Category: style_factor
Group: us_style_factor
Risk bucket: high
Description: US large-cap growth stock exposure. Often tilted toward companies with higher expected growth, higher valuations, and greater sensitivity to interest rates.
Allowed option:
ID: LARGE_VALUE
Name: US Large-Cap Value
Symbol: IWD
Asset class: equity
Category: style_factor
Group: us_style_factor
Risk bucket: medium
Description: US large-cap value stock exposure. Often tilted toward companies with lower valuation multiples, dividends, financials, energy, and cyclical sectors.
Allowed option:
ID: MID_CAP
Name: US Mid-Cap Stocks
Symbol: IJH
Asset class: equity
Category: size_factor
Group: us_size_factor
Risk bucket: high
Description: US mid-cap equity exposure. Represents companies between large caps and small caps, with sensitivity to domestic growth, financing conditions, and risk appetite.
Allowed option:
ID: SMALL_CAP
Name: US Small-Cap Stocks
Symbol: IWM
Asset class: equity
Category: size_factor
Group: us_size_factor
Risk bucket: high
Description: US small-cap equity exposure. Often more sensitive to domestic economic growth, credit conditions, rates, and market risk appetite.
Allowed option:
ID: SMALL_VALUE
Name: US Small-Cap Value
Symbol: IWN
Asset class: equity
Category: style_and_size_factor
Group: us_style_factor
Risk bucket: high
Description: US small-cap value equity exposure. Combines smaller company exposure with value-oriented characteristics.
Allowed option:
ID: DIVIDEND
Name: US Dividend Equities
Symbol: SCHD
Asset class: equity
Category: dividend_equity
Group: us_factor_equity
Risk bucket: medium
Description: US dividend-oriented equity exposure. Often tilted toward profitable, mature companies with dividend histories.
Allowed option:
ID: LOW_VOL
Name: US Low Volatility Equities
Symbol: SPLV
Asset class: equity
Category: low_volatility_factor
Group: us_factor_equity
Risk bucket: medium
Description: US equity exposure focused on historically lower-volatility stocks. Often used as a defensive equity factor proxy.
Allowed option:
ID: MOMENTUM
Name: US Momentum Equities
Symbol: MTUM
Asset class: equity
Category: momentum_factor
Group: us_factor_equity
Risk bucket: high
Description: US equity exposure tilted toward stocks with stronger recent price momentum. Sensitive to trend persistence and factor rotations.
Allowed option:
ID: TECHNOLOGY
Name: Technology Sector
Symbol: XLK
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US technology sector exposure within large-cap equities. Includes software, hardware, semiconductors, and technology services companies.
Allowed option:
ID: COMMUNICATIONS
Name: Communication Services Sector
Symbol: XLC
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US communication services sector exposure. Includes large internet platforms, media, telecom, and entertainment companies.
Allowed option:
ID: CONSUMER_DISCRETIONARY
Name: Consumer Discretionary Sector
Symbol: XLY
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US consumer discretionary sector exposure. Sensitive to consumer spending, employment, credit conditions, and household confidence.
Allowed option:
ID: CONSUMER_STAPLES
Name: Consumer Staples Sector
Symbol: XLP
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US consumer staples sector exposure. Includes companies selling essential consumer products and is often considered a defensive equity sector.
Allowed option:
ID: HEALTHCARE
Name: Healthcare Sector
Symbol: XLV
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US healthcare sector exposure. Includes pharmaceuticals, biotechnology, medical devices, healthcare services, and insurers.
Allowed option:
ID: FINANCIALS
Name: Financials Sector
Symbol: XLF
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US financial sector exposure. Includes banks, insurers, capital markets firms, and financial services companies.
Allowed option:
ID: INDUSTRIALS
Name: Industrials Sector
Symbol: XLI
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US industrial sector exposure. Includes aerospace, machinery, transportation, logistics, and industrial services companies.
Allowed option:
ID: ENERGY
Name: Energy Sector
Symbol: XLE
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US energy sector exposure. Sensitive to oil and gas prices, production trends, geopolitics, and capital discipline.
Allowed option:
ID: MATERIALS
Name: Materials Sector
Symbol: XLB
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US materials sector exposure. Includes chemicals, metals, mining, packaging, and construction materials companies.
Allowed option:
ID: UTILITIES
Name: Utilities Sector
Symbol: XLU
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US utilities sector exposure. Often sensitive to interest rates, electricity demand, regulation, and defensive equity flows.
Allowed option:
ID: REAL_ESTATE
Name: Real Estate Sector
Symbol: XLRE
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US listed real estate equity exposure. Sensitive to interest rates, property fundamentals, credit conditions, and real estate valuations.
Allowed option:
ID: INTERMEDIATE_TREASURY
Name: Intermediate-Term US Treasury Bonds
Symbol: IEF
Asset class: bond
Category: treasury_duration
Group: bonds_and_rates
Risk bucket: medium
Description: Intermediate-duration US Treasury bond exposure. Sensitive to changes in interest rates, inflation expectations, and growth expectations.
Allowed option:
ID: LONG_TREASURY
Name: Long-Term US Treasury Bonds
Symbol: TLT
Asset class: bond
Category: treasury_duration
Group: bonds_and_rates
Risk bucket: high
Description: Long-duration US Treasury bond exposure. More sensitive to interest-rate changes than shorter-duration bond funds.
Allowed option:
ID: TIPS
Name: Treasury Inflation-Protected Securities
Symbol: TIP
Asset class: bond
Category: inflation_linked_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: US Treasury inflation-protected bond exposure. Sensitive to real interest rates and inflation expectations.
Allowed option:
ID: INVESTMENT_GRADE_CREDIT
Name: Investment Grade Corporate Bonds
Symbol: LQD
Asset class: bond
Category: corporate_credit
Group: credit
Risk bucket: medium
Description: US investment-grade corporate bond exposure. Sensitive to interest rates, credit spreads, and corporate balance-sheet conditions.
Allowed option:
ID: HIGH_YIELD_CREDIT
Name: High Yield Corporate Bonds
Symbol: HYG
Asset class: bond
Category: corporate_credit
Group: credit
Risk bucket: high
Description: US high-yield corporate bond exposure. Sensitive to credit spreads, default expectations, liquidity, and risk appetite.
Allowed option:
ID: AGGREGATE_BONDS
Name: US Aggregate Bond Market
Symbol: AGG
Asset class: bond
Category: aggregate_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: Broad US investment-grade bond market exposure. Includes Treasuries, agency securities, mortgage-backed securities, and corporate bonds.
Allowed option:
ID: DEVELOPED_EX_US
Name: Developed Markets ex-US
Symbol: VEA
Asset class: equity
Category: international_equity
Group: international_equity
Risk bucket: high
Description: Developed-market equity exposure outside the United States. Includes regions such as Europe, Japan, Canada, and developed Asia-Pacific markets.
Allowed option:
ID: EMERGING_MARKETS
Name: Emerging Markets
Symbol: VWO
Asset class: equity
Category: international_equity
Group: international_equity
Risk bucket: very_high
Description: Emerging-market equity exposure. Sensitive to global growth, currency moves, capital flows, commodity cycles, and country-specific policy risk.
Allowed option:
ID: EUROPE
Name: Europe Equities
Symbol: VGK
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: high
Description: European equity exposure. Sensitive to European growth, monetary policy, currency trends, energy costs, and regional earnings.
Allowed option:
ID: JAPAN
Name: Japan Equities
Symbol: EWJ
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: high
Description: Japanese equity exposure. Sensitive to Japanese corporate earnings, yen movements, monetary policy, and global trade conditions.
Allowed option:
ID: CHINA
Name: China Equities
Symbol: MCHI
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: very_high
Description: China equity exposure through publicly traded Chinese companies. Sensitive to Chinese growth, policy actions, currency moves, and geopolitical risk.
Allowed option:
ID: INDIA
Name: India Equities
Symbol: INDA
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: very_high
Description: Indian equity exposure. Sensitive to Indian economic growth, currency moves, domestic policy, valuations, and foreign capital flows.
Allowed option:
ID: GOLD
Name: Gold
Symbol: IAU
Asset class: commodity
Category: precious_metals
Group: commodities
Risk bucket: medium
Description: Gold exposure through a listed gold trust. Sensitive to real interest rates, US dollar strength, inflation expectations, and safe-haven demand.
Allowed option:
ID: BROAD_COMMODITIES
Name: Broad Commodities
Symbol: PDBC
Asset class: commodity
Category: broad_commodities
Group: commodities
Risk bucket: high
Description: Broad commodity exposure through a diversified commodity strategy ETF. Sensitive to energy, metals, agriculture, inflation expectations, and global demand.
Allowed option:
ID: SEMICONDUCTORS
Name: Semiconductors
Symbol: SMH
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Semiconductor equity exposure. Includes companies involved in chip design, manufacturing, equipment, and related supply chains.
Allowed option:
ID: SOFTWARE
Name: Software
Symbol: IGV
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: high
Description: Software equity exposure. Includes companies in application software, infrastructure software, and related technology services.
Allowed option:
ID: BROAD_AI_TECH
Name: Broad AI Technology
Symbol: AIQ
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Broad artificial intelligence and technology equity exposure. Includes companies associated with AI applications, infrastructure, data, and related technology services.
Allowed option:
ID: AUTONOMOUS_ROBOTICS
Name: Autonomous Technology and Robotics
Symbol: ARKQ
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Autonomous technology and robotics equity exposure. Includes companies associated with automation, robotics, autonomous transport, energy storage, and related technology platforms.
Allowed option:
ID: CYBERSECURITY
Name: Cybersecurity
Symbol: CIBR
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: high
Description: Cybersecurity equity exposure. Includes companies providing network security, identity, endpoint, cloud security, and related cybersecurity products and services.
Allowed option:
ID: SOLAR
Name: Solar Energy
Symbol: TAN
Asset class: equity
Category: thematic_equity
Group: clean_energy
Risk bucket: very_high
Description: Solar energy equity exposure. Includes companies associated with solar power equipment, development, installation, and related clean-energy supply chains.
Allowed option:
ID: METALS_MINING
Name: Metals and Mining
Symbol: XME
Asset class: equity
Category: commodity_equity
Group: commodities
Risk bucket: very_high
Description: Metals and mining equity exposure. Includes companies involved in steel, aluminum, precious metals, coal, copper, and diversified mining industries.
Allowed option:
ID: EQUAL_WEIGHT_SP500
Name: Equal-Weight S&P 500
Symbol: RSP
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Equal-weight US large-cap equity exposure. Reduces concentration in the largest S&P 500 constituents compared with market-cap weighting.
Allowed option:
ID: BIOTECH
Name: Biotechnology
Symbol: XBI
Asset class: equity
Category: industry_equity
Group: healthcare_and_biotech
Risk bucket: very_high
Description: US biotechnology equity exposure. Sensitive to clinical data, financing conditions, regulation, mergers, and risk appetite.
Allowed option:
ID: REGIONAL_BANKS
Name: Regional Banks
Symbol: KRE
Asset class: equity
Category: industry_equity
Group: us_industry
Risk bucket: very_high
Description: US regional bank equity exposure. Sensitive to deposit trends, credit quality, yield curves, regulation, and commercial real estate conditions.
Allowed option:
ID: AEROSPACE_DEFENSE
Name: Aerospace and Defense
Symbol: ITA
Asset class: equity
Category: industry_equity
Group: us_industry
Risk bucket: high
Description: US aerospace and defense equity exposure. Sensitive to defense budgets, aircraft demand, supply chains, and geopolitical risk.
Allowed option:
ID: CANADA
Name: Canada Equities
Symbol: EWC
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Canadian equity exposure through US-listed shares. Sensitive to financials, energy, materials, domestic growth, and Canadian dollar conditions.
Allowed option:
ID: UNITED_KINGDOM
Name: United Kingdom Equities
Symbol: EWU
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: United Kingdom equity exposure through US-listed shares. Sensitive to sterling, UK growth, global financials, energy, and dividend-oriented sectors.
Allowed option:
ID: AUSTRALIA
Name: Australia Equities
Symbol: EWA
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Australian equity exposure through US-listed shares. Sensitive to banks, materials, commodity demand, China-linked growth, and Australian dollar conditions.
Allowed option:
ID: SOUTH_KOREA
Name: South Korea Equities
Symbol: EWY
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: South Korean equity exposure through US-listed shares. Sensitive to semiconductors, exports, won movements, global trade, and regional geopolitics.
Allowed option:
ID: TAIWAN
Name: Taiwan Equities
Symbol: EWT
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: Taiwan equity exposure through US-listed shares. Sensitive to semiconductor supply chains, global electronics demand, currency movements, and geopolitical risk.
Allowed option:
ID: BRAZIL
Name: Brazil Equities
Symbol: EWZ
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: Brazilian equity exposure through US-listed shares. Sensitive to commodities, rates, fiscal policy, currency moves, and emerging-market capital flows.
Allowed option:
ID: MEXICO
Name: Mexico Equities
Symbol: EWW
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Mexican equity exposure through US-listed shares. Sensitive to domestic growth, currency moves, trade links, remittances, and nearshoring activity.
Allowed option:
ID: SOUTH_AFRICA
Name: South Africa Equities
Symbol: EZA
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: South African equity exposure through US-listed shares. Sensitive to resources, domestic policy, currency moves, power availability, and emerging-market flows.
Allowed option:
ID: MORTGAGE_BACKED_BONDS
Name: Agency Mortgage-Backed Bonds
Symbol: MBB
Asset class: bond
Category: securitized_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: US agency mortgage-backed securities exposure. Sensitive to interest rates, prepayment behavior, mortgage spreads, and housing finance conditions.
Allowed option:
ID: MUNICIPAL_BONDS
Name: Municipal Bonds
Symbol: MUB
Asset class: bond
Category: municipal_bonds
Group: bonds_and_rates
Risk bucket: low
Description: US municipal bond exposure. Sensitive to rates, state and local credit conditions, fund flows, and tax-exempt fixed-income demand.
Allowed option:
ID: EMERGING_MARKET_BONDS
Name: Emerging Market USD Bonds
Symbol: EMB
Asset class: bond
Category: emerging_market_debt
Group: credit
Risk bucket: high
Description: US dollar emerging-market bond exposure. Sensitive to sovereign spreads, US rates, currency stress, commodity cycles, and global risk appetite.
Allowed option:
ID: INTERNATIONAL_BONDS
Name: International Aggregate Bonds
Symbol: BNDX
Asset class: bond
Category: international_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: International investment-grade bond exposure. Sensitive to global rates, currency hedging, regional credit conditions, and non-US monetary policy.
Allowed option:
ID: SILVER
Name: Silver
Symbol: SLV
Asset class: commodity
Category: precious_metals
Group: commodities
Risk bucket: high
Description: Silver exposure through a listed trust. Sensitive to precious-metals demand, industrial usage, real rates, US dollar moves, and inflation expectations.
Allowed option:
ID: COPPER
Name: Copper
Symbol: CPER
Asset class: commodity
Category: industrial_metals
Group: commodities
Risk bucket: high
Description: Copper exposure through an exchange-traded product. Sensitive to industrial demand, China-linked growth, supply conditions, inventories, and electrification themes.
Allowed option:
ID: AGRICULTURE
Name: Agriculture Commodities
Symbol: DBA
Asset class: commodity
Category: agriculture
Group: commodities
Risk bucket: high
Description: Agricultural commodity exposure through a diversified exchange-traded product. Sensitive to weather, crop conditions, global demand, inventories, and currency moves.
Allowed option:
ID: OIL
Name: Crude Oil
Symbol: USO
Asset class: commodity
Category: energy_commodities
Group: commodities
Risk bucket: very_high
Description: Crude oil exposure through an exchange-traded product. Sensitive to supply, demand, inventories, OPEC policy, geopolitical risk, and futures-curve structure.
Allowed option:
ID: US_DOLLAR
Name: US Dollar
Symbol: UUP
Asset class: currency
Category: currency
Group: currencies
Risk bucket: medium
Description: US dollar currency exposure through an exchange-traded product. Sensitive to relative rates, global risk appetite, trade balances, and reserve-currency demand.
Allowed option:
ID: EURO
Name: Euro
Symbol: FXE
Asset class: currency
Category: currency
Group: currencies
Risk bucket: medium
Description: Euro currency exposure through an exchange-traded product. Sensitive to European rates, growth, fiscal policy, energy conditions, and US dollar movements.
Allowed option:
ID: YEN
Name: Japanese Yen
Symbol: FXY
Asset class: currency
Category: currency
Group: currencies
Risk bucket: high
Description: Japanese yen currency exposure through an exchange-traded product. Sensitive to Japanese monetary policy, rate differentials, carry trades, and safe-haven demand.
Allowed option:
ID: BITCOIN_ETF
Name: Bitcoin ETF
Symbol: IBIT
Asset class: crypto_proxy
Category: crypto_asset
Group: crypto_proxies
Risk bucket: very_high
Description: Bitcoin exposure through a US-listed spot bitcoin exchange-traded product. Sensitive to digital-asset flows, regulation, liquidity, rates, and risk appetite.
Allowed option:
ID: ETHEREUM_ETF
Name: Ethereum ETF
Symbol: ETHA
Asset class: crypto_proxy
Category: crypto_asset
Group: crypto_proxies
Risk bucket: very_high
Description: Ethereum exposure through a US-listed spot Ethereum exchange-traded product. Sensitive to digital-asset flows, network activity, regulation, liquidity, and risk appetite. Source Options YAML options.yaml
options:
- id: CASH
name: Cash / Do Not Invest
symbol: null
tiingo_symbol: null
asset_class: cash
category: cash
option_group: cash
risk_bucket: cash
currency: USD
is_cash: true
include_in_universe: true
exposure_description: "Cash position with no market exposure. Return is treated as 0 unless a round explicitly defines a cash yield proxy."
- id: SHORT_TREASURY
name: Short-Term Treasury Bills
symbol: BIL
tiingo_symbol: BIL
asset_class: cash_like
category: treasury_bills
option_group: cash_and_short_duration
risk_bucket: low
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Short-term US Treasury bill exposure. Typically used as a cash-like proxy with low duration risk."
- id: SP500
name: S&P 500
symbol: SPY
tiingo_symbol: SPY
asset_class: equity
category: broad_us_equity
option_group: us_broad_market
risk_bucket: medium
currency: USD
is_cash: false
is_benchmark: true
include_in_universe: true
exposure_description: "Broad US large-cap equity exposure. Represents large publicly traded US companies across multiple sectors."
- id: TOTAL_US_MARKET
name: Total US Stock Market
symbol: VTI
tiingo_symbol: VTI
asset_class: equity
category: broad_us_equity
option_group: us_broad_market
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Broad exposure to the total US equity market, including large-, mid-, and small-cap companies. Useful as a diversified US equity proxy."
- id: NASDAQ100
name: Nasdaq 100
symbol: QQQ
tiingo_symbol: QQQ
asset_class: equity
category: growth_equity
option_group: us_growth_and_technology
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Large-cap, growth-oriented US equity exposure with heavy weights in technology and communication services. Sensitive to mega-cap earnings, rates, and growth-stock sentiment."
- id: LARGE_GROWTH
name: US Large-Cap Growth
symbol: IWF
tiingo_symbol: IWF
asset_class: equity
category: style_factor
option_group: us_style_factor
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US large-cap growth stock exposure. Often tilted toward companies with higher expected growth, higher valuations, and greater sensitivity to interest rates."
- id: LARGE_VALUE
name: US Large-Cap Value
symbol: IWD
tiingo_symbol: IWD
asset_class: equity
category: style_factor
option_group: us_style_factor
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US large-cap value stock exposure. Often tilted toward companies with lower valuation multiples, dividends, financials, energy, and cyclical sectors."
- id: MID_CAP
name: US Mid-Cap Stocks
symbol: IJH
tiingo_symbol: IJH
asset_class: equity
category: size_factor
option_group: us_size_factor
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US mid-cap equity exposure. Represents companies between large caps and small caps, with sensitivity to domestic growth, financing conditions, and risk appetite."
- id: SMALL_CAP
name: US Small-Cap Stocks
symbol: IWM
tiingo_symbol: IWM
asset_class: equity
category: size_factor
option_group: us_size_factor
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US small-cap equity exposure. Often more sensitive to domestic economic growth, credit conditions, rates, and market risk appetite."
- id: SMALL_VALUE
name: US Small-Cap Value
symbol: IWN
tiingo_symbol: IWN
asset_class: equity
category: style_and_size_factor
option_group: us_style_factor
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US small-cap value equity exposure. Combines smaller company exposure with value-oriented characteristics."
- id: DIVIDEND
name: US Dividend Equities
symbol: SCHD
tiingo_symbol: SCHD
asset_class: equity
category: dividend_equity
option_group: us_factor_equity
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US dividend-oriented equity exposure. Often tilted toward profitable, mature companies with dividend histories."
- id: LOW_VOL
name: US Low Volatility Equities
symbol: SPLV
tiingo_symbol: SPLV
asset_class: equity
category: low_volatility_factor
option_group: us_factor_equity
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US equity exposure focused on historically lower-volatility stocks. Often used as a defensive equity factor proxy."
- id: MOMENTUM
name: US Momentum Equities
symbol: MTUM
tiingo_symbol: MTUM
asset_class: equity
category: momentum_factor
option_group: us_factor_equity
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US equity exposure tilted toward stocks with stronger recent price momentum. Sensitive to trend persistence and factor rotations."
- id: TECHNOLOGY
name: Technology Sector
symbol: XLK
tiingo_symbol: XLK
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US technology sector exposure within large-cap equities. Includes software, hardware, semiconductors, and technology services companies."
- id: COMMUNICATIONS
name: Communication Services Sector
symbol: XLC
tiingo_symbol: XLC
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US communication services sector exposure. Includes large internet platforms, media, telecom, and entertainment companies."
- id: CONSUMER_DISCRETIONARY
name: Consumer Discretionary Sector
symbol: XLY
tiingo_symbol: XLY
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US consumer discretionary sector exposure. Sensitive to consumer spending, employment, credit conditions, and household confidence."
- id: CONSUMER_STAPLES
name: Consumer Staples Sector
symbol: XLP
tiingo_symbol: XLP
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US consumer staples sector exposure. Includes companies selling essential consumer products and is often considered a defensive equity sector."
- id: HEALTHCARE
name: Healthcare Sector
symbol: XLV
tiingo_symbol: XLV
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US healthcare sector exposure. Includes pharmaceuticals, biotechnology, medical devices, healthcare services, and insurers."
- id: FINANCIALS
name: Financials Sector
symbol: XLF
tiingo_symbol: XLF
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US financial sector exposure. Includes banks, insurers, capital markets firms, and financial services companies."
- id: INDUSTRIALS
name: Industrials Sector
symbol: XLI
tiingo_symbol: XLI
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US industrial sector exposure. Includes aerospace, machinery, transportation, logistics, and industrial services companies."
- id: ENERGY
name: Energy Sector
symbol: XLE
tiingo_symbol: XLE
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US energy sector exposure. Sensitive to oil and gas prices, production trends, geopolitics, and capital discipline."
- id: MATERIALS
name: Materials Sector
symbol: XLB
tiingo_symbol: XLB
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US materials sector exposure. Includes chemicals, metals, mining, packaging, and construction materials companies."
- id: UTILITIES
name: Utilities Sector
symbol: XLU
tiingo_symbol: XLU
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US utilities sector exposure. Often sensitive to interest rates, electricity demand, regulation, and defensive equity flows."
- id: REAL_ESTATE
name: Real Estate Sector
symbol: XLRE
tiingo_symbol: XLRE
asset_class: equity
category: us_sector
option_group: us_sector
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US listed real estate equity exposure. Sensitive to interest rates, property fundamentals, credit conditions, and real estate valuations."
- id: INTERMEDIATE_TREASURY
name: Intermediate-Term US Treasury Bonds
symbol: IEF
tiingo_symbol: IEF
asset_class: bond
category: treasury_duration
option_group: bonds_and_rates
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Intermediate-duration US Treasury bond exposure. Sensitive to changes in interest rates, inflation expectations, and growth expectations."
- id: LONG_TREASURY
name: Long-Term US Treasury Bonds
symbol: TLT
tiingo_symbol: TLT
asset_class: bond
category: treasury_duration
option_group: bonds_and_rates
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Long-duration US Treasury bond exposure. More sensitive to interest-rate changes than shorter-duration bond funds."
- id: TIPS
name: Treasury Inflation-Protected Securities
symbol: TIP
tiingo_symbol: TIP
asset_class: bond
category: inflation_linked_bonds
option_group: bonds_and_rates
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US Treasury inflation-protected bond exposure. Sensitive to real interest rates and inflation expectations."
- id: INVESTMENT_GRADE_CREDIT
name: Investment Grade Corporate Bonds
symbol: LQD
tiingo_symbol: LQD
asset_class: bond
category: corporate_credit
option_group: credit
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US investment-grade corporate bond exposure. Sensitive to interest rates, credit spreads, and corporate balance-sheet conditions."
- id: HIGH_YIELD_CREDIT
name: High Yield Corporate Bonds
symbol: HYG
tiingo_symbol: HYG
asset_class: bond
category: corporate_credit
option_group: credit
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US high-yield corporate bond exposure. Sensitive to credit spreads, default expectations, liquidity, and risk appetite."
- id: AGGREGATE_BONDS
name: US Aggregate Bond Market
symbol: AGG
tiingo_symbol: AGG
asset_class: bond
category: aggregate_bonds
option_group: bonds_and_rates
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Broad US investment-grade bond market exposure. Includes Treasuries, agency securities, mortgage-backed securities, and corporate bonds."
- id: DEVELOPED_EX_US
name: Developed Markets ex-US
symbol: VEA
tiingo_symbol: VEA
asset_class: equity
category: international_equity
option_group: international_equity
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Developed-market equity exposure outside the United States. Includes regions such as Europe, Japan, Canada, and developed Asia-Pacific markets."
- id: EMERGING_MARKETS
name: Emerging Markets
symbol: VWO
tiingo_symbol: VWO
asset_class: equity
category: international_equity
option_group: international_equity
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Emerging-market equity exposure. Sensitive to global growth, currency moves, capital flows, commodity cycles, and country-specific policy risk."
- id: EUROPE
name: Europe Equities
symbol: VGK
tiingo_symbol: VGK
asset_class: equity
category: regional_equity
option_group: international_equity
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "European equity exposure. Sensitive to European growth, monetary policy, currency trends, energy costs, and regional earnings."
- id: JAPAN
name: Japan Equities
symbol: EWJ
tiingo_symbol: EWJ
asset_class: equity
category: regional_equity
option_group: international_equity
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Japanese equity exposure. Sensitive to Japanese corporate earnings, yen movements, monetary policy, and global trade conditions."
- id: CHINA
name: China Equities
symbol: MCHI
tiingo_symbol: MCHI
asset_class: equity
category: regional_equity
option_group: international_equity
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "China equity exposure through publicly traded Chinese companies. Sensitive to Chinese growth, policy actions, currency moves, and geopolitical risk."
- id: INDIA
name: India Equities
symbol: INDA
tiingo_symbol: INDA
asset_class: equity
category: regional_equity
option_group: international_equity
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Indian equity exposure. Sensitive to Indian economic growth, currency moves, domestic policy, valuations, and foreign capital flows."
- id: GOLD
name: Gold
symbol: IAU
tiingo_symbol: IAU
asset_class: commodity
category: precious_metals
option_group: commodities
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Gold exposure through a listed gold trust. Sensitive to real interest rates, US dollar strength, inflation expectations, and safe-haven demand."
- id: BROAD_COMMODITIES
name: Broad Commodities
symbol: PDBC
tiingo_symbol: PDBC
asset_class: commodity
category: broad_commodities
option_group: commodities
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Broad commodity exposure through a diversified commodity strategy ETF. Sensitive to energy, metals, agriculture, inflation expectations, and global demand."
- id: SEMICONDUCTORS
name: Semiconductors
symbol: SMH
tiingo_symbol: SMH
asset_class: equity
category: thematic_equity
option_group: ai_and_technology
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Semiconductor equity exposure. Includes companies involved in chip design, manufacturing, equipment, and related supply chains."
- id: SOFTWARE
name: Software
symbol: IGV
tiingo_symbol: IGV
asset_class: equity
category: thematic_equity
option_group: ai_and_technology
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Software equity exposure. Includes companies in application software, infrastructure software, and related technology services."
- id: BROAD_AI_TECH
name: Broad AI Technology
symbol: AIQ
tiingo_symbol: AIQ
asset_class: equity
category: thematic_equity
option_group: ai_and_technology
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Broad artificial intelligence and technology equity exposure. Includes companies associated with AI applications, infrastructure, data, and related technology services."
- id: AUTONOMOUS_ROBOTICS
name: Autonomous Technology and Robotics
symbol: ARKQ
tiingo_symbol: ARKQ
asset_class: equity
category: thematic_equity
option_group: ai_and_technology
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Autonomous technology and robotics equity exposure. Includes companies associated with automation, robotics, autonomous transport, energy storage, and related technology platforms."
- id: CYBERSECURITY
name: Cybersecurity
symbol: CIBR
tiingo_symbol: CIBR
asset_class: equity
category: thematic_equity
option_group: ai_and_technology
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Cybersecurity equity exposure. Includes companies providing network security, identity, endpoint, cloud security, and related cybersecurity products and services."
- id: SOLAR
name: Solar Energy
symbol: TAN
tiingo_symbol: TAN
asset_class: equity
category: thematic_equity
option_group: clean_energy
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Solar energy equity exposure. Includes companies associated with solar power equipment, development, installation, and related clean-energy supply chains."
- id: METALS_MINING
name: Metals and Mining
symbol: XME
tiingo_symbol: XME
asset_class: equity
category: commodity_equity
option_group: commodities
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Metals and mining equity exposure. Includes companies involved in steel, aluminum, precious metals, coal, copper, and diversified mining industries."
- id: EQUAL_WEIGHT_SP500
name: Equal-Weight S&P 500
symbol: RSP
tiingo_symbol: RSP
asset_class: equity
category: broad_us_equity
option_group: us_broad_market
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Equal-weight US large-cap equity exposure. Reduces concentration in the largest S&P 500 constituents compared with market-cap weighting."
- id: BIOTECH
name: Biotechnology
symbol: XBI
tiingo_symbol: XBI
asset_class: equity
category: industry_equity
option_group: healthcare_and_biotech
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US biotechnology equity exposure. Sensitive to clinical data, financing conditions, regulation, mergers, and risk appetite."
- id: REGIONAL_BANKS
name: Regional Banks
symbol: KRE
tiingo_symbol: KRE
asset_class: equity
category: industry_equity
option_group: us_industry
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US regional bank equity exposure. Sensitive to deposit trends, credit quality, yield curves, regulation, and commercial real estate conditions."
- id: AEROSPACE_DEFENSE
name: Aerospace and Defense
symbol: ITA
tiingo_symbol: ITA
asset_class: equity
category: industry_equity
option_group: us_industry
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US aerospace and defense equity exposure. Sensitive to defense budgets, aircraft demand, supply chains, and geopolitical risk."
- id: CANADA
name: Canada Equities
symbol: EWC
tiingo_symbol: EWC
asset_class: equity
category: country_equity
option_group: country_equity
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Canadian equity exposure through US-listed shares. Sensitive to financials, energy, materials, domestic growth, and Canadian dollar conditions."
- id: UNITED_KINGDOM
name: United Kingdom Equities
symbol: EWU
tiingo_symbol: EWU
asset_class: equity
category: country_equity
option_group: country_equity
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "United Kingdom equity exposure through US-listed shares. Sensitive to sterling, UK growth, global financials, energy, and dividend-oriented sectors."
- id: AUSTRALIA
name: Australia Equities
symbol: EWA
tiingo_symbol: EWA
asset_class: equity
category: country_equity
option_group: country_equity
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Australian equity exposure through US-listed shares. Sensitive to banks, materials, commodity demand, China-linked growth, and Australian dollar conditions."
- id: SOUTH_KOREA
name: South Korea Equities
symbol: EWY
tiingo_symbol: EWY
asset_class: equity
category: country_equity
option_group: country_equity
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "South Korean equity exposure through US-listed shares. Sensitive to semiconductors, exports, won movements, global trade, and regional geopolitics."
- id: TAIWAN
name: Taiwan Equities
symbol: EWT
tiingo_symbol: EWT
asset_class: equity
category: country_equity
option_group: country_equity
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Taiwan equity exposure through US-listed shares. Sensitive to semiconductor supply chains, global electronics demand, currency movements, and geopolitical risk."
- id: BRAZIL
name: Brazil Equities
symbol: EWZ
tiingo_symbol: EWZ
asset_class: equity
category: country_equity
option_group: country_equity
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Brazilian equity exposure through US-listed shares. Sensitive to commodities, rates, fiscal policy, currency moves, and emerging-market capital flows."
- id: MEXICO
name: Mexico Equities
symbol: EWW
tiingo_symbol: EWW
asset_class: equity
category: country_equity
option_group: country_equity
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Mexican equity exposure through US-listed shares. Sensitive to domestic growth, currency moves, trade links, remittances, and nearshoring activity."
- id: SOUTH_AFRICA
name: South Africa Equities
symbol: EZA
tiingo_symbol: EZA
asset_class: equity
category: country_equity
option_group: country_equity
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "South African equity exposure through US-listed shares. Sensitive to resources, domestic policy, currency moves, power availability, and emerging-market flows."
- id: MORTGAGE_BACKED_BONDS
name: Agency Mortgage-Backed Bonds
symbol: MBB
tiingo_symbol: MBB
asset_class: bond
category: securitized_bonds
option_group: bonds_and_rates
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US agency mortgage-backed securities exposure. Sensitive to interest rates, prepayment behavior, mortgage spreads, and housing finance conditions."
- id: MUNICIPAL_BONDS
name: Municipal Bonds
symbol: MUB
tiingo_symbol: MUB
asset_class: bond
category: municipal_bonds
option_group: bonds_and_rates
risk_bucket: low
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US municipal bond exposure. Sensitive to rates, state and local credit conditions, fund flows, and tax-exempt fixed-income demand."
- id: EMERGING_MARKET_BONDS
name: Emerging Market USD Bonds
symbol: EMB
tiingo_symbol: EMB
asset_class: bond
category: emerging_market_debt
option_group: credit
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US dollar emerging-market bond exposure. Sensitive to sovereign spreads, US rates, currency stress, commodity cycles, and global risk appetite."
- id: INTERNATIONAL_BONDS
name: International Aggregate Bonds
symbol: BNDX
tiingo_symbol: BNDX
asset_class: bond
category: international_bonds
option_group: bonds_and_rates
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "International investment-grade bond exposure. Sensitive to global rates, currency hedging, regional credit conditions, and non-US monetary policy."
- id: SILVER
name: Silver
symbol: SLV
tiingo_symbol: SLV
asset_class: commodity
category: precious_metals
option_group: commodities
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Silver exposure through a listed trust. Sensitive to precious-metals demand, industrial usage, real rates, US dollar moves, and inflation expectations."
- id: COPPER
name: Copper
symbol: CPER
tiingo_symbol: CPER
asset_class: commodity
category: industrial_metals
option_group: commodities
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Copper exposure through an exchange-traded product. Sensitive to industrial demand, China-linked growth, supply conditions, inventories, and electrification themes."
- id: AGRICULTURE
name: Agriculture Commodities
symbol: DBA
tiingo_symbol: DBA
asset_class: commodity
category: agriculture
option_group: commodities
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Agricultural commodity exposure through a diversified exchange-traded product. Sensitive to weather, crop conditions, global demand, inventories, and currency moves."
- id: OIL
name: Crude Oil
symbol: USO
tiingo_symbol: USO
asset_class: commodity
category: energy_commodities
option_group: commodities
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Crude oil exposure through an exchange-traded product. Sensitive to supply, demand, inventories, OPEC policy, geopolitical risk, and futures-curve structure."
- id: US_DOLLAR
name: US Dollar
symbol: UUP
tiingo_symbol: UUP
asset_class: currency
category: currency
option_group: currencies
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "US dollar currency exposure through an exchange-traded product. Sensitive to relative rates, global risk appetite, trade balances, and reserve-currency demand."
- id: EURO
name: Euro
symbol: FXE
tiingo_symbol: FXE
asset_class: currency
category: currency
option_group: currencies
risk_bucket: medium
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Euro currency exposure through an exchange-traded product. Sensitive to European rates, growth, fiscal policy, energy conditions, and US dollar movements."
- id: YEN
name: Japanese Yen
symbol: FXY
tiingo_symbol: FXY
asset_class: currency
category: currency
option_group: currencies
risk_bucket: high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Japanese yen currency exposure through an exchange-traded product. Sensitive to Japanese monetary policy, rate differentials, carry trades, and safe-haven demand."
- id: BITCOIN_ETF
name: Bitcoin ETF
symbol: IBIT
tiingo_symbol: IBIT
asset_class: crypto_proxy
category: crypto_asset
option_group: crypto_proxies
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Bitcoin exposure through a US-listed spot bitcoin exchange-traded product. Sensitive to digital-asset flows, regulation, liquidity, rates, and risk appetite."
- id: ETHEREUM_ETF
name: Ethereum ETF
symbol: ETHA
tiingo_symbol: ETHA
asset_class: crypto_proxy
category: crypto_asset
option_group: crypto_proxies
risk_bucket: very_high
currency: USD
is_cash: false
include_in_universe: true
exposure_description: "Ethereum exposure through a US-listed spot Ethereum exchange-traded product. Sensitive to digital-asset flows, network activity, regulation, liquidity, and risk appetite." Round Hashes hashes.json
{
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"files": {
"briefing.md": "ce9066cc1f09105feac18829716a3a2ddace4b60e820b2902c5308e830d121ca",
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"market_data/decision_context_source_history.json": "4e522074c782f8fcee67dc03b5962be367f504020ed8ef5e31f232924b07b3ac",
"market_data/universe_decision_context.csv": "33c1afbafc4dad8a75f6947a8fa82082e5816bf5244b2fa440e88f36c5f1bcd4",
"market_data/universe_decision_context.json": "683d879b3b929513905f2a57fe604e65128f0d960720b0b3a8dbab49554eece8",
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"market_data/universe_quality_evidence.json": "202be613e234c1f4c3c2fccf9fdc4fce1abaa8f77e09056219730b456365e262",
"market_data/universe_quality_evidence.md": "86177ca5d1b8720d98a7d36cd66befeb8a08e6d7231b797e3964d3a0f4c574eb",
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} Per-Model Prompt Suffixes 7 model calls
For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-09-03-1M
- model_id: anthropic-claude-fable-5-1
- provider: anthropic
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-09-03-1M
- model_id: anthropic-claude-opus-5
- provider: anthropic
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-09-03-1M
- model_id: google-gemini-3-1-pro
- provider: google
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-09-03-1M
- model_id: openai-gpt-5-6-sol
- provider: openai
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-09-03-1M
- model_id: xai-grok-4-3
- provider: xai
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-09-03-1M
- model_id: xai-grok-4-5
- provider: xai
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-09-03-1M
- model_id: xai-grok-4-6
- provider: xai
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF Parsed provider responses Model Outputs
These are the validated JSON submissions used by CapitalBench. Raw provider response text remains excluded
from the public site.
Model Outputs
These are the validated JSON submissions used by CapitalBench. Raw provider response text remains excluded from the public site.
Claude Fable 5.1
anthropic-claude-fable-5-1
- Confidence
- 0.56
- Run Type
- official
Ranked candidates by combination of strong prior relative trend, recent relative pullback, and in-window fundamental support. Semiconductors and cybersecurity have the two highest prior active returns in the universe, meaningful recent pullbacks, and Broadcom's AI print plus Oracle/Adobe reports as catalysts; momentum shares the profile. Edges are thin and SPY at highs with FOMC hike risk makes a modest preference for the benchmark on risk-adjusted grounds. Weak-trend sectors (industrials, defense, solar, discretionary) show deterioration rather than overreaction, and crypto strength lacks independent support.
SPY is near its 52-week high with low realized vol, but breadth is weak (RSP lagging, 5-session positive share 41%), oil is up 24% over 21 sessions on active Iran conflict, headline PCE inflation is 3.7% and Waller has signaled a possible hike. The window contains payrolls, CPI, and a September FOMC with real two-sided rate risk. Recent laggards with strong prior trends (semis, cybersecurity, momentum) plus Broadcom's AI print give a fair reversal setup, while energy-driven inflation hurts duration-sensitive and consumer names.
- Semiconductors (SMH): 35% - V3 selected model rank 1: overreaction with 56% estimated probability of beating SPY.
- Cybersecurity (CIBR): 35% - V3 selected model rank 2: overreaction with 55% estimated probability of beating SPY.
- S&P 500 (SPY): 30% - Deterministic SPY fallback for V3 slots without an eligible active candidate.
- Hot CPI on Sep 11 or a hawkish FOMC on Sep 16 triggers a high-beta growth selloff, hurting semis, cyber, and momentum far more than SPY
- Escalation in the Iran-Gulf conflict pushes oil above $100 and drives a broad risk-off with correlated drawdowns across all equity candidates
- Weak Sep 4 payrolls after ADP 38k shifts market to growth-scare mode, favoring defensives not represented in top ranks
- Semiconductor volatility of 53% and beta 2.4 can produce large idiosyncratic losses even with positive AI fundamentals
Validated JSON
{
"confidence": 0.555,
"is_official_score": true,
"key_risks": [
"Hot CPI on Sep 11 or a hawkish FOMC on Sep 16 triggers a high-beta growth selloff, hurting semis, cyber, and momentum far more than SPY",
"Escalation in the Iran-Gulf conflict pushes oil above $100 and drives a broad risk-off with correlated drawdowns across all equity candidates",
"Weak Sep 4 payrolls after ADP 38k shifts market to growth-scare mode, favoring defensives not represented in top ranks",
"Semiconductor volatility of 53% and beta 2.4 can produce large idiosyncratic losses even with positive AI fundamentals"
],
"metadata": {
"portfolio_v3": {
"candidate_assessments": [
{
"evidence": [
"Prior 105-session active return +30.5% with recent -3.4% active pullback and 17% off 52w high",
"Broadcom AI semiconductor revenue $16.7B up 221% YoY with Q4 guide of $34.8B",
"Beta 2.38 and 53% vol make outcome highly dispersed"
],
"excess_return_p10_pct": -9,
"excess_return_p50_pct": 1.5,
"excess_return_p90_pct": 11,
"mechanism": "reversal",
"option_id": "SEMICONDUCTORS",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 56,
"p_top3_pct": 40,
"rank": 1,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Highest prior active rank in universe (+35.1%) with -5.4% five-session drop and -2.75% active 21s",
"Quality score 0.781; drawdown only -9.5% vs 33% vol",
"Oracle and Adobe reports on Sep 10 are software-sentiment catalysts inside the window"
],
"excess_return_p10_pct": -6,
"excess_return_p50_pct": 1,
"excess_return_p90_pct": 7.5,
"mechanism": "reversal",
"option_id": "CYBERSECURITY",
"origin_lanes": [
"medium_strength",
"quality_pullback"
],
"p_beat_spy_pct": 55,
"p_top3_pct": 32,
"rank": 2,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Prior active +12.1% with -3.85% recent active pullback; quality score 0.737",
"13% below 52w high with -18% drawdown; beta 1.57 to a market at highs"
],
"excess_return_p10_pct": -6.5,
"excess_return_p50_pct": 0.5,
"excess_return_p90_pct": 7,
"mechanism": "reversal",
"option_id": "MOMENTUM",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 53,
"p_top3_pct": 25,
"rank": 3,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Prior active +19.35% but recent active only -0.41%, not a meaningful pullback",
"Volume z -1.39 signals thin conviction; Microsoft +2.7% and Nvidia +1.8% on Sep 3"
],
"excess_return_p10_pct": -4.5,
"excess_return_p50_pct": 0.2,
"excess_return_p90_pct": 5,
"mechanism": "no_edge",
"option_id": "TECHNOLOGY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 51,
"p_top3_pct": 18,
"rank": 4,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Prior active +30.9% and recent active +7.85%, 1.3% from 52w high",
"Broadcom AI demand supports supply chain, but recent pullback rank 0.075 means no mean-reversion tailwind"
],
"excess_return_p10_pct": -8,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 8,
"mechanism": "continuation",
"option_id": "TAIWAN",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 20,
"rank": 5,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Highest quality score 0.791 with -3.6% active pullback after +3.9% prior",
"Waller open to a hike and 2y at 4.34% keep funding-cost pressure; ADP 38k hiring weak"
],
"excess_return_p10_pct": -4.5,
"excess_return_p50_pct": -0.3,
"excess_return_p90_pct": 4,
"mechanism": "reversal",
"option_id": "REGIONAL_BANKS",
"origin_lanes": [
"shock_reversal",
"quality_pullback"
],
"p_beat_spy_pct": 48,
"p_top3_pct": 12,
"rank": 6,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Recent active -1.97% after +3.64% prior; volume z -1.15",
"Rising short rates and hot ISM prices (71-73) weigh on rate-sensitive small caps"
],
"excess_return_p10_pct": -4,
"excess_return_p50_pct": -0.4,
"excess_return_p90_pct": 3.5,
"mechanism": "no_edge",
"option_id": "SMALL_CAP",
"origin_lanes": [
"quality_pullback"
],
"p_beat_spy_pct": 46,
"p_top3_pct": 8,
"rank": 7,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Active +25.7% over 21s after -22.6% prior; still 35% below 52w high",
"Volume z +0.63 confirms flows but quality score 0.055"
],
"excess_return_p10_pct": -12,
"excess_return_p50_pct": -0.5,
"excess_return_p90_pct": 12,
"mechanism": "continuation",
"option_id": "BITCOIN_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 46,
"p_top3_pct": 22,
"rank": 8,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Active -6.77% recent and -4.72% prior; both windows negative",
"ISM manufacturing PMI fell to 54.6, manufacturing jobs -17k, trade deficit widened to $88.6B"
],
"excess_return_p10_pct": -4,
"excess_return_p50_pct": -0.5,
"excess_return_p90_pct": 3,
"mechanism": "reversal",
"option_id": "INDUSTRIALS",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 45,
"p_top3_pct": 7,
"rank": 9,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Active +30.9% recent vs -21.9% prior; 47% off 52w high, 58% vol",
"Volume z +0.97 highest in slate but lowest quality score"
],
"excess_return_p10_pct": -16,
"excess_return_p50_pct": -1,
"excess_return_p90_pct": 15,
"mechanism": "continuation",
"option_id": "ETHEREUM_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 45,
"p_top3_pct": 22,
"rank": 10,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"0.6% from 52w high with 13.9% vol; rose 1.1% on Sep 3"
],
"excess_return_p10_pct": 0,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 0,
"mechanism": "no_edge",
"option_id": "SP500",
"origin_lanes": [
"benchmark"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 5,
"rank": 11,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Prior active -11.4%, recent -2.3%; retail sales -0.6% in July, saving rate 3.0%",
"Oil +24% over 21 sessions pressures consumer spending; ADP payrolls 38k"
],
"excess_return_p10_pct": -4.5,
"excess_return_p50_pct": -0.8,
"excess_return_p90_pct": 3,
"mechanism": "no_edge",
"option_id": "CONSUMER_DISCRETIONARY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 42,
"p_top3_pct": 6,
"rank": 12,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Active -10.9% recent after -8.35% prior despite active Iran conflict, implying sector-specific weakness",
"Quality score 0.594 and -11.8% drawdown"
],
"excess_return_p10_pct": -6,
"excess_return_p50_pct": -1,
"excess_return_p90_pct": 5,
"mechanism": "reversal",
"option_id": "AEROSPACE_DEFENSE",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 42,
"p_top3_pct": 8,
"rank": 13,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Prior active -18.8% and recent -7.4%; 35% below 52w high with -33% drawdown",
"Rising long rates (30y 5.25%) hurt project financing; quality score 0.349"
],
"excess_return_p10_pct": -11,
"excess_return_p50_pct": -2,
"excess_return_p90_pct": 9,
"mechanism": "reversal",
"option_id": "SOLAR",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 38,
"p_top3_pct": 8,
"rank": 14,
"recent_return_interpretation": "fundamental_deterioration"
}
],
"candidate_slate_option_ids": [
"AEROSPACE_DEFENSE",
"SOLAR",
"INDUSTRIALS",
"MOMENTUM",
"REGIONAL_BANKS",
"CYBERSECURITY",
"TAIWAN",
"SEMICONDUCTORS",
"ETHEREUM_ETF",
"BITCOIN_ETF",
"SMALL_CAP",
"TECHNOLOGY",
"CONSUMER_DISCRETIONARY",
"SP500"
],
"confidence_derivation": "mean selected-active p_beat_spy_pct; 0.5 when all slots fall back to SPY",
"deterministic_allocation": {
"allocation_pct": {
"CYBERSECURITY": 35,
"SEMICONDUCTORS": 35,
"SP500": 30
},
"benchmark_option_id": "SP500",
"decisions": [
{
"eligible": true,
"option_id": "SEMICONDUCTORS",
"p_beat_spy_pct": 56,
"rank": 1,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "CYBERSECURITY",
"p_beat_spy_pct": 55,
"rank": 2,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": false,
"option_id": "MOMENTUM",
"p_beat_spy_pct": 53,
"rank": 3,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "TECHNOLOGY",
"p_beat_spy_pct": 51,
"rank": 4,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "TAIWAN",
"p_beat_spy_pct": 50,
"rank": 5,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "REGIONAL_BANKS",
"p_beat_spy_pct": 48,
"rank": 6,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "SMALL_CAP",
"p_beat_spy_pct": 46,
"rank": 7,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "BITCOIN_ETF",
"p_beat_spy_pct": 46,
"rank": 8,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "INDUSTRIALS",
"p_beat_spy_pct": 45,
"rank": 9,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "ETHEREUM_ETF",
"p_beat_spy_pct": 45,
"rank": 10,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "SP500",
"p_beat_spy_pct": 50,
"rank": 11,
"reason": "benchmark_fallback",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "CONSUMER_DISCRETIONARY",
"p_beat_spy_pct": 42,
"rank": 12,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "AEROSPACE_DEFENSE",
"p_beat_spy_pct": 42,
"rank": 13,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "SOLAR",
"p_beat_spy_pct": 38,
"rank": 14,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
}
],
"methodology_version": "portfolio-v3.0",
"minimum_beat_spy_probability_pct": 55,
"selected_active_option_ids": [
"SEMICONDUCTORS",
"CYBERSECURITY"
],
"slot_weights_pct": [
35,
35,
30
]
},
"dispersion_state": "normal",
"dominant_pattern": "mixed",
"market_rationale": "SPY is near its 52-week high with low realized vol, but breadth is weak (RSP lagging, 5-session positive share 41%), oil is up 24% over 21 sessions on active Iran conflict, headline PCE inflation is 3.7% and Waller has signaled a possible hike. The window contains payrolls, CPI, and a September FOMC with real two-sided rate risk. Recent laggards with strong prior trends (semis, cybersecurity, momentum) plus Broadcom's AI print give a fair reversal setup, while energy-driven inflation hurts duration-sensitive and consumer names.",
"methodology_version": "portfolio-v3.0",
"prefer_spy": true,
"top3_option_ids": [
"SEMICONDUCTORS",
"CYBERSECURITY",
"MOMENTUM"
]
}
},
"mode": "closed_capability",
"model_id": "anthropic-claude-fable-5-1",
"portfolio": [
{
"allocation_pct": 35,
"option_id": "SEMICONDUCTORS",
"rationale": "V3 selected model rank 1: overreaction with 56% estimated probability of beating SPY."
},
{
"allocation_pct": 35,
"option_id": "CYBERSECURITY",
"rationale": "V3 selected model rank 2: overreaction with 55% estimated probability of beating SPY."
},
{
"allocation_pct": 30,
"option_id": "SP500",
"rationale": "Deterministic SPY fallback for V3 slots without an eligible active candidate."
}
],
"portfolio_rationale": "Ranked candidates by combination of strong prior relative trend, recent relative pullback, and in-window fundamental support. Semiconductors and cybersecurity have the two highest prior active returns in the universe, meaningful recent pullbacks, and Broadcom's AI print plus Oracle/Adobe reports as catalysts; momentum shares the profile. Edges are thin and SPY at highs with FOMC hike risk makes a modest preference for the benchmark on risk-adjusted grounds. Weak-trend sectors (industrials, defense, solar, discretionary) show deterioration rather than overreaction, and crypto strength lacks independent support.",
"provider": "anthropic",
"rationale_summary": "SPY is near its 52-week high with low realized vol, but breadth is weak (RSP lagging, 5-session positive share 41%), oil is up 24% over 21 sessions on active Iran conflict, headline PCE inflation is 3.7% and Waller has signaled a possible hike. The window contains payrolls, CPI, and a September FOMC with real two-sided rate risk. Recent laggards with strong prior trends (semis, cybersecurity, momentum) plus Broadcom's AI print give a fair reversal setup, while energy-driven inflation hurts duration-sensitive and consumer names.",
"replicate_count": 1,
"replicate_index": 1,
"round_id": "CB-2026-09-03-1M",
"run_type": "official",
"usage": {
"input_tokens": 29676,
"latency_seconds": 46.052626424934715,
"output_tokens": 3836,
"total_tokens": 33512
}
} Claude Opus 5
anthropic-claude-opus-5
- Confidence
- 0.58
- Run Type
- official
Only three names combine a strong prior relative trend with a recent relative pullback that lacks fundamental confirmation: cybersecurity (best prior trend in universe, shallow drawdown, no volume distribution), regional banks (highest quality evidence score, steep curve, sector at highs while KRE lags), and semiconductors (pullback contradicted by Broadcom's +86% revenue and +221% AI semi growth). Extreme losers ITA and TAN show trend deterioration across both windows and fail the reversal test. Crypto and Taiwan are extended winners without independent in-window support, so they are ranked below the benchmark region.
Late-cycle mixed tape: modest growth (Beige Book, 1.5% Q2 GDP), softening labor (ADP 38k, Challenger up 58%), but sticky inflation (CPI 3.4%, PCE 3.7%, energy +14.7% y/y) and a hawkish-leaning Waller ahead of the Sept 15-16 FOMC. Oil near $95 on active Iran conflict keeps inflation risk elevated and caps duration and rate-sensitive plays. Mega-cap tech firm on Sept 3 with Broadcom's blowout AI print supporting semis/AI fundamentals, while quality pullbacks in cybersecurity and regional banks look like flow-driven rather than fundamental damage. Breadth is soft (RSP lagging SPY, 40% positive over 5 sessions), so idiosyncratic pullback reversals are preferred over broad beta.
- Cybersecurity (CIBR): 35% - V3 selected model rank 1: overreaction with 60% estimated probability of beating SPY.
- Regional Banks (KRE): 35% - V3 selected model rank 2: overreaction with 57% estimated probability of beating SPY.
- Semiconductors (SMH): 30% - V3 selected model rank 3: overreaction with 56% estimated probability of beating SPY.
- Sept 15-16 FOMC with hawkish-leaning Waller commentary could trigger a high-beta unwind hitting SMH and CIBR hardest
- Sticky inflation (CPI 3.4%, energy +14.7% y/y) plus $95 Brent on active Iran conflict could push long yields higher and compress equity multiples
- Sept 4 and Oct 2 payrolls plus Sept 11 CPI land inside the window and could confirm labor deterioration, hurting regional banks via credit concerns
- Semiconductor 53% annualized vol means the position outcome is dominated by variance rather than the identified edge
- Continued narrow breadth (RSP trailing SPY) can leave equal-weight-like pullback plays lagging a mega-cap-led index
Validated JSON
{
"confidence": 0.5767,
"cost_usd": 0.25279,
"is_official_score": true,
"key_risks": [
"Sept 15-16 FOMC with hawkish-leaning Waller commentary could trigger a high-beta unwind hitting SMH and CIBR hardest",
"Sticky inflation (CPI 3.4%, energy +14.7% y/y) plus $95 Brent on active Iran conflict could push long yields higher and compress equity multiples",
"Sept 4 and Oct 2 payrolls plus Sept 11 CPI land inside the window and could confirm labor deterioration, hurting regional banks via credit concerns",
"Semiconductor 53% annualized vol means the position outcome is dominated by variance rather than the identified edge",
"Continued narrow breadth (RSP trailing SPY) can leave equal-weight-like pullback plays lagging a mega-cap-led index"
],
"metadata": {
"portfolio_v3": {
"candidate_assessments": [
{
"evidence": [
"Prior active +35.1% is the highest prior-trend rank in the universe (1.000) with a -5.43% recent window",
"Shallow 63-day drawdown of -9.53% despite 33% vol suggests orderly pullback not breakdown",
"Highest quality evidence score after KRE at 0.781; volume z +0.11 shows no distribution panic"
],
"excess_return_p10_pct": -7,
"excess_return_p50_pct": 2.2,
"excess_return_p90_pct": 11,
"mechanism": "reversal",
"option_id": "CYBERSECURITY",
"origin_lanes": [
"medium_strength",
"quality_pullback"
],
"p_beat_spy_pct": 60,
"p_top3_pct": 40,
"rank": 1,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Top quality evidence score 0.791 with prior active +3.88% and deepest recent-active pullback rank 0.940",
"Financials sector strong (+1.17% 5s, at 52w high) while KRE active -3.63% — divergence looks flow-driven",
"Steep curve (2y 4.34% vs 30y 5.25%) supports bank net interest margin"
],
"excess_return_p10_pct": -5,
"excess_return_p50_pct": 1.6,
"excess_return_p90_pct": 8,
"mechanism": "reversal",
"option_id": "REGIONAL_BANKS",
"origin_lanes": [
"shock_reversal",
"quality_pullback"
],
"p_beat_spy_pct": 57,
"p_top3_pct": 36,
"rank": 2,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Broadcom fiscal Q3 revenue +86% y/y with AI semi revenue +221% and Q4 guide ~$34.8B",
"Prior active +30.5% with recent -3.56% and -17.4% from 52w high; Nvidia +1.8% on Sept 3",
"Very high 53% vol and -24.6% drawdown make the reversal high-variance"
],
"excess_return_p10_pct": -13,
"excess_return_p50_pct": 2.8,
"excess_return_p90_pct": 18,
"mechanism": "reversal",
"option_id": "SEMICONDUCTORS",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 56,
"p_top3_pct": 45,
"rank": 3,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Active -6.77% over 21 sessions with recent pullback rank 0.970",
"ISM Manufacturing 54.6 and Production 58.3 still expansionary",
"Only -6.41% from 52w high, moderate 18.8% vol"
],
"excess_return_p10_pct": -5,
"excess_return_p50_pct": 0.7,
"excess_return_p90_pct": 6,
"mechanism": "reversal",
"option_id": "INDUSTRIALS",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 52,
"p_top3_pct": 22,
"rank": 4,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Prior active +19.35% but volume z -1.39 signals fading participation",
"Microsoft +2.7%, Apple +1.0%, Nvidia +1.8% on Sept 3",
"1.75 beta amplifies FOMC risk"
],
"excess_return_p10_pct": -8,
"excess_return_p50_pct": 0.6,
"excess_return_p90_pct": 8,
"mechanism": "continuation",
"option_id": "TECHNOLOGY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 52,
"p_top3_pct": 20,
"rank": 5,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Prior active +12.14% then -3.85%; -13.27% from 52w high",
"37.7% vol and -18% drawdown indicate factor unwind risk",
"Quality score 0.737 but lowest vol/drawdown ranks"
],
"excess_return_p10_pct": -9,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 8,
"mechanism": "reversal",
"option_id": "MOMENTUM",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 18,
"rank": 6,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Active +7.85% over 21 sessions, only -1.26% from 52w high",
"Prior active +30.87% supported by AI semiconductor demand",
"41% vol, 1.83 beta; extended rather than pulled back"
],
"excess_return_p10_pct": -11,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 11,
"mechanism": "continuation",
"option_id": "TAIWAN",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 20,
"rank": 7,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"July retail sales -0.6% m/m; saving rate 3.0% and real PCE flat",
"Prior active -11.39% plus recent -2.28% active",
"ADP 38k hiring and 52,881 August job cuts weaken consumer outlook"
],
"excess_return_p10_pct": -6,
"excess_return_p50_pct": -0.4,
"excess_return_p90_pct": 5.5,
"mechanism": "reversal",
"option_id": "CONSUMER_DISCRETIONARY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 47,
"p_top3_pct": 12,
"rank": 8,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Recent -1.54% with prior active +3.64%; quality score 0.763",
"Hawkish-leaning Waller and no cut expectation reduces small-cap financing relief",
"Volume z -1.15 shows weak participation"
],
"excess_return_p10_pct": -6,
"excess_return_p50_pct": -0.5,
"excess_return_p90_pct": 5,
"mechanism": "reversal",
"option_id": "SMALL_CAP",
"origin_lanes": [
"quality_pullback"
],
"p_beat_spy_pct": 46,
"p_top3_pct": 11,
"rank": 9,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Benchmark, 13.86% vol, -0.61% from 52w high",
"Breadth soft with RSP-SPY 21s at -0.29%"
],
"excess_return_p10_pct": 0,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 0,
"mechanism": "no_edge",
"option_id": "SP500",
"origin_lanes": [
"benchmark"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 8,
"rank": 10,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Active +25.72% over 21 sessions after prior -22.63%; volume z +0.63",
"Still -34.98% from 52w high with 40% vol",
"Lowest quality evidence tier (0.055)"
],
"excess_return_p10_pct": -14,
"excess_return_p50_pct": -0.5,
"excess_return_p90_pct": 14,
"mechanism": "continuation",
"option_id": "BITCOIN_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 45,
"p_top3_pct": 14,
"rank": 11,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Worst active in slate at -10.86% with prior active also negative -8.35%",
"-10.76% from 52w high and -11.79% drawdown",
"Active Iran conflict is a possible catalyst but trend deterioration predates it"
],
"excess_return_p10_pct": -8,
"excess_return_p50_pct": -0.8,
"excess_return_p90_pct": 7,
"mechanism": "reversal",
"option_id": "AEROSPACE_DEFENSE",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 45,
"p_top3_pct": 12,
"rank": 12,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Active +30.91% over 21 sessions but -46.86% from 52w high",
"58% vol and 2.52 beta, lowest quality ranks in universe",
"Volume z +0.97 indicates speculative flow surge"
],
"excess_return_p10_pct": -20,
"excess_return_p50_pct": -1.5,
"excess_return_p90_pct": 18,
"mechanism": "continuation",
"option_id": "ETHEREUM_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 42,
"p_top3_pct": 13,
"rank": 13,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"-35.45% from 52w high and -33.48% 63-day drawdown",
"Prior active -18.80% plus recent -7.36% shows persistent trend damage",
"42% vol with 1.885 beta and quality score 0.349"
],
"excess_return_p10_pct": -20,
"excess_return_p50_pct": -2.5,
"excess_return_p90_pct": 18,
"mechanism": "reversal",
"option_id": "SOLAR",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 36,
"p_top3_pct": 8,
"rank": 14,
"recent_return_interpretation": "fundamental_deterioration"
}
],
"candidate_slate_option_ids": [
"AEROSPACE_DEFENSE",
"SOLAR",
"INDUSTRIALS",
"MOMENTUM",
"REGIONAL_BANKS",
"CYBERSECURITY",
"TAIWAN",
"SEMICONDUCTORS",
"ETHEREUM_ETF",
"BITCOIN_ETF",
"SMALL_CAP",
"TECHNOLOGY",
"CONSUMER_DISCRETIONARY",
"SP500"
],
"confidence_derivation": "mean selected-active p_beat_spy_pct; 0.5 when all slots fall back to SPY",
"deterministic_allocation": {
"allocation_pct": {
"CYBERSECURITY": 35,
"REGIONAL_BANKS": 35,
"SEMICONDUCTORS": 30
},
"benchmark_option_id": "SP500",
"decisions": [
{
"eligible": true,
"option_id": "CYBERSECURITY",
"p_beat_spy_pct": 60,
"rank": 1,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "REGIONAL_BANKS",
"p_beat_spy_pct": 57,
"rank": 2,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "SEMICONDUCTORS",
"p_beat_spy_pct": 56,
"rank": 3,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": false,
"option_id": "INDUSTRIALS",
"p_beat_spy_pct": 52,
"rank": 4,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "TECHNOLOGY",
"p_beat_spy_pct": 52,
"rank": 5,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "MOMENTUM",
"p_beat_spy_pct": 50,
"rank": 6,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "TAIWAN",
"p_beat_spy_pct": 50,
"rank": 7,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "CONSUMER_DISCRETIONARY",
"p_beat_spy_pct": 47,
"rank": 8,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "SMALL_CAP",
"p_beat_spy_pct": 46,
"rank": 9,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "SP500",
"p_beat_spy_pct": 50,
"rank": 10,
"reason": "benchmark_fallback",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "BITCOIN_ETF",
"p_beat_spy_pct": 45,
"rank": 11,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "AEROSPACE_DEFENSE",
"p_beat_spy_pct": 45,
"rank": 12,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "ETHEREUM_ETF",
"p_beat_spy_pct": 42,
"rank": 13,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "SOLAR",
"p_beat_spy_pct": 36,
"rank": 14,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
}
],
"methodology_version": "portfolio-v3.0",
"minimum_beat_spy_probability_pct": 55,
"selected_active_option_ids": [
"CYBERSECURITY",
"REGIONAL_BANKS",
"SEMICONDUCTORS"
],
"slot_weights_pct": [
35,
35,
30
]
},
"dispersion_state": "normal",
"dominant_pattern": "mixed",
"market_rationale": "Late-cycle mixed tape: modest growth (Beige Book, 1.5% Q2 GDP), softening labor (ADP 38k, Challenger up 58%), but sticky inflation (CPI 3.4%, PCE 3.7%, energy +14.7% y/y) and a hawkish-leaning Waller ahead of the Sept 15-16 FOMC. Oil near $95 on active Iran conflict keeps inflation risk elevated and caps duration and rate-sensitive plays. Mega-cap tech firm on Sept 3 with Broadcom's blowout AI print supporting semis/AI fundamentals, while quality pullbacks in cybersecurity and regional banks look like flow-driven rather than fundamental damage. Breadth is soft (RSP lagging SPY, 40% positive over 5 sessions), so idiosyncratic pullback reversals are preferred over broad beta.",
"methodology_version": "portfolio-v3.0",
"prefer_spy": false,
"top3_option_ids": [
"CYBERSECURITY",
"REGIONAL_BANKS",
"SEMICONDUCTORS"
]
}
},
"mode": "closed_capability",
"model_id": "anthropic-claude-opus-5",
"portfolio": [
{
"allocation_pct": 35,
"option_id": "CYBERSECURITY",
"rationale": "V3 selected model rank 1: overreaction with 60% estimated probability of beating SPY."
},
{
"allocation_pct": 35,
"option_id": "REGIONAL_BANKS",
"rationale": "V3 selected model rank 2: overreaction with 57% estimated probability of beating SPY."
},
{
"allocation_pct": 30,
"option_id": "SEMICONDUCTORS",
"rationale": "V3 selected model rank 3: overreaction with 56% estimated probability of beating SPY."
}
],
"portfolio_rationale": "Only three names combine a strong prior relative trend with a recent relative pullback that lacks fundamental confirmation: cybersecurity (best prior trend in universe, shallow drawdown, no volume distribution), regional banks (highest quality evidence score, steep curve, sector at highs while KRE lags), and semiconductors (pullback contradicted by Broadcom's +86% revenue and +221% AI semi growth). Extreme losers ITA and TAN show trend deterioration across both windows and fail the reversal test. Crypto and Taiwan are extended winners without independent in-window support, so they are ranked below the benchmark region.",
"provider": "anthropic",
"rationale_summary": "Late-cycle mixed tape: modest growth (Beige Book, 1.5% Q2 GDP), softening labor (ADP 38k, Challenger up 58%), but sticky inflation (CPI 3.4%, PCE 3.7%, energy +14.7% y/y) and a hawkish-leaning Waller ahead of the Sept 15-16 FOMC. Oil near $95 on active Iran conflict keeps inflation risk elevated and caps duration and rate-sensitive plays. Mega-cap tech firm on Sept 3 with Broadcom's blowout AI print supporting semis/AI fundamentals, while quality pullbacks in cybersecurity and regional banks look like flow-driven rather than fundamental damage. Breadth is soft (RSP lagging SPY, 40% positive over 5 sessions), so idiosyncratic pullback reversals are preferred over broad beta.",
"replicate_count": 1,
"replicate_index": 1,
"round_id": "CB-2026-09-03-1M",
"run_type": "official",
"usage": {
"cost_usd": 0.25279,
"input_tokens": 29668,
"latency_seconds": 47.88186066807248,
"output_tokens": 4178,
"total_tokens": 33846
}
} Gemini 3.1 Pro
google-gemini-3-1-pro
- Confidence
- 0.58
- Run Type
- official
The portfolio targets sectors that have experienced recent pullbacks but maintain strong quality scores, suggesting an overreaction. Aerospace & Defense, Industrials, and Momentum fit this profile.
The market is showing mixed signals with some sectors experiencing pullbacks while others continue to show strength. The upcoming FOMC meeting and employment data will be key drivers.
- Aerospace and Defense (ITA): 35% - V3 selected model rank 1: overreaction with 60% estimated probability of beating SPY.
- Industrials Sector (XLI): 35% - V3 selected model rank 2: overreaction with 58% estimated probability of beating SPY.
- US Momentum Equities (MTUM): 30% - V3 selected model rank 3: overreaction with 56% estimated probability of beating SPY.
- Upcoming FOMC meeting could introduce volatility.
- Employment data release may shift market sentiment.
Validated JSON
{
"confidence": 0.58,
"is_official_score": true,
"key_risks": [
"Upcoming FOMC meeting could introduce volatility.",
"Employment data release may shift market sentiment."
],
"metadata": {
"portfolio_v3": {
"candidate_assessments": [
{
"evidence": [
"Recent return of -3.53%",
"Quality score of 0.594"
],
"excess_return_p10_pct": -2,
"excess_return_p50_pct": 1.5,
"excess_return_p90_pct": 5,
"mechanism": "reversal",
"option_id": "AEROSPACE_DEFENSE",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 60,
"p_top3_pct": 20,
"rank": 1,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent return of -4.06%",
"Prior active return of -18.80%"
],
"excess_return_p10_pct": -8,
"excess_return_p50_pct": -1,
"excess_return_p90_pct": 6,
"mechanism": "no_edge",
"option_id": "SOLAR",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 40,
"p_top3_pct": 5,
"rank": 14,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Recent return of -2.37%",
"Quality score of 0.679"
],
"excess_return_p10_pct": -1.5,
"excess_return_p50_pct": 1,
"excess_return_p90_pct": 4,
"mechanism": "reversal",
"option_id": "INDUSTRIALS",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 58,
"p_top3_pct": 15,
"rank": 2,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent return of -1.58%",
"Quality score of 0.737"
],
"excess_return_p10_pct": -3,
"excess_return_p50_pct": 0.5,
"excess_return_p90_pct": 5,
"mechanism": "reversal",
"option_id": "MOMENTUM",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 56,
"p_top3_pct": 10,
"rank": 3,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent return of 0.70%",
"Quality score of 0.791"
],
"excess_return_p10_pct": -2,
"excess_return_p50_pct": 0.2,
"excess_return_p90_pct": 3,
"mechanism": "continuation",
"option_id": "REGIONAL_BANKS",
"origin_lanes": [
"shock_reversal",
"quality_pullback"
],
"p_beat_spy_pct": 52,
"p_top3_pct": 8,
"rank": 4,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Recent return of -5.43%",
"Quality score of 0.781"
],
"excess_return_p10_pct": -4,
"excess_return_p50_pct": 0.5,
"excess_return_p90_pct": 6,
"mechanism": "reversal",
"option_id": "CYBERSECURITY",
"origin_lanes": [
"medium_strength",
"quality_pullback"
],
"p_beat_spy_pct": 54,
"p_top3_pct": 12,
"rank": 5,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent return of 1.38%",
"Prior active return of 30.87%"
],
"excess_return_p10_pct": -5,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 5,
"mechanism": "continuation",
"option_id": "TAIWAN",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 5,
"rank": 6,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Recent return of -3.56%",
"Quality score of 0.723"
],
"excess_return_p10_pct": -6,
"excess_return_p50_pct": 1,
"excess_return_p90_pct": 8,
"mechanism": "reversal",
"option_id": "SEMICONDUCTORS",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 55,
"p_top3_pct": 15,
"rank": 7,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent return of 0.79%",
"Quality score of 0.039"
],
"excess_return_p10_pct": -10,
"excess_return_p50_pct": -0.5,
"excess_return_p90_pct": 10,
"mechanism": "no_edge",
"option_id": "ETHEREUM_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 45,
"p_top3_pct": 5,
"rank": 12,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Recent return of 2.34%",
"Quality score of 0.055"
],
"excess_return_p10_pct": -8,
"excess_return_p50_pct": -0.2,
"excess_return_p90_pct": 8,
"mechanism": "no_edge",
"option_id": "BITCOIN_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 48,
"p_top3_pct": 5,
"rank": 13,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Recent return of -1.54%",
"Quality score of 0.763"
],
"excess_return_p10_pct": -2.5,
"excess_return_p50_pct": 0.5,
"excess_return_p90_pct": 4,
"mechanism": "reversal",
"option_id": "SMALL_CAP",
"origin_lanes": [
"quality_pullback"
],
"p_beat_spy_pct": 53,
"p_top3_pct": 10,
"rank": 8,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent return of -1.40%",
"Quality score of 0.629"
],
"excess_return_p10_pct": -3,
"excess_return_p50_pct": 0.2,
"excess_return_p90_pct": 4,
"mechanism": "reversal",
"option_id": "TECHNOLOGY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 51,
"p_top3_pct": 8,
"rank": 9,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent return of 0.50%",
"Quality score of 0.538"
],
"excess_return_p10_pct": -2.5,
"excess_return_p50_pct": -0.1,
"excess_return_p90_pct": 3,
"mechanism": "continuation",
"option_id": "CONSUMER_DISCRETIONARY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 49,
"p_top3_pct": 5,
"rank": 10,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Benchmark option"
],
"excess_return_p10_pct": 0,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 0,
"mechanism": "no_edge",
"option_id": "SP500",
"origin_lanes": [
"benchmark"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 0,
"rank": 11,
"recent_return_interpretation": "no_edge"
}
],
"candidate_slate_option_ids": [
"AEROSPACE_DEFENSE",
"SOLAR",
"INDUSTRIALS",
"MOMENTUM",
"REGIONAL_BANKS",
"CYBERSECURITY",
"TAIWAN",
"SEMICONDUCTORS",
"ETHEREUM_ETF",
"BITCOIN_ETF",
"SMALL_CAP",
"TECHNOLOGY",
"CONSUMER_DISCRETIONARY",
"SP500"
],
"confidence_derivation": "mean selected-active p_beat_spy_pct; 0.5 when all slots fall back to SPY",
"deterministic_allocation": {
"allocation_pct": {
"AEROSPACE_DEFENSE": 35,
"INDUSTRIALS": 35,
"MOMENTUM": 30
},
"benchmark_option_id": "SP500",
"decisions": [
{
"eligible": true,
"option_id": "AEROSPACE_DEFENSE",
"p_beat_spy_pct": 60,
"rank": 1,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "INDUSTRIALS",
"p_beat_spy_pct": 58,
"rank": 2,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "MOMENTUM",
"p_beat_spy_pct": 56,
"rank": 3,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": false,
"option_id": "REGIONAL_BANKS",
"p_beat_spy_pct": 52,
"rank": 4,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "CYBERSECURITY",
"p_beat_spy_pct": 54,
"rank": 5,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "TAIWAN",
"p_beat_spy_pct": 50,
"rank": 6,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": true,
"option_id": "SEMICONDUCTORS",
"p_beat_spy_pct": 55,
"rank": 7,
"reason": "outside_available_slots",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "SMALL_CAP",
"p_beat_spy_pct": 53,
"rank": 8,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "TECHNOLOGY",
"p_beat_spy_pct": 51,
"rank": 9,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "CONSUMER_DISCRETIONARY",
"p_beat_spy_pct": 49,
"rank": 10,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "SP500",
"p_beat_spy_pct": 50,
"rank": 11,
"reason": "benchmark_fallback",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "ETHEREUM_ETF",
"p_beat_spy_pct": 45,
"rank": 12,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "BITCOIN_ETF",
"p_beat_spy_pct": 48,
"rank": 13,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "SOLAR",
"p_beat_spy_pct": 40,
"rank": 14,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
}
],
"methodology_version": "portfolio-v3.0",
"minimum_beat_spy_probability_pct": 55,
"selected_active_option_ids": [
"AEROSPACE_DEFENSE",
"INDUSTRIALS",
"MOMENTUM"
],
"slot_weights_pct": [
35,
35,
30
]
},
"dispersion_state": "normal",
"dominant_pattern": "mixed",
"market_rationale": "The market is showing mixed signals with some sectors experiencing pullbacks while others continue to show strength. The upcoming FOMC meeting and employment data will be key drivers.",
"methodology_version": "portfolio-v3.0",
"prefer_spy": false,
"top3_option_ids": [
"AEROSPACE_DEFENSE",
"INDUSTRIALS",
"MOMENTUM"
]
}
},
"mode": "closed_capability",
"model_id": "google-gemini-3-1-pro",
"portfolio": [
{
"allocation_pct": 35,
"option_id": "AEROSPACE_DEFENSE",
"rationale": "V3 selected model rank 1: overreaction with 60% estimated probability of beating SPY."
},
{
"allocation_pct": 35,
"option_id": "INDUSTRIALS",
"rationale": "V3 selected model rank 2: overreaction with 58% estimated probability of beating SPY."
},
{
"allocation_pct": 30,
"option_id": "MOMENTUM",
"rationale": "V3 selected model rank 3: overreaction with 56% estimated probability of beating SPY."
}
],
"portfolio_rationale": "The portfolio targets sectors that have experienced recent pullbacks but maintain strong quality scores, suggesting an overreaction. Aerospace & Defense, Industrials, and Momentum fit this profile.",
"provider": "google",
"rationale_summary": "The market is showing mixed signals with some sectors experiencing pullbacks while others continue to show strength. The upcoming FOMC meeting and employment data will be key drivers.",
"replicate_count": 1,
"replicate_index": 1,
"round_id": "CB-2026-09-03-1M",
"run_type": "official",
"usage": {
"input_tokens": 20428,
"latency_seconds": 20.904344673035666,
"output_tokens": 2863,
"total_tokens": 23291
}
} GPT-5.6 Sol
openai-gpt-5-6-sol
- Confidence
- 0.57
- Run Type
- official
Cybersecurity and semiconductors pair strong prior relative trends with recent pullbacks and technology-fundamental support, while regional banks offer the slate's best quality profile and lower correlation. The remaining candidates either lack independent continuation support or show weaker underlying trends.
Wide cross-sectional moves, elevated event risk, and sharp factor pullbacks favor selective reversals rather than broad continuation. Strong activity data is offset by sticky prices, weak hiring, high yields, and geopolitical uncertainty.
- Cybersecurity (CIBR): 35% - V3 selected model rank 1: overreaction with 59% estimated probability of beating SPY.
- Semiconductors (SMH): 35% - V3 selected model rank 2: overreaction with 57% estimated probability of beating SPY.
- Regional Banks (KRE): 30% - V3 selected model rank 3: overreaction with 56% estimated probability of beating SPY.
- A hot inflation release or hawkish September FOMC outcome could pressure high-beta technology and bank exposures.
- A weak employment report could deepen credit concerns and hurt regional banks and cyclical equities.
- AI-related earnings disappointment could turn semiconductor and cybersecurity pullbacks into sustained de-rating.
- Escalating Middle East conflict could lift energy costs and disrupt the broader risk-on rebound.
Validated JSON
{
"confidence": 0.5733,
"is_official_score": true,
"key_risks": [
"A hot inflation release or hawkish September FOMC outcome could pressure high-beta technology and bank exposures.",
"A weak employment report could deepen credit concerns and hurt regional banks and cyclical equities.",
"AI-related earnings disappointment could turn semiconductor and cybersecurity pullbacks into sustained de-rating.",
"Escalating Middle East conflict could lift energy costs and disrupt the broader risk-on rebound."
],
"metadata": {
"portfolio_v3": {
"candidate_assessments": [
{
"evidence": [
"Prior active return was 35.10%, the strongest in the slate.",
"Recent active return fell 2.75% while quality score remained 0.781.",
"Its 9.53% drawdown was materially shallower than several high-beta technology candidates."
],
"excess_return_p10_pct": -7.2,
"excess_return_p50_pct": 1.4,
"excess_return_p90_pct": 10.1,
"mechanism": "reversal",
"option_id": "CYBERSECURITY",
"origin_lanes": [
"medium_strength",
"quality_pullback"
],
"p_beat_spy_pct": 59,
"p_top3_pct": 38,
"rank": 1,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Prior active return was 30.51% before the recent 3.44% relative pullback.",
"Broadcom reported AI semiconductor revenue up 221% year over year and 54% sequentially.",
"Volatility was an exceptionally high 53.15%, limiting conviction."
],
"excess_return_p10_pct": -12.8,
"excess_return_p50_pct": 1.7,
"excess_return_p90_pct": 16.4,
"mechanism": "catalyst",
"option_id": "SEMICONDUCTORS",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 57,
"p_top3_pct": 34,
"rank": 2,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"The 0.791 quality score was the highest among slate candidates.",
"Prior active return was positive 3.88% before a 3.63% relative pullback.",
"Volatility was 17.17% and SPY correlation only 0.42."
],
"excess_return_p10_pct": -5.2,
"excess_return_p50_pct": 0.6,
"excess_return_p90_pct": 6.7,
"mechanism": "reversal",
"option_id": "REGIONAL_BANKS",
"origin_lanes": [
"shock_reversal",
"quality_pullback"
],
"p_beat_spy_pct": 56,
"p_top3_pct": 30,
"rank": 3,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Active return fell 10.86%, the deepest relative decline in the slate.",
"Conflict involving Iran, Kuwait, and U.S. strikes remained active at the cutoff.",
"Prior active return was already negative 8.35%, weakening the reversal case."
],
"excess_return_p10_pct": -7.4,
"excess_return_p50_pct": 0.5,
"excess_return_p90_pct": 8.6,
"mechanism": "catalyst",
"option_id": "AEROSPACE_DEFENSE",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 54,
"p_top3_pct": 28,
"rank": 4,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"SPY was only 0.61% below its 52-week high.",
"Its 13.86% volatility was below most slate equity candidates.",
"The S&P 500 gained 1.1% on September 3."
],
"excess_return_p10_pct": 0,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 0,
"mechanism": "no_edge",
"option_id": "SP500",
"origin_lanes": [
"benchmark"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 27,
"rank": 5,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Quality score was a strong 0.763 after a 1.97% relative pullback.",
"Prior active return remained positive at 3.64%.",
"Weak August private hiring and high financing rates constrain the rebound."
],
"excess_return_p10_pct": -5.5,
"excess_return_p50_pct": 0.2,
"excess_return_p90_pct": 6.1,
"mechanism": "reversal",
"option_id": "SMALL_CAP",
"origin_lanes": [
"quality_pullback"
],
"p_beat_spy_pct": 52,
"p_top3_pct": 24,
"rank": 6,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Prior active return was 19.35% versus a recent 0.41% relative decline.",
"Volume z-score was depressed at -1.39.",
"Broadcom's strong results support technology fundamentals, but sector volatility was 34.78%."
],
"excess_return_p10_pct": -9.1,
"excess_return_p50_pct": 0.3,
"excess_return_p90_pct": 10,
"mechanism": "reversal",
"option_id": "TECHNOLOGY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 52,
"p_top3_pct": 22,
"rank": 7,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Prior active return was 30.87% and recent active return was 7.85%.",
"Broadcom's AI semiconductor growth supports global chip demand.",
"The fund was near its 52-week high but carried 41.31% volatility and 1.83 beta."
],
"excess_return_p10_pct": -11.8,
"excess_return_p50_pct": 0.3,
"excess_return_p90_pct": 13.2,
"mechanism": "continuation",
"option_id": "TAIWAN",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 51,
"p_top3_pct": 21,
"rank": 8,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Prior active return was 12.14% before a 3.85% relative decline.",
"Quality score was 0.737.",
"High 37.72% volatility and a 17.99% drawdown indicate substantial factor-rotation risk."
],
"excess_return_p10_pct": -10.8,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 11.3,
"mechanism": "reversal",
"option_id": "MOMENTUM",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 19,
"rank": 9,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent active return was negative 6.77% despite a 0.970 pullback rank.",
"Manufacturing PMI remained expansionary at 54.6.",
"ADP reported 17,000 fewer manufacturing jobs in August."
],
"excess_return_p10_pct": -6.1,
"excess_return_p50_pct": -0.2,
"excess_return_p90_pct": 5.8,
"mechanism": "reversal",
"option_id": "INDUSTRIALS",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 48,
"p_top3_pct": 18,
"rank": 10,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Prior active return was negative 11.39% and recent active return was negative 2.28%.",
"July retail sales fell 0.6% and real PCE was little changed.",
"The saving rate was only 3.0%."
],
"excess_return_p10_pct": -7.1,
"excess_return_p50_pct": -0.5,
"excess_return_p90_pct": 6.3,
"mechanism": "no_edge",
"option_id": "CONSUMER_DISCRETIONARY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 46,
"p_top3_pct": 15,
"rank": 11,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Recent active return surged 25.72% without a supplied in-window catalyst.",
"Prior active return was negative 22.63% and quality score was only 0.055.",
"Volatility was 40.36% and the fund remained 34.98% below its 52-week high."
],
"excess_return_p10_pct": -13.7,
"excess_return_p50_pct": -1.2,
"excess_return_p90_pct": 13.1,
"mechanism": "no_edge",
"option_id": "BITCOIN_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 45,
"p_top3_pct": 10,
"rank": 12,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Recent active return surged 30.91% without independent briefing support.",
"Prior active return was negative 21.94% and quality score was 0.039.",
"Volatility was 58.17%, the highest in the slate."
],
"excess_return_p10_pct": -19.5,
"excess_return_p50_pct": -2,
"excess_return_p90_pct": 18,
"mechanism": "no_edge",
"option_id": "ETHEREUM_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 43,
"p_top3_pct": 8,
"rank": 13,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Prior active return was negative 18.80% before another 7.36% relative decline.",
"Quality score was only 0.349 and the fund was 35.45% below its 52-week high.",
"Volatility was 42.11% with a 33.48% maximum drawdown."
],
"excess_return_p10_pct": -14.8,
"excess_return_p50_pct": -2.1,
"excess_return_p90_pct": 12.2,
"mechanism": "no_edge",
"option_id": "SOLAR",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 41,
"p_top3_pct": 6,
"rank": 14,
"recent_return_interpretation": "fundamental_deterioration"
}
],
"candidate_slate_option_ids": [
"AEROSPACE_DEFENSE",
"SOLAR",
"INDUSTRIALS",
"MOMENTUM",
"REGIONAL_BANKS",
"CYBERSECURITY",
"TAIWAN",
"SEMICONDUCTORS",
"ETHEREUM_ETF",
"BITCOIN_ETF",
"SMALL_CAP",
"TECHNOLOGY",
"CONSUMER_DISCRETIONARY",
"SP500"
],
"confidence_derivation": "mean selected-active p_beat_spy_pct; 0.5 when all slots fall back to SPY",
"deterministic_allocation": {
"allocation_pct": {
"CYBERSECURITY": 35,
"REGIONAL_BANKS": 30,
"SEMICONDUCTORS": 35
},
"benchmark_option_id": "SP500",
"decisions": [
{
"eligible": true,
"option_id": "CYBERSECURITY",
"p_beat_spy_pct": 59,
"rank": 1,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "SEMICONDUCTORS",
"p_beat_spy_pct": 57,
"rank": 2,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "REGIONAL_BANKS",
"p_beat_spy_pct": 56,
"rank": 3,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": false,
"option_id": "AEROSPACE_DEFENSE",
"p_beat_spy_pct": 54,
"rank": 4,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "SP500",
"p_beat_spy_pct": 50,
"rank": 5,
"reason": "benchmark_fallback",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "SMALL_CAP",
"p_beat_spy_pct": 52,
"rank": 6,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "TECHNOLOGY",
"p_beat_spy_pct": 52,
"rank": 7,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "TAIWAN",
"p_beat_spy_pct": 51,
"rank": 8,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "MOMENTUM",
"p_beat_spy_pct": 50,
"rank": 9,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "INDUSTRIALS",
"p_beat_spy_pct": 48,
"rank": 10,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "CONSUMER_DISCRETIONARY",
"p_beat_spy_pct": 46,
"rank": 11,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "BITCOIN_ETF",
"p_beat_spy_pct": 45,
"rank": 12,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "ETHEREUM_ETF",
"p_beat_spy_pct": 43,
"rank": 13,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "SOLAR",
"p_beat_spy_pct": 41,
"rank": 14,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
}
],
"methodology_version": "portfolio-v3.0",
"minimum_beat_spy_probability_pct": 55,
"selected_active_option_ids": [
"CYBERSECURITY",
"SEMICONDUCTORS",
"REGIONAL_BANKS"
],
"slot_weights_pct": [
35,
35,
30
]
},
"dispersion_state": "high",
"dominant_pattern": "mixed",
"market_rationale": "Wide cross-sectional moves, elevated event risk, and sharp factor pullbacks favor selective reversals rather than broad continuation. Strong activity data is offset by sticky prices, weak hiring, high yields, and geopolitical uncertainty.",
"methodology_version": "portfolio-v3.0",
"prefer_spy": false,
"top3_option_ids": [
"CYBERSECURITY",
"SEMICONDUCTORS",
"REGIONAL_BANKS"
]
}
},
"mode": "closed_capability",
"model_id": "openai-gpt-5-6-sol",
"portfolio": [
{
"allocation_pct": 35,
"option_id": "CYBERSECURITY",
"rationale": "V3 selected model rank 1: overreaction with 59% estimated probability of beating SPY."
},
{
"allocation_pct": 35,
"option_id": "SEMICONDUCTORS",
"rationale": "V3 selected model rank 2: overreaction with 57% estimated probability of beating SPY."
},
{
"allocation_pct": 30,
"option_id": "REGIONAL_BANKS",
"rationale": "V3 selected model rank 3: overreaction with 56% estimated probability of beating SPY."
}
],
"portfolio_rationale": "Cybersecurity and semiconductors pair strong prior relative trends with recent pullbacks and technology-fundamental support, while regional banks offer the slate's best quality profile and lower correlation. The remaining candidates either lack independent continuation support or show weaker underlying trends.",
"provider": "openai",
"rationale_summary": "Wide cross-sectional moves, elevated event risk, and sharp factor pullbacks favor selective reversals rather than broad continuation. Strong activity data is offset by sticky prices, weak hiring, high yields, and geopolitical uncertainty.",
"replicate_count": 1,
"replicate_index": 1,
"round_id": "CB-2026-09-03-1M",
"run_type": "official",
"usage": {
"input_tokens": 17067,
"latency_seconds": 37.604601186932996,
"output_tokens": 3560,
"reasoning_tokens": 1279,
"total_tokens": 20627
}
} Grok 4.3
xai-grok-4-3
- Confidence
- 0.60
- Run Type
- official
Top ranks favor quality pullback names with overreaction labels and >55% beat probability; fills first two slots before SPY fallback.
Mixed signals with modest equity gains, stable macro data, and sector-specific pullbacks amid geopolitical and policy uncertainty; reversal candidates in quality names show potential edge over benchmark.
- Regional Banks (KRE): 35% - V3 selected model rank 1: overreaction with 62% estimated probability of beating SPY.
- US Small-Cap Stocks (IWM): 35% - V3 selected model rank 2: overreaction with 58% estimated probability of beating SPY.
- S&P 500 (SPY): 30% - Deterministic SPY fallback for V3 slots without an eligible active candidate.
- FOMC policy surprise on September 16
- Geopolitical escalation in Middle East
- August employment data release impact
- Commodity price volatility
Validated JSON
{
"confidence": 0.6,
"is_official_score": true,
"key_risks": [
"FOMC policy surprise on September 16",
"Geopolitical escalation in Middle East",
"August employment data release impact",
"Commodity price volatility"
],
"metadata": {
"portfolio_v3": {
"candidate_assessments": [
{
"evidence": [
"High quality score 0.791",
"Recent active -3.63% after prior positive"
],
"excess_return_p10_pct": -4.2,
"excess_return_p50_pct": 1.8,
"excess_return_p90_pct": 7.5,
"mechanism": "reversal",
"option_id": "REGIONAL_BANKS",
"origin_lanes": [
"shock_reversal",
"quality_pullback"
],
"p_beat_spy_pct": 62,
"p_top3_pct": 48,
"rank": 1,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Quality score 0.763",
"Shallow drawdown -4.76%"
],
"excess_return_p10_pct": -3.8,
"excess_return_p50_pct": 1.4,
"excess_return_p90_pct": 6.9,
"mechanism": "reversal",
"option_id": "SMALL_CAP",
"origin_lanes": [
"quality_pullback"
],
"p_beat_spy_pct": 58,
"p_top3_pct": 41,
"rank": 2,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent active +7.85%",
"Prior active 30.87%"
],
"excess_return_p10_pct": -5.1,
"excess_return_p50_pct": 2.1,
"excess_return_p90_pct": 9.2,
"mechanism": "continuation",
"option_id": "TAIWAN",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 55,
"p_top3_pct": 37,
"rank": 3,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Quality score 0.781",
"Recent active -2.75%"
],
"excess_return_p10_pct": -6.4,
"excess_return_p50_pct": 0.9,
"excess_return_p90_pct": 8.1,
"mechanism": "reversal",
"option_id": "CYBERSECURITY",
"origin_lanes": [
"medium_strength",
"quality_pullback"
],
"p_beat_spy_pct": 51,
"p_top3_pct": 29,
"rank": 4,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent active +25.72%"
],
"excess_return_p10_pct": -8.7,
"excess_return_p50_pct": 3.5,
"excess_return_p90_pct": 14.2,
"mechanism": "continuation",
"option_id": "BITCOIN_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 48,
"p_top3_pct": 22,
"rank": 5,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Benchmark return 0.27%"
],
"excess_return_p10_pct": -2.1,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 2.1,
"mechanism": "no_edge",
"option_id": "SP500",
"origin_lanes": [
"benchmark"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 18,
"rank": 6,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Recent active -2.28%"
],
"excess_return_p10_pct": -4.5,
"excess_return_p50_pct": -0.8,
"excess_return_p90_pct": 3.9,
"mechanism": "no_edge",
"option_id": "CONSUMER_DISCRETIONARY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 44,
"p_top3_pct": 15,
"rank": 7,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Recent active -0.41%"
],
"excess_return_p10_pct": -5.8,
"excess_return_p50_pct": -0.5,
"excess_return_p90_pct": 4.8,
"mechanism": "no_edge",
"option_id": "TECHNOLOGY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 42,
"p_top3_pct": 12,
"rank": 8,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Quality score 0.737"
],
"excess_return_p10_pct": -7.2,
"excess_return_p50_pct": 0.6,
"excess_return_p90_pct": 8.4,
"mechanism": "reversal",
"option_id": "MOMENTUM",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 47,
"p_top3_pct": 19,
"rank": 9,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent active -6.77%"
],
"excess_return_p10_pct": -5.9,
"excess_return_p50_pct": -1.2,
"excess_return_p90_pct": 3.5,
"mechanism": "reversal",
"option_id": "INDUSTRIALS",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 39,
"p_top3_pct": 11,
"rank": 10,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Recent active -3.44%"
],
"excess_return_p10_pct": -9.4,
"excess_return_p50_pct": -1.8,
"excess_return_p90_pct": 5.6,
"mechanism": "no_edge",
"option_id": "SEMICONDUCTORS",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 36,
"p_top3_pct": 9,
"rank": 11,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Quality score 0.594"
],
"excess_return_p10_pct": -6.8,
"excess_return_p50_pct": -0.9,
"excess_return_p90_pct": 4.7,
"mechanism": "reversal",
"option_id": "AEROSPACE_DEFENSE",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 41,
"p_top3_pct": 14,
"rank": 12,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Low quality score 0.349"
],
"excess_return_p10_pct": -12.5,
"excess_return_p50_pct": -4.2,
"excess_return_p90_pct": 3.1,
"mechanism": "no_edge",
"option_id": "SOLAR",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 28,
"p_top3_pct": 6,
"rank": 13,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"High volatility 58.17%"
],
"excess_return_p10_pct": -15.2,
"excess_return_p50_pct": -2.4,
"excess_return_p90_pct": 9.8,
"mechanism": "no_edge",
"option_id": "ETHEREUM_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 33,
"p_top3_pct": 8,
"rank": 14,
"recent_return_interpretation": "no_edge"
}
],
"candidate_slate_option_ids": [
"AEROSPACE_DEFENSE",
"SOLAR",
"INDUSTRIALS",
"MOMENTUM",
"REGIONAL_BANKS",
"CYBERSECURITY",
"TAIWAN",
"SEMICONDUCTORS",
"ETHEREUM_ETF",
"BITCOIN_ETF",
"SMALL_CAP",
"TECHNOLOGY",
"CONSUMER_DISCRETIONARY",
"SP500"
],
"confidence_derivation": "mean selected-active p_beat_spy_pct; 0.5 when all slots fall back to SPY",
"deterministic_allocation": {
"allocation_pct": {
"REGIONAL_BANKS": 35,
"SMALL_CAP": 35,
"SP500": 30
},
"benchmark_option_id": "SP500",
"decisions": [
{
"eligible": true,
"option_id": "REGIONAL_BANKS",
"p_beat_spy_pct": 62,
"rank": 1,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "SMALL_CAP",
"p_beat_spy_pct": 58,
"rank": 2,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": false,
"option_id": "TAIWAN",
"p_beat_spy_pct": 55,
"rank": 3,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "CYBERSECURITY",
"p_beat_spy_pct": 51,
"rank": 4,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "BITCOIN_ETF",
"p_beat_spy_pct": 48,
"rank": 5,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "SP500",
"p_beat_spy_pct": 50,
"rank": 6,
"reason": "benchmark_fallback",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "CONSUMER_DISCRETIONARY",
"p_beat_spy_pct": 44,
"rank": 7,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "TECHNOLOGY",
"p_beat_spy_pct": 42,
"rank": 8,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "MOMENTUM",
"p_beat_spy_pct": 47,
"rank": 9,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "INDUSTRIALS",
"p_beat_spy_pct": 39,
"rank": 10,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "SEMICONDUCTORS",
"p_beat_spy_pct": 36,
"rank": 11,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "AEROSPACE_DEFENSE",
"p_beat_spy_pct": 41,
"rank": 12,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "SOLAR",
"p_beat_spy_pct": 28,
"rank": 13,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "ETHEREUM_ETF",
"p_beat_spy_pct": 33,
"rank": 14,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
}
],
"methodology_version": "portfolio-v3.0",
"minimum_beat_spy_probability_pct": 55,
"selected_active_option_ids": [
"REGIONAL_BANKS",
"SMALL_CAP"
],
"slot_weights_pct": [
35,
35,
30
]
},
"dispersion_state": "normal",
"dominant_pattern": "mixed",
"market_rationale": "Mixed signals with modest equity gains, stable macro data, and sector-specific pullbacks amid geopolitical and policy uncertainty; reversal candidates in quality names show potential edge over benchmark.",
"methodology_version": "portfolio-v3.0",
"prefer_spy": false,
"top3_option_ids": [
"REGIONAL_BANKS",
"SMALL_CAP",
"TAIWAN"
]
}
},
"mode": "closed_capability",
"model_id": "xai-grok-4-3",
"portfolio": [
{
"allocation_pct": 35,
"option_id": "REGIONAL_BANKS",
"rationale": "V3 selected model rank 1: overreaction with 62% estimated probability of beating SPY."
},
{
"allocation_pct": 35,
"option_id": "SMALL_CAP",
"rationale": "V3 selected model rank 2: overreaction with 58% estimated probability of beating SPY."
},
{
"allocation_pct": 30,
"option_id": "SP500",
"rationale": "Deterministic SPY fallback for V3 slots without an eligible active candidate."
}
],
"portfolio_rationale": "Top ranks favor quality pullback names with overreaction labels and >55% beat probability; fills first two slots before SPY fallback.",
"provider": "xai",
"rationale_summary": "Mixed signals with modest equity gains, stable macro data, and sector-specific pullbacks amid geopolitical and policy uncertainty; reversal candidates in quality names show potential edge over benchmark.",
"replicate_count": 1,
"replicate_index": 1,
"round_id": "CB-2026-09-03-1M",
"run_type": "official",
"usage": {
"input_tokens": 17267,
"latency_seconds": 14.953117477009073,
"output_tokens": 1866,
"reasoning_tokens": 447,
"total_tokens": 19580
}
} Grok 4.5
xai-grok-4-5
- Confidence
- 0.59
- Run Type
- official
Top ranks favor high-quality pullbacks labeled overreaction with p_beat >=55 in cyber, regional banks, and industrials; remaining slate either lacks independent support for continuation or shows deterioration, so deterministic rule should leave residual weight in SPY.
Softening labor signals, elevated services prices, and pending FOMC create mixed one-month setup; quality pullbacks in prior-strong tech/defense/industrials offer selective reversal edges while mega-cap resilience and crypto momentum limit broad risk-on continuation.
- Cybersecurity (CIBR): 35% - V3 selected model rank 1: overreaction with 62% estimated probability of beating SPY.
- Regional Banks (KRE): 35% - V3 selected model rank 2: overreaction with 58% estimated probability of beating SPY.
- Industrials Sector (XLI): 30% - V3 selected model rank 3: overreaction with 57% estimated probability of beating SPY.
- Hot August employment or CPI could shift Waller/FOMC toward hike risk and pressure equities
- Active Iran-related conflict and energy price uncertainty may reverse defense/industrial bounce
- High-vol semis/crypto/Taiwan beta could amplify any growth scare into larger drawdowns
- Services PMI prices at 72.6 keep sticky inflation risk alive into September data
Validated JSON
{
"confidence": 0.59,
"is_official_score": true,
"key_risks": [
"Hot August employment or CPI could shift Waller/FOMC toward hike risk and pressure equities",
"Active Iran-related conflict and energy price uncertainty may reverse defense/industrial bounce",
"High-vol semis/crypto/Taiwan beta could amplify any growth scare into larger drawdowns",
"Services PMI prices at 72.6 keep sticky inflation risk alive into September data"
],
"metadata": {
"portfolio_v3": {
"candidate_assessments": [
{
"evidence": [
"Highest quality evidence score 0.781 with prior active rank 1.000 and deep recent pullback",
"Recent active -2.75% after +35.10% prior active",
"Volume z near neutral amid tech sector volume dislocation"
],
"excess_return_p10_pct": -6.5,
"excess_return_p50_pct": 2.8,
"excess_return_p90_pct": 11,
"mechanism": "reversal",
"option_id": "CYBERSECURITY",
"origin_lanes": [
"medium_strength",
"quality_pullback"
],
"p_beat_spy_pct": 62,
"p_top3_pct": 28,
"rank": 1,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Quality evidence score 0.791 with strong prior active and pullback ranks",
"Recent return +0.70% but active -3.63% after positive prior",
"Lower beta 0.72 and moderate vol 17.17%"
],
"excess_return_p10_pct": -5,
"excess_return_p50_pct": 1.9,
"excess_return_p90_pct": 8.5,
"mechanism": "reversal",
"option_id": "REGIONAL_BANKS",
"origin_lanes": [
"shock_reversal",
"quality_pullback"
],
"p_beat_spy_pct": 58,
"p_top3_pct": 22,
"rank": 2,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Quality score 0.679 with recent pullback rank 0.970",
"Active return -6.77% after modest prior weakness",
"ISM manufacturing still expansionary at 54.6"
],
"excess_return_p10_pct": -5.5,
"excess_return_p50_pct": 1.6,
"excess_return_p90_pct": 7.8,
"mechanism": "reversal",
"option_id": "INDUSTRIALS",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 57,
"p_top3_pct": 18,
"rank": 3,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Quality evidence 0.763 with high prior and pullback ranks",
"Recent -1.54% and active -1.97% after +3.64% prior",
"Horizon max drawdown shallow at -4.76%"
],
"excess_return_p10_pct": -4.8,
"excess_return_p50_pct": 1.4,
"excess_return_p90_pct": 7.2,
"mechanism": "reversal",
"option_id": "SMALL_CAP",
"origin_lanes": [
"quality_pullback"
],
"p_beat_spy_pct": 56,
"p_top3_pct": 16,
"rank": 4,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent pullback rank 1.000 and active -10.86%",
"Geopolitical conflict active with Iran missile reports",
"Quality score 0.594 despite elevated drawdown"
],
"excess_return_p10_pct": -7,
"excess_return_p50_pct": 1.5,
"excess_return_p90_pct": 9,
"mechanism": "reversal",
"option_id": "AEROSPACE_DEFENSE",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 55,
"p_top3_pct": 15,
"rank": 5,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Prior active +30.51% with quality 0.723 but recent -3.56%",
"Broadcom AI semi revenue +221% y/y and strong FQ4 guide",
"High vol 53% and distance to 52w high -17.39%"
],
"excess_return_p10_pct": -12,
"excess_return_p50_pct": 1.2,
"excess_return_p90_pct": 14.5,
"mechanism": "reversal",
"option_id": "SEMICONDUCTORS",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 54,
"p_top3_pct": 20,
"rank": 6,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Quality 0.737 with extreme prior active rank 0.925 and pullback 0.955",
"Recent active -3.85% after +12.14% prior",
"Elevated horizon vol 37.72%"
],
"excess_return_p10_pct": -9,
"excess_return_p50_pct": 0.8,
"excess_return_p90_pct": 10.5,
"mechanism": "reversal",
"option_id": "MOMENTUM",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 52,
"p_top3_pct": 14,
"rank": 7,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Volume z -1.39 dislocation after strong prior active +19.35%",
"Recent -1.40% with quality 0.629",
"Sept 3 mega-cap gains in MSFT NVDA META"
],
"excess_return_p10_pct": -8.5,
"excess_return_p50_pct": 0.6,
"excess_return_p90_pct": 9.5,
"mechanism": "reversal",
"option_id": "TECHNOLOGY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 51,
"p_top3_pct": 13,
"rank": 8,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Prior active +30.87% and recent active +7.85%",
"Close to 52w high only -1.26%",
"High beta 1.83 and vol 41%"
],
"excess_return_p10_pct": -10,
"excess_return_p50_pct": 1,
"excess_return_p90_pct": 12,
"mechanism": "continuation",
"option_id": "TAIWAN",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 53,
"p_top3_pct": 17,
"rank": 9,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Short-window active +25.72% after deep prior negative",
"Volume z positive 0.63",
"Very low quality score 0.055 and far from highs"
],
"excess_return_p10_pct": -15,
"excess_return_p50_pct": 0.5,
"excess_return_p90_pct": 18,
"mechanism": "continuation",
"option_id": "BITCOIN_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 48,
"p_top3_pct": 19,
"rank": 10,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Volume z -1.31 with mixed recent +0.50% after weak prior",
"Quality 0.538 mid-pack",
"Retail sales July soft -0.6%"
],
"excess_return_p10_pct": -6,
"excess_return_p50_pct": -0.4,
"excess_return_p90_pct": 5.5,
"mechanism": "no_edge",
"option_id": "CONSUMER_DISCRETIONARY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 45,
"p_top3_pct": 8,
"rank": 11,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Active +30.91% short window after prior -21.94%",
"Highest slate vol 58% and quality 0.039",
"Distance to high -46.86%"
],
"excess_return_p10_pct": -18,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 20,
"mechanism": "continuation",
"option_id": "ETHEREUM_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 46,
"p_top3_pct": 16,
"rank": 12,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Deep max drawdown -33.48% and quality only 0.349",
"Prior active already -18.80% before further -7.36%",
"High beta 1.88"
],
"excess_return_p10_pct": -14,
"excess_return_p50_pct": -1.5,
"excess_return_p90_pct": 10,
"mechanism": "no_edge",
"option_id": "SOLAR",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 42,
"p_top3_pct": 7,
"rank": 13,
"recent_return_interpretation": "fundamental_deterioration"
},
{
"evidence": [
"Benchmark with 0.27% recent and low horizon vol 13.86%",
"Near 52w high -0.61%",
"Pending jobs report and FOMC create two-way risk"
],
"excess_return_p10_pct": 0,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 0,
"mechanism": "no_edge",
"option_id": "SP500",
"origin_lanes": [
"benchmark"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 10,
"rank": 14,
"recent_return_interpretation": "no_edge"
}
],
"candidate_slate_option_ids": [
"AEROSPACE_DEFENSE",
"SOLAR",
"INDUSTRIALS",
"MOMENTUM",
"REGIONAL_BANKS",
"CYBERSECURITY",
"TAIWAN",
"SEMICONDUCTORS",
"ETHEREUM_ETF",
"BITCOIN_ETF",
"SMALL_CAP",
"TECHNOLOGY",
"CONSUMER_DISCRETIONARY",
"SP500"
],
"confidence_derivation": "mean selected-active p_beat_spy_pct; 0.5 when all slots fall back to SPY",
"deterministic_allocation": {
"allocation_pct": {
"CYBERSECURITY": 35,
"INDUSTRIALS": 30,
"REGIONAL_BANKS": 35
},
"benchmark_option_id": "SP500",
"decisions": [
{
"eligible": true,
"option_id": "CYBERSECURITY",
"p_beat_spy_pct": 62,
"rank": 1,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "REGIONAL_BANKS",
"p_beat_spy_pct": 58,
"rank": 2,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "INDUSTRIALS",
"p_beat_spy_pct": 57,
"rank": 3,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "SMALL_CAP",
"p_beat_spy_pct": 56,
"rank": 4,
"reason": "outside_available_slots",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": true,
"option_id": "AEROSPACE_DEFENSE",
"p_beat_spy_pct": 55,
"rank": 5,
"reason": "outside_available_slots",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "SEMICONDUCTORS",
"p_beat_spy_pct": 54,
"rank": 6,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "MOMENTUM",
"p_beat_spy_pct": 52,
"rank": 7,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "TECHNOLOGY",
"p_beat_spy_pct": 51,
"rank": 8,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "TAIWAN",
"p_beat_spy_pct": 53,
"rank": 9,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "BITCOIN_ETF",
"p_beat_spy_pct": 48,
"rank": 10,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "CONSUMER_DISCRETIONARY",
"p_beat_spy_pct": 45,
"rank": 11,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "ETHEREUM_ETF",
"p_beat_spy_pct": 46,
"rank": 12,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "SOLAR",
"p_beat_spy_pct": 42,
"rank": 13,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
},
{
"eligible": false,
"option_id": "SP500",
"p_beat_spy_pct": 50,
"rank": 14,
"reason": "benchmark_fallback",
"recent_return_interpretation": "no_edge",
"selected": false
}
],
"methodology_version": "portfolio-v3.0",
"minimum_beat_spy_probability_pct": 55,
"selected_active_option_ids": [
"CYBERSECURITY",
"REGIONAL_BANKS",
"INDUSTRIALS"
],
"slot_weights_pct": [
35,
35,
30
]
},
"dispersion_state": "normal",
"dominant_pattern": "mixed",
"market_rationale": "Softening labor signals, elevated services prices, and pending FOMC create mixed one-month setup; quality pullbacks in prior-strong tech/defense/industrials offer selective reversal edges while mega-cap resilience and crypto momentum limit broad risk-on continuation.",
"methodology_version": "portfolio-v3.0",
"prefer_spy": true,
"top3_option_ids": [
"CYBERSECURITY",
"REGIONAL_BANKS",
"INDUSTRIALS"
]
}
},
"mode": "closed_capability",
"model_id": "xai-grok-4-5",
"portfolio": [
{
"allocation_pct": 35,
"option_id": "CYBERSECURITY",
"rationale": "V3 selected model rank 1: overreaction with 62% estimated probability of beating SPY."
},
{
"allocation_pct": 35,
"option_id": "REGIONAL_BANKS",
"rationale": "V3 selected model rank 2: overreaction with 58% estimated probability of beating SPY."
},
{
"allocation_pct": 30,
"option_id": "INDUSTRIALS",
"rationale": "V3 selected model rank 3: overreaction with 57% estimated probability of beating SPY."
}
],
"portfolio_rationale": "Top ranks favor high-quality pullbacks labeled overreaction with p_beat >=55 in cyber, regional banks, and industrials; remaining slate either lacks independent support for continuation or shows deterioration, so deterministic rule should leave residual weight in SPY.",
"provider": "xai",
"rationale_summary": "Softening labor signals, elevated services prices, and pending FOMC create mixed one-month setup; quality pullbacks in prior-strong tech/defense/industrials offer selective reversal edges while mega-cap resilience and crypto momentum limit broad risk-on continuation.",
"replicate_count": 1,
"replicate_index": 1,
"round_id": "CB-2026-09-03-1M",
"run_type": "official",
"usage": {
"input_tokens": 18316,
"latency_seconds": 45.0401094709523,
"output_tokens": 2915,
"reasoning_tokens": 234,
"total_tokens": 21465
}
} Grok 4.6
xai-grok-4-6
- Confidence
- 0.56
- Run Type
- official
The cleanest one-month edges versus SPY are modest mean-reversion in high-quality pullbacks (cyber and aerospace/defense) rather than chasing crypto or Taiwan continuation; industrials are a milder industrial-PMI-supported bounce. Event density (payrolls, CPI, FOMC) and SPY’s shallow drawdown still favor the benchmark as the default holding.
SPY is near a 52-week high with modest 5-session gains while many cyclicals, tech, and defense names show larger recent drawdowns; incoming payrolls, CPI, and the mid-September FOMC create two-way event risk, so one-month outcomes look mixed rather than a clean continuation or reversal regime.
- Cybersecurity (CIBR): 35% - V3 selected model rank 1: overreaction with 56% estimated probability of beating SPY.
- Aerospace and Defense (ITA): 35% - V3 selected model rank 2: overreaction with 55% estimated probability of beating SPY.
- S&P 500 (SPY): 30% - Deterministic SPY fallback for V3 slots without an eligible active candidate.
- Unknown September 4 Employment Situation and September 11 CPI can reprice rate-sensitive growth and small/mid cyclicals immediately.
- September 15–16 FOMC and Waller’s data-dependent hike/hold comments can reverse high-beta tech, semis, and crypto.
- Active Iran/Hormuz conflict and oil strength can keep energy and defense volatile while pressuring discretionary and industrials.
- Broadcom-style AI strength may not lift SMH/XLK if volume remains weak (XLK volume z -1.39).
Validated JSON
{
"confidence": 0.555,
"is_official_score": true,
"key_risks": [
"Unknown September 4 Employment Situation and September 11 CPI can reprice rate-sensitive growth and small/mid cyclicals immediately.",
"September 15–16 FOMC and Waller’s data-dependent hike/hold comments can reverse high-beta tech, semis, and crypto.",
"Active Iran/Hormuz conflict and oil strength can keep energy and defense volatile while pressuring discretionary and industrials.",
"Broadcom-style AI strength may not lift SMH/XLK if volume remains weak (XLK volume z -1.39)."
],
"metadata": {
"portfolio_v3": {
"candidate_assessments": [
{
"evidence": [
"Recent return -5.43% versus SPY +0.27% with quality evidence score 0.781 and prior active rank 1.000.",
"Horizon vol 33.10% and max drawdown -9.53% with volume z only 0.11, consistent with a pullback rather than a volume-led breakdown.",
"Distance to 52-week high -6.73% is modest versus deeper-drawdown high-beta names."
],
"excess_return_p10_pct": -6.5,
"excess_return_p50_pct": 0.8,
"excess_return_p90_pct": 8.2,
"mechanism": "reversal",
"option_id": "CYBERSECURITY",
"origin_lanes": [
"medium_strength",
"quality_pullback"
],
"p_beat_spy_pct": 56,
"p_top3_pct": 18,
"rank": 1,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent return -3.53% and active 21-session return -10.86% with recent pullback rank 1.000.",
"Briefing notes an active Iran/Hormuz conflict and U.S. strikes, a setting that can support defense demand even as the ETF sold off.",
"SPY beta 1.03 and corr 0.57 imply less mega-cap tech dependence than SMH/XLK."
],
"excess_return_p10_pct": -5.8,
"excess_return_p50_pct": 0.6,
"excess_return_p90_pct": 7.4,
"mechanism": "reversal",
"option_id": "AEROSPACE_DEFENSE",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 55,
"p_top3_pct": 16,
"rank": 2,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Recent return -2.37% and active 21-session -6.77% with quality score 0.679 and recent pullback rank 0.970.",
"ISM August Manufacturing PMI remained expansionary at 54.6 with Production 58.3.",
"Horizon vol 18.78% is closer to SPY than solar, semis, or crypto."
],
"excess_return_p10_pct": -4.2,
"excess_return_p50_pct": 0.3,
"excess_return_p90_pct": 5.1,
"mechanism": "reversal",
"option_id": "INDUSTRIALS",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 52,
"p_top3_pct": 12,
"rank": 3,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"SPY 5-session return +0.27% and 21-session +0.44% with distance to 52-week high only -0.61%.",
"Horizon vol 13.86% and max drawdown -4.18% are the lowest among equity slate names.",
"FOMC Sept 15–16, unknown Sept 4 payrolls, and Sept 11 CPI sit inside the scoring window."
],
"excess_return_p10_pct": 0,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 0,
"mechanism": "defensive",
"option_id": "SP500",
"origin_lanes": [
"benchmark"
],
"p_beat_spy_pct": 50,
"p_top3_pct": 22,
"rank": 4,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Highest quality evidence score on the slate at 0.791 with prior active rank 0.851.",
"Recent return already +0.70%, so the latest window is not a deep shock.",
"SPY corr 0.42 and beta 0.72 plus Waller/FOMC rate uncertainty cut the one-month edge."
],
"excess_return_p10_pct": -4,
"excess_return_p50_pct": 0.1,
"excess_return_p90_pct": 4.6,
"mechanism": "no_edge",
"option_id": "REGIONAL_BANKS",
"origin_lanes": [
"shock_reversal",
"quality_pullback"
],
"p_beat_spy_pct": 48,
"p_top3_pct": 10,
"rank": 5,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Quality evidence score 0.763 with recent pullback rank 0.821 and recent return -1.54%.",
"Volume z -1.15 shows thin participation in the dip.",
"ADP August private payrolls slowed to 38,000, a domestic-growth headwind for small caps."
],
"excess_return_p10_pct": -4.5,
"excess_return_p50_pct": 0,
"excess_return_p90_pct": 4.8,
"mechanism": "reversal",
"option_id": "SMALL_CAP",
"origin_lanes": [
"quality_pullback"
],
"p_beat_spy_pct": 47,
"p_top3_pct": 9,
"rank": 6,
"recent_return_interpretation": "overreaction"
},
{
"evidence": [
"Volume z -1.31 with recent return +0.50% and active 21-session -2.28%.",
"July retail sales fell 0.6% and real PCE was little changed.",
"Quality score 0.538 is mid-pack, not a high-conviction pullback."
],
"excess_return_p10_pct": -4.8,
"excess_return_p50_pct": -0.2,
"excess_return_p90_pct": 4.4,
"mechanism": "no_edge",
"option_id": "CONSUMER_DISCRETIONARY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 44,
"p_top3_pct": 8,
"rank": 7,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Prior 105-session active return +19.35% with quality score 0.629.",
"Volume z -1.39 on a -1.40% recent return; Sept 3 AP noted Microsoft, Apple, Nvidia, Meta gains.",
"Beta 1.75 and vol 34.78% raise FOMC/CPI sensitivity versus SPY."
],
"excess_return_p10_pct": -6.8,
"excess_return_p50_pct": -0.3,
"excess_return_p90_pct": 6.5,
"mechanism": "continuation",
"option_id": "TECHNOLOGY",
"origin_lanes": [
"volume_dislocation"
],
"p_beat_spy_pct": 43,
"p_top3_pct": 11,
"rank": 8,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Active 21-session +7.85% and prior active +30.87% with distance to 52-week high only -1.26%.",
"Horizon vol 41.31% and beta 1.83 versus SPY.",
"Volume z -1.12 shows the recent strength lacked confirmatory volume."
],
"excess_return_p10_pct": -8.5,
"excess_return_p50_pct": -0.4,
"excess_return_p90_pct": 8,
"mechanism": "continuation",
"option_id": "TAIWAN",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 42,
"p_top3_pct": 10,
"rank": 9,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Prior active +12.14% but recent -1.58% and active 21-session -3.85%.",
"Horizon vol 37.72% and max drawdown -17.99% with low-vol rank 0.149.",
"Quality score 0.737 is high because of prior trend plus pullback, not because of low risk."
],
"excess_return_p10_pct": -8,
"excess_return_p50_pct": -0.5,
"excess_return_p90_pct": 7.2,
"mechanism": "no_edge",
"option_id": "MOMENTUM",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 41,
"p_top3_pct": 7,
"rank": 10,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Prior active +30.51% and quality score 0.723; Broadcom reported AI semiconductor revenue $16.7B, +221% y/y.",
"Recent return -3.56% with vol 53.15%, drawdown -24.62%, beta 2.38.",
"Distance to 52-week high -17.39% leaves large two-way risk into FOMC."
],
"excess_return_p10_pct": -11,
"excess_return_p50_pct": -0.6,
"excess_return_p90_pct": 10.5,
"mechanism": "continuation",
"option_id": "SEMICONDUCTORS",
"origin_lanes": [
"medium_strength"
],
"p_beat_spy_pct": 40,
"p_top3_pct": 9,
"rank": 11,
"recent_return_interpretation": "supported_continuation"
},
{
"evidence": [
"Active 21-session +25.72% after prior active -22.63%; quality score 0.055.",
"Distance to 52-week high -34.98% and vol 40.36%.",
"SPY corr 0.48 so crypto can diverge, but quality and drawdown do not support a reliable one-month SPY beat."
],
"excess_return_p10_pct": -12,
"excess_return_p50_pct": -0.8,
"excess_return_p90_pct": 12.5,
"mechanism": "continuation",
"option_id": "BITCOIN_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 38,
"p_top3_pct": 8,
"rank": 12,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Active 21-session +30.91% after prior -21.94%; quality score 0.039, lowest on the quality table.",
"Vol 58.17%, beta 2.52, 52-week distance -46.86%.",
"Volume z 0.97 shows participation, but the path is too wide versus SPY over one month."
],
"excess_return_p10_pct": -15,
"excess_return_p50_pct": -1.2,
"excess_return_p90_pct": 14,
"mechanism": "continuation",
"option_id": "ETHEREUM_ETF",
"origin_lanes": [
"short_continuation"
],
"p_beat_spy_pct": 36,
"p_top3_pct": 7,
"rank": 13,
"recent_return_interpretation": "no_edge"
},
{
"evidence": [
"Prior active -18.80%, recent -4.06%, 52-week distance -35.45%, max drawdown -33.48%.",
"Quality score 0.349 with low-vol rank 0.075 and shallow-drawdown rank 0.015.",
"Beta 1.88 and vol 42.11% make a clean one-month reversal versus SPY unlikely."
],
"excess_return_p10_pct": -12.5,
"excess_return_p50_pct": -1.5,
"excess_return_p90_pct": 9,
"mechanism": "no_edge",
"option_id": "SOLAR",
"origin_lanes": [
"shock_reversal"
],
"p_beat_spy_pct": 34,
"p_top3_pct": 5,
"rank": 14,
"recent_return_interpretation": "fundamental_deterioration"
}
],
"candidate_slate_option_ids": [
"AEROSPACE_DEFENSE",
"SOLAR",
"INDUSTRIALS",
"MOMENTUM",
"REGIONAL_BANKS",
"CYBERSECURITY",
"TAIWAN",
"SEMICONDUCTORS",
"ETHEREUM_ETF",
"BITCOIN_ETF",
"SMALL_CAP",
"TECHNOLOGY",
"CONSUMER_DISCRETIONARY",
"SP500"
],
"confidence_derivation": "mean selected-active p_beat_spy_pct; 0.5 when all slots fall back to SPY",
"deterministic_allocation": {
"allocation_pct": {
"AEROSPACE_DEFENSE": 35,
"CYBERSECURITY": 35,
"SP500": 30
},
"benchmark_option_id": "SP500",
"decisions": [
{
"eligible": true,
"option_id": "CYBERSECURITY",
"p_beat_spy_pct": 56,
"rank": 1,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": true,
"option_id": "AEROSPACE_DEFENSE",
"p_beat_spy_pct": 55,
"rank": 2,
"reason": "eligible",
"recent_return_interpretation": "overreaction",
"selected": true
},
{
"eligible": false,
"option_id": "INDUSTRIALS",
"p_beat_spy_pct": 52,
"rank": 3,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "SP500",
"p_beat_spy_pct": 50,
"rank": 4,
"reason": "benchmark_fallback",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "REGIONAL_BANKS",
"p_beat_spy_pct": 48,
"rank": 5,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "SMALL_CAP",
"p_beat_spy_pct": 47,
"rank": 6,
"reason": "below_probability_hurdle",
"recent_return_interpretation": "overreaction",
"selected": false
},
{
"eligible": false,
"option_id": "CONSUMER_DISCRETIONARY",
"p_beat_spy_pct": 44,
"rank": 7,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "TECHNOLOGY",
"p_beat_spy_pct": 43,
"rank": 8,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "TAIWAN",
"p_beat_spy_pct": 42,
"rank": 9,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "MOMENTUM",
"p_beat_spy_pct": 41,
"rank": 10,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "SEMICONDUCTORS",
"p_beat_spy_pct": 40,
"rank": 11,
"reason": "not_overreaction",
"recent_return_interpretation": "supported_continuation",
"selected": false
},
{
"eligible": false,
"option_id": "BITCOIN_ETF",
"p_beat_spy_pct": 38,
"rank": 12,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "ETHEREUM_ETF",
"p_beat_spy_pct": 36,
"rank": 13,
"reason": "not_overreaction",
"recent_return_interpretation": "no_edge",
"selected": false
},
{
"eligible": false,
"option_id": "SOLAR",
"p_beat_spy_pct": 34,
"rank": 14,
"reason": "not_overreaction",
"recent_return_interpretation": "fundamental_deterioration",
"selected": false
}
],
"methodology_version": "portfolio-v3.0",
"minimum_beat_spy_probability_pct": 55,
"selected_active_option_ids": [
"CYBERSECURITY",
"AEROSPACE_DEFENSE"
],
"slot_weights_pct": [
35,
35,
30
]
},
"dispersion_state": "high",
"dominant_pattern": "mixed",
"market_rationale": "SPY is near a 52-week high with modest 5-session gains while many cyclicals, tech, and defense names show larger recent drawdowns; incoming payrolls, CPI, and the mid-September FOMC create two-way event risk, so one-month outcomes look mixed rather than a clean continuation or reversal regime.",
"methodology_version": "portfolio-v3.0",
"prefer_spy": true,
"top3_option_ids": [
"CYBERSECURITY",
"AEROSPACE_DEFENSE",
"INDUSTRIALS"
]
}
},
"mode": "closed_capability",
"model_id": "xai-grok-4-6",
"portfolio": [
{
"allocation_pct": 35,
"option_id": "CYBERSECURITY",
"rationale": "V3 selected model rank 1: overreaction with 56% estimated probability of beating SPY."
},
{
"allocation_pct": 35,
"option_id": "AEROSPACE_DEFENSE",
"rationale": "V3 selected model rank 2: overreaction with 55% estimated probability of beating SPY."
},
{
"allocation_pct": 30,
"option_id": "SP500",
"rationale": "Deterministic SPY fallback for V3 slots without an eligible active candidate."
}
],
"portfolio_rationale": "The cleanest one-month edges versus SPY are modest mean-reversion in high-quality pullbacks (cyber and aerospace/defense) rather than chasing crypto or Taiwan continuation; industrials are a milder industrial-PMI-supported bounce. Event density (payrolls, CPI, FOMC) and SPY’s shallow drawdown still favor the benchmark as the default holding.",
"provider": "xai",
"rationale_summary": "SPY is near a 52-week high with modest 5-session gains while many cyclicals, tech, and defense names show larger recent drawdowns; incoming payrolls, CPI, and the mid-September FOMC create two-way event risk, so one-month outcomes look mixed rather than a clean continuation or reversal regime.",
"replicate_count": 1,
"replicate_index": 1,
"round_id": "CB-2026-09-03-1M",
"run_type": "official",
"usage": {
"input_tokens": 18458,
"latency_seconds": 52.33893361897208,
"output_tokens": 2939,
"reasoning_tokens": 584,
"total_tokens": 21981
}
} Model Portfolios
This round used the portfolio format. The weights below are the submitted model portfolios. Expand a row to inspect rationale and risk lists without crowding the main table.
| Model | Provider | Portfolio | Confidence | Protocol | |
|---|---|---|---|---|---|
| Claude Fable 5.1 anthropic-claude-fable-5-1 | Anthropic | Semiconductors (SMH)35%Cybersecurity (CIBR)35%S&P 500 (SPY)30% | 0.56 | Portfolio round | |
| Claude Opus 5 anthropic-claude-opus-5 | Anthropic | Cybersecurity (CIBR)35%Regional Banks (KRE)35%Semiconductors (SMH)30% | 0.58 | Portfolio round | |
| Gemini 3.1 Pro google-gemini-3-1-pro | Aerospace and Defense (ITA)35%Industrials Sector (XLI)35%US Momentum Equities (MTUM)30% | 0.58 | Portfolio round | ||
| GPT-5.6 Sol openai-gpt-5-6-sol | OpenAI | Cybersecurity (CIBR)35%Semiconductors (SMH)35%Regional Banks (KRE)30% | 0.57 | Portfolio round | |
| Grok 4.3 xai-grok-4-3 | xAI | Regional Banks (KRE)35%US Small-Cap Stocks (IWM)35%S&P 500 (SPY)30% | 0.60 | Portfolio round | |
| Grok 4.5 xai-grok-4-5 | xAI | Cybersecurity (CIBR)35%Regional Banks (KRE)35%Industrials Sector (XLI)30% | 0.59 | Portfolio round | |
| Grok 4.6 xai-grok-4-6 | xAI | Cybersecurity (CIBR)35%Aerospace and Defense (ITA)35%S&P 500 (SPY)30% | 0.56 | Portfolio round |
Pricing Scoring Prices
Entry and exit prices are shown for the completed close-to-close scoring window.
Scoring Prices
Entry and exit prices are shown for the completed close-to-close scoring window.
| Aerospace and Defense (ITA) | ITA | 2026-09-04 | 225.61 | 2026-10-05 | 206.98 | -8.26% | Adjusted close |
| Agency Mortgage-Backed Bonds (MBB) | MBB | 2026-09-04 | 92.72 | 2026-10-05 | 89.09 | -3.91% | Adjusted close |
| Agriculture Commodities (DBA) | DBA | 2026-09-04 | 28.85 | 2026-10-05 | 28.46 | -1.35% | Adjusted close |
| Australia Equities (EWA) | EWA | 2026-09-04 | 30.23 | 2026-10-05 | 28.43 | -5.95% | Adjusted close |
| Autonomous Technology and Robotics (ARKQ) | ARKQ | 2026-09-04 | 122.25 | 2026-10-05 | 125.84 | 2.94% | Adjusted close |
| Biotechnology (XBI) | XBI | 2026-09-04 | 163.81 | 2026-10-05 | 156.19 | -4.65% | Adjusted close |
| Bitcoin ETF (IBIT) | IBIT | 2026-09-04 | 45.23 | 2026-10-05 | 48.56 | 7.36% | Adjusted close |
| Brazil Equities (EWZ) | EWZ | 2026-09-04 | 37.86 | 2026-10-05 | 42.98 | 13.52% | Adjusted close |
| Broad AI Technology (AIQ) | AIQ | 2026-09-04 | 64.32 | 2026-10-05 | 66.85 | 3.93% | Adjusted close |
| Broad Commodities (PDBC) | PDBC | 2026-09-04 | 19.01 | 2026-10-05 | 19.25 | 1.26% | Adjusted close |
| Canada Equities (EWC) | EWC | 2026-09-04 | 62.04 | 2026-10-05 | 58.78 | -5.25% | Adjusted close |
| Cash / Do Not Invest | CASH | 2026-09-04 | 1.00 | 2026-10-05 | 1.00 | 0.00% | Adjusted close |
| China Equities (MCHI) | MCHI | 2026-09-04 | 54.91 | 2026-10-05 | 52.28 | -4.79% | Adjusted close |
| Communication Services Sector (XLC) | XLC | 2026-09-04 | 112.03 | 2026-10-05 | 111.61 | -0.37% | Adjusted close |
| Consumer Discretionary Sector (XLY) | XLY | 2026-09-04 | 114.91 | 2026-10-05 | 110.42 | -3.91% | Adjusted close |
| Consumer Staples Sector (XLP) | XLP | 2026-09-04 | 84.58 | 2026-10-05 | 81.04 | -4.19% | Adjusted close |
| Copper (CPER) | CPER | 2026-09-04 | 39.95 | 2026-10-05 | 39.86 | -0.23% | Adjusted close |
| Crude Oil (USO) | USO | 2026-09-04 | 141.96 | 2026-10-05 | 143.99 | 1.43% | Adjusted close |
| Cybersecurity (CIBR) | CIBR | 2026-09-04 | 94.59 | 2026-10-05 | 106.01 | 12.07% | Adjusted close |
| Developed Markets ex-US (VEA) | VEA | 2026-09-04 | 73.76 | 2026-10-05 | 71.13 | -3.57% | Adjusted close |
| Emerging Market USD Bonds (EMB) | EMB | 2026-09-04 | 94.47 | 2026-10-05 | 90.34 | -4.37% | Adjusted close |
| Emerging Markets (VWO) | VWO | 2026-09-04 | 61.44 | 2026-10-05 | 60.61 | -1.35% | Adjusted close |
| Energy Sector (XLE) | XLE | 2026-09-04 | 64.06 | 2026-10-05 | 63.45 | -0.95% | Adjusted close |
| Equal-Weight S&P 500 (RSP) | RSP | 2026-09-04 | 219.00 | 2026-10-05 | 211.12 | -3.60% | Adjusted close |
| Ethereum ETF (ETHA) | ETHA | 2026-09-04 | 18.52 | 2026-10-05 | 20.43 | 10.31% | Adjusted close |
| Euro (FXE) | FXE | 2026-09-04 | 107.15 | 2026-10-05 | 103.59 | -3.32% | Adjusted close |
| Europe Equities (VGK) | VGK | 2026-09-04 | 91.74 | 2026-10-05 | 86.28 | -5.95% | Adjusted close |
| Financials Sector (XLF) | XLF | 2026-09-04 | 58.10 | 2026-10-05 | 53.88 | -7.26% | Adjusted close |
| Gold (IAU) | IAU | 2026-09-04 | 83.39 | 2026-10-05 | 77.82 | -6.68% | Adjusted close |
| Healthcare Sector (XLV) | XLV | 2026-09-04 | 171.45 | 2026-10-05 | 167.37 | -2.38% | Adjusted close |
| High Yield Corporate Bonds (HYG) | HYG | 2026-09-04 | 79.16 | 2026-10-05 | 76.98 | -2.75% | Adjusted close |
| India Equities (INDA) | INDA | 2026-09-04 | 49.91 | 2026-10-05 | 46.57 | -6.69% | Adjusted close |
| Industrials Sector (XLI) | XLI | 2026-09-04 | 175.27 | 2026-10-05 | 170.10 | -2.95% | Adjusted close |
| Intermediate-Term US Treasury Bonds (IEF) | IEF | 2026-09-04 | 92.25 | 2026-10-05 | 88.92 | -3.61% | Adjusted close |
| International Aggregate Bonds (BNDX) | BNDX | 2026-09-04 | 47.45 | 2026-10-05 | 46.79 | -1.39% | Adjusted close |
| Investment Grade Corporate Bonds (LQD) | LQD | 2026-09-04 | 105.48 | 2026-10-05 | 101.83 | -3.46% | Adjusted close |
| Japan Equities (EWJ) | EWJ | 2026-09-04 | 98.28 | 2026-10-05 | 99.30 | 1.04% | Adjusted close |
| Japanese Yen (FXY) | FXY | 2026-09-04 | 58.67 | 2026-10-05 | 58.02 | -1.11% | Adjusted close |
| Long-Term US Treasury Bonds (TLT) | TLT | 2026-09-04 | 82.21 | 2026-10-05 | 77.11 | -6.20% | Adjusted close |
| Materials Sector (XLB) | XLB | 2026-09-04 | 52.44 | 2026-10-05 | 49.50 | -5.61% | Adjusted close |
| Metals and Mining (XME) | XME | 2026-09-04 | 118.62 | 2026-10-05 | 107.76 | -9.16% | Adjusted close |
| Mexico Equities (EWW) | EWW | 2026-09-04 | 76.63 | 2026-10-05 | 71.87 | -6.21% | Adjusted close |
| Municipal Bonds (MUB) | MUB | 2026-09-04 | 104.03 | 2026-10-05 | 101.12 | -2.80% | Adjusted close |
| Nasdaq 100 (QQQ) | QQQ | 2026-09-04 | 718.96 | 2026-10-05 | 756.20 | 5.18% | Adjusted close |
| Real Estate Sector (XLRE) | XLRE | 2026-09-04 | 43.93 | 2026-10-05 | 40.67 | -7.42% | Adjusted close |
| Regional Banks (KRE) | KRE | 2026-09-04 | 75.27 | 2026-10-05 | 70.39 | -6.48% | Adjusted close |
| S&P 500 (SPY) | SPY | 2026-09-04 | 770.19 | 2026-10-05 | 774.83 | 0.60% | Adjusted close |
| Semiconductors (SMH) | SMH | 2026-09-04 | 567.01 | 2026-10-05 | 633.90 | 11.80% | Adjusted close |
| Short-Term Treasury Bills (BIL) | BIL | 2026-09-04 | 91.45 | 2026-10-05 | 91.44 | -0.01% | Adjusted close |
| Silver (SLV) | SLV | 2026-09-04 | 59.82 | 2026-10-05 | 55.13 | -7.84% | Adjusted close |
| Software (IGV) | IGV | 2026-09-04 | 104.57 | 2026-10-05 | 109.72 | 4.92% | Adjusted close |
| Solar Energy (TAN) | TAN | 2026-09-04 | 48.04 | 2026-10-05 | 43.67 | -9.10% | Adjusted close |
| South Africa Equities (EZA) | EZA | 2026-09-04 | 71.64 | 2026-10-05 | 63.17 | -11.82% | Adjusted close |
| South Korea Equities (EWY) | EWY | 2026-09-04 | 188.87 | 2026-10-05 | 191.46 | 1.37% | Adjusted close |
| Taiwan Equities (EWT) | EWT | 2026-09-04 | 112.18 | 2026-10-05 | 118.00 | 5.19% | Adjusted close |
| Technology Sector (XLK) | XLK | 2026-09-04 | 187.28 | 2026-10-05 | 200.93 | 7.29% | Adjusted close |
| Total US Stock Market (VTI) | VTI | 2026-09-04 | 379.73 | 2026-10-05 | 380.60 | 0.23% | Adjusted close |
| Treasury Inflation-Protected Securities (TIP) | TIP | 2026-09-04 | 106.97 | 2026-10-05 | 103.98 | -2.80% | Adjusted close |
| United Kingdom Equities (EWU) | EWU | 2026-09-04 | 48.59 | 2026-10-05 | 46.19 | -4.94% | Adjusted close |
| US Aggregate Bond Market (AGG) | AGG | 2026-09-04 | 97.00 | 2026-10-05 | 94.13 | -2.96% | Adjusted close |
| US Dividend Equities (SCHD) | SCHD | 2026-09-04 | 34.80 | 2026-10-05 | 32.72 | -5.98% | Adjusted close |
| US Dollar (UUP) | UUP | 2026-09-04 | 28.08 | 2026-10-05 | 28.99 | 3.24% | Adjusted close |
| US Large-Cap Growth (IWF) | IWF | 2026-09-04 | 123.41 | 2026-10-05 | 128.35 | 4.00% | Adjusted close |
| US Large-Cap Value (IWD) | IWD | 2026-09-04 | 257.63 | 2026-10-05 | 250.36 | -2.82% | Adjusted close |
| US Low Volatility Equities (SPLV) | SPLV | 2026-09-04 | 74.74 | 2026-10-05 | 71.09 | -4.88% | Adjusted close |
| US Mid-Cap Stocks (IJH) | IJH | 2026-09-04 | 75.85 | 2026-10-05 | 73.68 | -2.86% | Adjusted close |
| US Momentum Equities (MTUM) | MTUM | 2026-09-04 | 304.86 | 2026-10-05 | 323.14 | 6.00% | Adjusted close |
| US Small-Cap Stocks (IWM) | IWM | 2026-09-04 | 296.01 | 2026-10-05 | 283.38 | -4.27% | Adjusted close |
| US Small-Cap Value (IWN) | IWN | 2026-09-04 | 224.62 | 2026-10-05 | 213.27 | -5.05% | Adjusted close |
| Utilities Sector (XLU) | XLU | 2026-09-04 | 43.08 | 2026-10-05 | 39.97 | -7.22% | Adjusted close |
Audit Published Hashes
Round inputs are hashed before model calls and mirrored into the public read model.
Published Hashes
Round inputs are hashed before model calls and mirrored into the public read model.
| briefing.md | ce9066cc1f09...30d121ca |
| manifest.yaml | fbe73bfb0c9d...1e3ed898 |
| market_data/decision_context_source_history.json | 4e522074c782...4b07b3ac |
| market_data/universe_decision_context.csv | 33c1afbafc4d...c5f1bcd4 |
| market_data/universe_decision_context.json | 683d879b3b92...554eece8 |
| market_data/universe_decision_context.md | 0dd469eeff7d...c01b64c0 |
| market_data/universe_quality_evidence.json | 202be613e234...6365e262 |
| market_data/universe_quality_evidence.md | 86177ca5d1b8...f4c574eb |
| options.yaml | 1003c5795615...4ce0c729 |
| prompt.md | b0cf9b835591...33e9174a |
| submission_schema.json | fb15e640b97f...2e10166d |