Quarter 2026-09-30: the 13F window is open until 2026-11-16. Rankings and QoQ moves that touch this quarter are provisional by construction — filers who have not yet reported are not zeros.
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match identity_reconciled_by_cusip
the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE classified_by_value · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake
derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero
reported unit changed across the pair (SH↔PRN); the share delta is withheld rather than fabricated shares_unit_mismatch
Prev value
Curr value
Prev shares
Curr shares
position key pos:15642 · issuer key iss:1334COM
TRIM
−$49.3M
−153,982
$327M
$278M
1,750,138
1,596,156
position key pos:11825 · issuer key iss:1225COM
ADD
−$39.9M
+25,751
$208M
$168M
429,963
455,714
position key pos:13027 · issuer key iss:1636SPONSORD ADS
ADD
−$76.2M
+48,614
$229M
$152M
1,791,660
1,840,274
position key pos:15862 · issuer key iss:995PUTPUT
ADD
+$8.7M
+37,500
$132M
$141M
213,000
250,500
position key pos:17467 · issuer key iss:1751SPONSORED ADS
TRIM
−$13.9M
−84,754
$131M
$117M
432,969
348,215
position key pos:14175 · issuer key iss:95COM
ADD
−$12.7M
+4,300
$127M
$114M
548,231
552,531
position key pos:13215 · issuer key iss:144COM
TRIM
−$11.4M
−14,022
$118M
$106M
432,317
418,295
position key pos:15327 · issuer key iss:1780COM
ADD
+$34.9M
+9,098
$60.6M
$95.6M
313,282
322,380
position key pos:12827 · issuer key iss:323COM
TRIM
−$20.5M
−26,536
$109M
$88.0M
312,650
286,114
position key pos:10899 · issuer key iss:1013MSCI ACWI ETF
ADD
+$15.4M
+121,760
$69.5M
$84.9M
491,054
612,814
position key pos:15142 · issuer key iss:89CAP STK CL A
TRIM
−$26.3M
−60,157
$110M
$83.3M
350,139
289,982
position key pos:11237 · issuer key iss:1601GOLD SHS
ADD
+$22.1M
+39,198
$60.9M
$83.0M
153,716
192,914
position key pos:11173 · issuer key iss:995UNIT SER 1
TRIM
−$12.9M
−13,987
$77.4M
$64.5M
125,855
111,868
position key pos:14579 · issuer key iss:1990SPDR GLD MINIS
ADD
+$6.7M
+20,519
$56.0M
$62.7M
656,114
676,633
position key pos:15168 · issuer key iss:456COM NEW
TRIM
−$2.0M
−2,019
$63.7M
$61.7M
545,998
543,979
position key pos:11390 · issuer key iss:720CL A
TRIM
−$35.4M
−38,059
$94.4M
$59.0M
143,114
105,055
position key pos:14060 · issuer key iss:47COM
TRIM
−$46.1M
−200,113
$93.5M
$47.4M
434,162
234,049
position key pos:14305 · issuer key iss:1452SPONSORED ADS
ADD
−$129K
+43,310
$45.4M
$45.3M
400,127
443,437
position key pos:17516 · issuer key iss:1012ISHARES SEMICDTR
ADD
+$43.1M
+130,662
$1.2M
$44.2M
3,918
134,580
position key pos:17450 · issuer key iss:1190COM
ADD
+$22.9M
+206,259
$19.5M
$42.4M
228,945
435,204
position key pos:16072 · issuer key iss:1370COM
ADD
+$9.2M
+128,598
$32.5M
$41.6M
166,253
294,851
position key pos:16952 · issuer key iss:1013MSCI AC ASIA ETF
TRIM
−$20.6M
−235,795
$60.9M
$40.3M
654,275
418,480
position key pos:13514 · issuer key iss:47PUTPUT
ADD
+$24.9M
+127,800
$14.5M
$39.4M
67,200
195,000
position key pos:15221 · issuer key iss:1228COM
TRIM
+$5.8M
−888
$32.1M
$37.9M
112,219
111,331
position key pos:13683 · issuer key iss:1648COM
ADD
−$13.5M
+29,391
$50.4M
$36.9M
328,764
358,155
position key pos:16716 · issuer key iss:633COM
TRIM
−$413K
−11,581
$36.8M
$36.3M
148,222
136,641
position key pos:14915 · issuer key iss:2124CLASS A ORD
TRIM
−$23.9M
−2,228,518
$58.9M
$35.1M
11,821,595
9,593,077
position key pos:14627 · issuer key iss:955COM
ADD
−$2.0M
+1,663
$35.8M
$33.8M
272,920
274,583
position key pos:17821 · issuer key iss:89CAP STK CL C
ADD
+$902K
+12,648
$31.1M
$32.0M
99,216
111,864
position key sid:sec:prov:5a7bae6d5b44f3fa2c5e2e8e6f4eba58 · issuer key cusip6:33739HFST TR GLB FD
NEW
+$31.9M
+1,111,300
$0
$31.9M
—
1,111,300
position key pos:13319 · issuer key iss:53COM
ADD
−$5.6M
+609
$34.8M
$29.2M
255,534
256,143
position key pos:15257 · issuer key iss:1225PUTPUT
NEW
+$28.5M
+80,000
$0
$28.5M
—
80,000
position key pos:17195 · issuer key iss:1900COM SHS
ADD
−$3.5M
+1,321
$31.5M
$28.0M
315,325
316,646
position key pos:11588 · issuer key iss:1058COM
TRIM
−$1.7M
−4,677
$28.6M
$26.9M
283,561
278,884
position key pos:11548 · issuer key iss:788SPON ADS CL A
ADD
+$20.6M
+158,523
$6.2M
$26.8M
37,648
196,171
position key pos:12725 · issuer key iss:1615COM
TRIM
−$14.5M
−15,042
$39.1M
$24.6M
147,582
132,540
position key pos:17376 · issuer key iss:720PUTPUT
ADD
+$16.2M
+33,900
$7.9M
$24.1M
12,000
45,900
position key pos:11276 · issuer key iss:1947COM
TRIM
−$6.8M
−553
$30.7M
$23.9M
80,827
80,274
position key sid:sec:prov:bf88c0643d7dc790ff58066578bc3ed8 · issuer key cusip6:84858TSELECT STOXX EUR
ADD
+$3.7M
+112,459
$19.7M
$23.4M
470,791
583,250
position key pos:14555 · issuer key iss:1996COM
ADD
−$3.1M
+41
$25.5M
$22.4M
187,327
187,368
position key pos:11177 · issuer key iss:1956COM
TRIM
+$693K
−2,917
$19.5M
$20.2M
104,967
102,050
position key pos:12492 · issuer key iss:810COM NEW
ADD
−$740K
+3,207
$20.9M
$20.1M
67,800
71,007
position key pos:11286 · issuer key iss:1016MSCI TAIWAN ETF
ADD
+$6.8M
+74,426
$13.1M
$19.9M
206,504
280,930
position key sid:sec:prov:83c2f00310eeadba811d881892a2819c · issuer key cusip6:04965MSPONSORED ADS
ADD
+$6.9M
+209,776
$12.7M
$19.5M
321,192
530,968
position key pos:16195 · issuer key iss:1493COM
TRIM
+$556K
−781
$18.6M
$19.2M
145,788
145,007
position key pos:12848 · issuer key iss:1921COM CL A
TRIM
−$4.9M
−5,460
$23.7M
$18.7M
67,441
61,981
position key pos:11897 · issuer key iss:2010CL A
TRIM
−$1.4M
−2,039
$19.8M
$18.4M
157,658
155,619
position key pos:13490 · issuer key iss:1939COM
ADD
+$3.0M
+10,381
$14.5M
$17.4M
129,901
140,282
position key pos:11322 · issuer key iss:1334PUTPUT
ADD
+$10.7M
+67,800
$5.6M
$16.4M
30,000
97,800
position key pos:13254 · issuer key iss:47CALLCALL
NEW
+$16.2M
+80,000
$0
$16.2M
—
80,000
position key pos:12445 · issuer key iss:1405CL A
ADD
+$7.4M
+61,547
$8.0M
$15.4M
44,563
106,110
position key sid:sec:prov:632c445e813222cf2fdaf628e11a943a · issuer key cusip6:46138EPURBTA MSCI US
TRIM
−$9.1M
−122,080
$24.1M
$15.0M
352,170
230,090
position key sid:sec:prov:913925d8d872d20f23fa2f63be059412 · issuer key cusip6:92189HOIL SERVICES ETF
NEW
+$14.6M
+36,255
$0
$14.6M
—
36,255
position key pos:10986 · issuer key cusip6:922908VALUE ETF
NEW
+$14.6M
+74,313
$0
$14.6M
—
74,313
position key pos:11633 · issuer key iss:673COM
TRIM
+$2.7M
−526
$11.5M
$14.2M
15,019
14,493
position key pos:18039 · issuer key iss:1025COM
ADD
+$77.7K
+4,343
$13.6M
$13.7M
42,282
46,625
position key pos:11938 · issuer key iss:834COM
TRIM
−$1.3M
−883
$14.9M
$13.6M
16,916
16,033
position key pos:15863 · issuer key iss:1123COM
TRIM
−$3.8M
−1,468
$17.2M
$13.3M
15,964
14,496
position key sid:sec:prov:b3a0a6a2c27537b284e1347fab5f8f28 · issuer key cusip6:81369YFINANCIAL
TRIM
−$19.3M
−326,654
$32.5M
$13.1M
592,808
266,154
position key sid:sec:prov:8cc6d731232d1ac429fb431a7ea6a184 · issuer key cusip6:92189FGOLD MINERS ETF
ADD
+$2.6M
+20,231
$10.2M
$12.7M
118,554
138,785
position key pos:14206 · issuer key iss:1193CL A
TRIM
−$4.5M
−4,792
$17.1M
$12.5M
29,858
25,066
position key pos:17300 · issuer key cusip6:81369YSBI INT-UTILS
ADD
+$1.9M
+23,363
$10.5M
$12.4M
246,263
269,626
position key pos:10493 · issuer key iss:471COM
ADD
+$11.3M
+147,197
$1.0M
$12.3M
14,583
161,780
position key pos:14728 · issuer key iss:811COM
TRIM
−$3.1M
−2,608
$15.1M
$12.0M
324,282
321,674
position key pos:18187 · issuer key iss:1040COM NEW
NEW
+$11.4M
+7,744
$0
$11.4M
—
7,744
position key pos:16708 · issuer key iss:1661COM
TRIM
−$45.4K
−713
$11.4M
$11.4M
61,670
60,957
position key pos:13876 · issuer key iss:917COM
TRIM
+$340K
−6,086
$10.8M
$11.2M
55,445
49,359
position key pos:12278 · issuer key iss:95PUTPUT
ADD
+$2.8M
+20,000
$8.1M
$11.0M
35,000
55,000
position key pos:11570 · issuer key iss:1599TR UNIT
TRIM
−$747K
−337
$11.4M
$10.7M
16,719
16,382
position key pos:18221 · issuer key iss:1739COM
ADD
+$1.1M
+6,416
$9.5M
$10.6M
20,321
26,737
position key pos:15575 · issuer key iss:786SPONSORED ADS
TRIM
−$6.1M
−284,496
$16.5M
$10.4M
1,541,153
1,256,657
position key pos:14816 · issuer key iss:2028COM SHS
ADD
+$1.9M
+87,959
$8.5M
$10.4M
226,802
314,761
position key sid:sec:prov:edca92b17408f6ec66bf562ad9cadafa · issuer key cusip6:81369YINDL
ADD
+$10.0M
+61,600
$302K
$10.3M
1,950
63,550
position key sid:sec:prov:33b416b76e58babde9f188715329bb04 · issuer key cusip6:46429BMSCI CHINA ETF
TRIM
−$960K
−4,369
$11.1M
$10.1M
184,449
180,080
position key pos:11122 · issuer key iss:1684CL A
ADD
−$3.2M
+6,056
$13.1M
$10.0M
59,926
65,982
position key sid:sec:prov:4ee13837c201cea05a3fc8a370f61521 · issuer key cusip6:81369YENERGY
ADD
+$7.2M
+100,670
$2.7M
$9.9M
60,296
160,966
position key pos:16115 · issuer key iss:1869COM
TRIM
−$17.9M
−47,477
$27.5M
$9.6M
83,323
35,846
position key sid:sec:prov:fc322b756e10c5adfb425878e834e2d4 · issuer key cusip6:46432FMSCI USA QLT FCT
TRIM
−$1.6M
−6,244
$11.2M
$9.6M
56,280
50,036
position key pos:11063 · issuer key iss:1009COM
TRIM
+$1.4M
−4,333
$8.0M
$9.4M
96,769
92,436
position key pos:15152 · issuer key iss:1000S&P500 EQL WGT
NEW
+$9.3M
+48,287
$0
$9.3M
—
48,287
position key pos:17095 · issuer key iss:588COM
TRIM
−$2.6M
−8,347
$11.8M
$9.1M
103,290
94,943
position key pos:17290 · issuer key iss:39COM
ADD
−$3.0M
+4,328
$12.2M
$9.1M
34,537
38,865
position key sid:sec:prov:62eb42e14503968141857c62d67e1607 · issuer key cusip6:81369YSTATE STREET MAT
NEW
+$9.1M
+182,210
$0
$9.1M
—
182,210
position key pos:17433 · issuer key iss:323PUTPUT
NEW
+$9.0M
+30,000
$0
$9.0M
—
30,000
position key pos:14782 · issuer key iss:1406COM
ADD
+$8.4M
+54,338
$453K
$8.9M
2,440
56,778
position key pos:11577 · issuer key iss:167COM SHS
ADD
+$924K
+11,836
$8.0M
$8.9M
60,620
72,456
position key pos:10854 · issuer key iss:300COM
TRIM
−$4.9M
−470
$13.8M
$8.9M
2,576
2,106
position key pos:17670 · issuer key iss:1145COM
NEW
+$8.7M
+12,437
$0
$8.7M
—
12,437
position key pos:14927 · issuer key iss:854COM SHS
TRIM
−$288K
−6,492
$8.7M
$8.4M
185,473
178,981
position key pos:10888 · issuer key iss:1155COM
TRIM
−$1.7M
−26,332
$10.0M
$8.4M
62,830
36,498
position key pos:10357 · issuer key iss:1786COM
ADD
+$3.2M
+11,205
$5.0M
$8.2M
11,128
22,333
position key pos:11472 · issuer key iss:581COM
TRIM
+$867K
−1,728
$7.2M
$8.0M
46,220
44,492
position key pos:16392 · issuer key iss:1549COM
TRIM
−$699K
−496
$8.6M
$7.9M
35,869
35,373
position key pos:15686 · issuer key iss:478COM
ADD
+$3.0M
+6,587
$4.8M
$7.8M
26,199
32,786
position key pos:13754 · issuer key iss:468COM
ADD
+$6.4M
+61,426
$1.2M
$7.6M
12,009
73,435
position key pos:10663 · issuer key iss:1575COM
ADD
+$4.2M
+16,641
$2.9M
$7.1M
16,136
32,777
position key pos:15502 · issuer key iss:616COM
ADD
+$785K
+2,289
$6.3M
$7.1M
18,607
20,896
position key sid:sec:prov:ef3223506f77ce3fbe6337a6ff20e113 · issuer key cusip6:88557WAMERICAN DEP
TRIM
−$4.2M
−40,230
$11.2M
$7.0M
579,568
539,338
position key sid:sec:prov:c3e04efb4156dc6f48e0e8e8bb3cba38 · issuer key cusip6:464286MSCI STH KOR ETF
ADD
+$4.7M
+33,269
$2.2M
$6.9M
22,740
56,009
position key pos:11450 · issuer key iss:267COM
ADD
+$820K
+3,099
$6.0M
$6.9M
34,366
37,465
Flags: no row carries a flag.
1–20 of the 100 changes on this page
1–100 of 366 changes
Mark-to-market only (no share change) · 18
Positions whose share count is identical in both quarters; the value changed with price, not with a decision.
Positions held with no share change into quarter 2026-03-31
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match identity_reconciled_by_cusip
the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE classified_by_value · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake
derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero
reported unit changed across the pair (SH↔PRN); the share delta is withheld rather than fabricated shares_unit_mismatch
Prev value
Curr value
Prev shares
Curr shares
position key pos:14902 · issuer key iss:1016MSCI SINGPOR ETF
NO CHANGE
+$179K
0
$6.9M
$7.1M
251,800
251,800
position key pos:16504 · issuer key iss:1251COM
NO CHANGE
−$528K
0
$3.6M
$3.1M
7,090
7,090
position key pos:11644 · issuer key iss:1714COM
NO CHANGE
−$49.0K
0
$2.6M
$2.5M
20,000
20,000
position key sid:sec:prov:b26ae58d14ccf4d7e6ea3cbd9be9909d · issuer key cusip6:46429BCORE HIGH DV ETF
NO CHANGE
+$178K
0
$1.5M
$1.7M
12,581
12,581
position key sid:sec:prov:d27f2c722aeaa22848f78d13de53539a · issuer key cusip6:46434VHDG MSCI EAFE
NO CHANGE
+$42.8K
0
$1.6M
$1.6M
37,738
37,738
position key pos:13422 · issuer key iss:10121 3 YR TREAS BD
NO CHANGE
−$4.1K
0
$1.3M
$1.3M
16,207
16,207
position key sid:sec:prov:8ab4a8205c32f5d1c220e2a90e7de838 · issuer key cusip6:46434VHDG MSCI JAPAN
NO CHANGE
+$73.5K
0
$1.1M
$1.2M
20,530
20,530
position key pos:13471 · issuer key iss:562COM
NO CHANGE
+$195K
0
$931K
$1.1M
2,000
2,000
position key sid:sec:prov:75fda3ed23c32f13e4e79ddd14f8d627 · issuer key cusip6:647581SPON ADR
NO CHANGE
+$26.0K
0
$888K
$914K
16,143
16,143
position key pos:14354 · issuer key iss:2031SHS CL A
NO CHANGE
−$63.4K
0
$743K
$679K
2,105
2,105
position key pos:17641 · issuer key iss:681ADR B SEK 10
NO CHANGE
+$71.2K
0
$424K
$495K
43,962
43,962
position key pos:12151 · issuer key iss:1391COM
NO CHANGE
+$37.0K
0
$396K
$433K
24,649
24,649
position key sid:sec:prov:38f551ab5502181def314adc4ed06424 · issuer key cusip6:48241ASPONSORED ADR
NO CHANGE
+$48.6K
0
$305K
$354K
3,547
3,547
position key pos:16802 · issuer key iss:1027COM CL A
NO CHANGE
−$3.0K
0
$348K
$345K
3,260
3,260
position key sid:sec:prov:cb5e7ff2563f749504b428e0411ec81f · issuer key cusip6:464286MSCI AUST ETF
NO CHANGE
+$13.5K
0
$225K
$239K
8,600
8,600
position key pos:14773 · issuer key iss:2228ORD SHS
NO CHANGE
−$19.5K
0
$240K
$220K
1,054
1,054
position key sid:sec:prov:c9a0fc339830fdbb2d381229b8fe3efe · issuer key cusip6:639193CL A
NO CHANGE
−$57.6K
0
$256K
$199K
15,000
15,000
position key pos:13370 · issuer key iss:1010COM CL A
NO CHANGE
+$3.0K
0
$72.3K
$75.3K
21,465
21,465
Flags: no row carries a flag.
Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.
Truncated by Public Filings. Changes compare every position with a security identifier, new and exited included; holdings without one are counted, not compared. methodology §13F ↗
Reported positions — 2026-03-31
1–100 of 299 issuers · $3.7B disclosed value over 610 rows · 0 undisclosed-value rows
ViewThis build carries one quarter for this manager: 2026-03-31. Notable managers carry four published quarters, others two.
Positions OVERSEA-CHINESE BANKING Corp Ltd reported for the quarter ended 2026-03-31, as that filer reported them
This list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names.
a position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing
Share of total reported value, calculated only when the full position list has disclosed values. This is 13F long value, not total assets.
value undisclosed on the filing: retained and counted, excluded from sums, never shown as $0
Shares
Wt
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)
Change kind and share change are in Position changes above; Congress overlap is planned.
1–100 of 299 issuers · page 1 of 3
One line per issuer, largest first; a row with no issuer key stands on its own line. Open a line for its rows as this filer reported them. The list holds every row this filer reported for the quarter. Issuer totals on the holders pages count each manager's own report once; that never removes a row here. how positions are grouped ↗
Book shape
2026-03-31 · concentration · vs tracked median · tick = median
Top-25 concentration
57.6%below median 80.0%
Concentration index
203 bpsbelow median 446 bps
Positions with value
610 / 610median book 97.5 positions
Concentration uses reported 13F long value, not total assets. The index is withheld when any position lacks a value. Medians are over the 8,748 tracked filers with a 2026-03-31 book; the index median over the 8,662 with a complete book.
holdings whose <value> did not parse — retained and counted, never zero-filled: 0 · share of the period's disclosed value held in the top-N positions; denominator is reported 13F value, not total assets: 57.6% · integer Herfindahl–Hirschman index in basis points over disclosed position values: 203 · QoQ moves: 384
PLANNED sector rotation · Congress overlap · signals for this filer
Complete source filings on SEC EDGAR
The complete filing on EDGAR.
The position list above is served from the published Public Filings build, each position as this filer reported it; where the page cannot embed every reported row, the list says how many it leaves out. This block is provenance, not a substitute: the filing itself is the record, and it is one click away. Public Filings decided on 2026-08-01 to serve this list from its published build; filings newer than this build are on EDGAR.
Explore the full published position list and its source filing. This record excludes the manager’s cash, shorts and non-13(f) assets.
Share changes
Compare consecutive quarters
Position changes retain the producer’s classification and comparability flags. Share counts and reported values describe different changes.
Coverage
A snapshot, not current holdings
Use the quarter selector to inspect available periods. Unknown values stay unknown and each table states its coverage.
A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗
13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.
Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.
Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.
Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.
Positions under confidential treatment may be omitted until a later amendment discloses them.
These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).