diff --git a/app.py b/app.py
index ed204af..2b3f749 100644
--- a/app.py
+++ b/app.py
@@ -588,6 +588,33 @@ with tab_fundlab:
     _fl_pick = st.selectbox("Fund (shortlist)", list(_FL_LABELS),
                             format_func=lambda s: _FL_LABELS[s],
                             key="fundlab_pick")
+
+    # --- all-funds summary table -------------------------------------
+    from fundlab import decompose as _dc
+    try:
+        _DR = json.loads(_dc.RESULTS.read_text())
+    except Exception:
+        _DR = {}
+    with st.expander(f"Summary — all {len(_FL_LABELS)} funds"):
+        _sum_rows = []
+        for _s in _ORDER:
+            _d = _DR.get(_s, {})
+            _rec = _d.get("recent", {})
+            _comp = ", ".join(f"{c['sym']} {c['beta']:+.2f}"
+                              for c in _rec.get("components", [])[:4]) or \
+                    ", ".join(f"{c['sym']} {c['beta']:+.2f}"
+                              for c in _d.get("components", [])[:4])
+            _sum_rows.append({
+                "fund": _FL_LABELS.get(_s, _s),
+                "verdict": _d.get("verdict", "n/a"),
+                "R² 5y": round(_rec["r2"], 3) if "r2" in _rec else None,
+                "alpha 5y": (f"{_rec['alpha_ann']*100:+.1f}% "
+                             f"(t={_rec['alpha_t']:+.1f})")
+                          if "alpha_ann" in _rec else None,
+                "components": _comp or "—",
+            })
+        st.dataframe(pd.DataFrame(_sum_rows), width="stretch")
+
     _f = _FUNDS.get(_fl_pick, {})
     _man = _MAN.get(_fl_pick, {})
     st.subheader(f"{_f.get('name', _fl_pick)}  ·  {_fl_pick.upper()}")
@@ -646,6 +673,74 @@ with tab_fundlab:
                     top["value"] = top["value"].map(lambda v: f"${v:,.0f}")
                     st.dataframe(top, width="stretch")
 
+    # ---- returns-based strategy decomposition -------------------------
+    st.markdown("**Strategy decomposition** — which benchmark sleeves explain "
+                "the fund's returns (OLS forward selection, BIC-gated, "
+                "|t|>2; full history + last 5 years)")
+    _dr = _DR.get(_fl_pick, {})
+    if not _dr or "verdict" not in _dr:
+        st.info("No decomposition available for this fund.")
+    elif "r2" not in _dr:
+        st.info(_dr["verdict"])
+        if _dr.get("note"):
+            st.markdown("**Holdings cross-check:** " + _dr["note"])
+    else:
+        _rec = _dr.get("recent", {})
+        _v = _dr["verdict"]
+        if _v.startswith("static") or _v.startswith("mostly stable"):
+            st.success(_v)
+        elif "no component" in _v or "not a static" in _v:
+            st.warning(_v)
+        else:
+            st.info(_v)
+        _c = st.columns(6)
+        _c[0].metric("R² full", f"{_dr.get('r2', float('nan')):.3f}")
+        _c[1].metric("R² 5y",
+                     f"{_rec['r2']:.3f}" if "r2" in _rec else "n/a")
+        _c[2].metric("alpha 5y",
+                     f"{_rec['alpha_ann']*100:+.1f}% (t={_rec['alpha_t']:+.1f})"
+                     if "alpha_ann" in _rec else "n/a")
+        _c[3].metric("trk err 5y",
+                     f"{_rec['tracking_err_ann']*100:.1f}%"
+                     if "tracking_err_ann" in _rec else "n/a")
+        _c[4].metric("max β-drift",
+                     f"{_dr.get('rolling', {}).get('max_drift', 0.0):.2f}")
+        _c[5].metric("sample", f"{_dr['n_obs']}d", help=f"{_dr['start']} .. {_dr['end']}")
+        _rows = []
+        _full_b = {c["sym"]: c for c in _dr.get("components", [])}
+        _rec_b = {c["sym"]: c for c in _rec.get("components", [])}
+        for _sym in list(dict.fromkeys(list(_full_b) + list(_rec_b))):
+            _frow = _full_b.get(_sym)
+            _rrow = _rec_b.get(_sym)
+            _rows.append({
+                "component": f"{_sym} — {_frow['label'] if _frow else _rrow['label']}",
+                "β full": f"{_frow['beta']:+.2f} (t={_frow['t']:+.1f})" if _frow else "—",
+                "β 5y": f"{_rrow['beta']:+.2f} (t={_rrow['t']:+.1f})" if _rrow else "—",
+            })
+        if _rows:
+            st.dataframe(pd.DataFrame(_rows), width="stretch")
+        if _full_b:
+            _bar = pd.DataFrame([
+                {"component": f"{s} — {c['label']}", "full": c["beta"]}
+                for s, c in _full_b.items()])
+            fig = go.Figure(go.Bar(
+                x=_bar["full"], y=_bar["component"], orientation="h",
+                marker_color=["#2ca02c" if v >= 0 else "#d62728"
+                              for v in _bar["full"]]))
+            fig.update_layout(height=30 + 24 * len(_bar),
+                              margin=dict(l=0, r=0, t=8, b=8),
+                              xaxis_title="β (full sample)")
+            st.plotly_chart(fig, width="stretch")
+        if _dr.get("note"):
+            st.markdown("**Holdings cross-check:** " + _dr["note"])
+        st.caption(
+            "Method: daily total returns; greedy forward selection on BIC "
+            "(add only if ΔBIC ≥ 2 and |t| > 2); candidate sleeves curated per "
+            "fund from the strategy text + N-PORT. β = exposure, not a literal "
+            "holding weight; 'drift' = mean |rolling 1y β − full β| relative to "
+            "the full β. High-R² + low drift ≈ static mix; low R² with positive "
+            "alpha ≈ market-neutral/alpha strategy.")
+
         if _f.get("strategy"):
             st.markdown("**Strategy (excerpt from the prospectus)**")
             st.write(_f["strategy"])
diff --git a/fundlab/decompose.py b/fundlab/decompose.py
new file mode 100644
index 0000000..e6cc314
--- /dev/null
+++ b/fundlab/decompose.py
@@ -0,0 +1,394 @@
+"""Strategy decomposition: which pool components best explain a fund's returns.
+
+For each actively-managed fund we:
+
+  1. take its total-return (Adj Close) daily returns,
+  2. run a greedy BIC forward-selection regression against a curated
+     candidate set of pool components (broad sleeves, not single
+     positions — the question is "what does the fund look like", not
+     "what exact holdings"),
+  3. report the chosen weights (betas), fit (R^2, alpha/t), and a
+     rolling-window check for time-varying weights,
+
+and hand a verdict to the report: *static sleeve mix* (weights stable),
+*mostly stable with some timing*, or *time-varying / not a sleeve mix*.
+
+The candidate sets are per-fund and come from the fund's stated strategy
+plus its N-PORT holdings; selection within the set is data-driven.
+
+NumPy only (no statsmodels in the venv). All regressions include an
+intercept; alphas are annualized (x252); t-stats use the OLS covariance.
+"""
+from __future__ import annotations
+
+import json
+from pathlib import Path
+
+import numpy as np
+import pandas as pd
+
+from fundlab import pool as _pool
+
+DATA = Path.home() / "prog/fin/stocks"
+RESULTS = Path(__file__).parent / "decompose_results.json"
+
+# ------------------------------------------------------------------ data
+def adj_close(sym: str, root: Path = DATA) -> pd.Series | None:
+    f = root / f"{sym}-history.csv"
+    if not f.exists():
+        return None
+    try:
+        s = (pd.read_csv(f, parse_dates=["Date"], index_col="Date")
+             ["Adj Close"].dropna())
+        s = s[~s.index.duplicated(keep="last")].sort_index()
+    except Exception:
+        return None
+    if len(s) < 252:
+        return None
+    s.name = sym
+    return s
+
+
+def returns_panel(symbols: list[str], start: str | None = None) -> pd.DataFrame:
+    """Daily simple returns, outer-joined on dates (NaN where a series
+    has no data). Callers must handle missing values per regressor —
+    candidate histories have different vintages (and some end early, e.g.
+    finux stops in 2017), so a global inner join can be empty."""
+    cols = []
+    for s in symbols:
+        a = adj_close(s)
+        if a is not None:
+            cols.append(a)
+    p = pd.concat(cols, axis=1, sort=False)
+    if start is not None:
+        p = p[p.index >= pd.Timestamp(start)]
+    return p.pct_change()
+
+
+# ------------------------------------------------------------------ stats
+def ols(y: np.ndarray, X: np.ndarray) -> dict:
+    """OLS of y on X (X must already include the intercept column)."""
+    n, k = X.shape
+    beta, *_ = np.linalg.lstsq(X, y, rcond=None)
+    resid = y - X @ beta
+    ssr = float(resid @ resid)
+    dof = max(n - k, 1)
+    s2 = ssr / dof
+    XtX_inv = np.linalg.pinv(X.T @ X)
+    se = np.sqrt(np.maximum(np.diag(XtX_inv) * s2, 0.0))
+    t = np.where(se > 0, beta / np.where(se > 0, se, 1.0), 0.0)
+    yss = float(((y - y.mean()) ** 2).sum())
+    r2 = 1.0 - ssr / yss if yss > 0 else 0.0
+    adj_r2 = 1.0 - (1.0 - r2) * (n - 1) / dof
+    bic = n * np.log(ssr / n) + k * np.log(n)
+    dw = float(((resid[1:] - resid[:-1]) ** 2).sum() / ssr) if ssr > 0 else 0.0
+    return {"beta": beta, "se": se, "t": t, "r2": r2, "adj_r2": adj_r2,
+            "bic": bic, "dw": dw, "ssr": ssr, "n": n, "resid": resid}
+
+
+def forward_select(y: np.ndarray, cand: dict[str, np.ndarray],
+                   max_k: int = 6, min_d_bic: float = 2.0,
+                   y_ok: np.ndarray | None = None) -> tuple[list[str], dict, np.ndarray]:
+    """Greedy forward selection on BIC, with per-model complete cases.
+
+    ``cand`` maps symbol -> daily-return vector (aligned with y); NaNs
+    mark dates where that series has no data. Each trial regression uses
+    the rows where the fund, all chosen components and the candidate are
+    all present, so differently-vintaged candidates stay comparable.
+    A candidate is only added if it lowers BIC by at least ``min_d_bic``
+    (~3:1 odds in its favour), so we stop before overfitting noise.
+
+    Returns (chosen symbols, model on the final complete cases, the
+    boolean mask of those rows).
+    """
+    if y_ok is None:
+        y_ok = ~np.isnan(y)
+    ones0 = np.ones(len(y))
+    chosen: list[str] = []
+
+    def fit(ch: list[str]) -> tuple[dict, np.ndarray]:
+        ok = y_ok.copy()
+        for c in ch:
+            ok &= ~np.isnan(cand[c])
+        X = np.column_stack([ones0[ok], *[cand[c][ok] for c in ch]])
+        return ols(y[ok], X), ok
+
+    cur, cur_ok = fit(chosen)
+    for _ in range(max_k):
+        best_j, best_b, best_m = None, cur["bic"], None
+        for j in cand:
+            if j in chosen:
+                continue
+            ok = cur_ok & ~np.isnan(cand[j])
+            X = np.column_stack([ones0[ok], *[cand[c][ok] for c in chosen],
+                                 cand[j][ok]])
+            if X.shape[0] < 252 or np.linalg.matrix_rank(X) < X.shape[1]:
+                continue
+            m = ols(y[ok], X)
+            # the new regressor is the last column; require it to be
+            # individually significant (|t|>2) so we don't chase noise
+            if abs(m["t"][-1]) < 2.0:
+                continue
+            if m["bic"] < best_b - 1e-9:
+                best_j, best_b, best_m = j, m["bic"], m
+        if best_j is None or best_b > cur["bic"] - min_d_bic:
+            break
+        chosen.append(best_j)
+        cur, cur_ok = fit(chosen)
+    return chosen, cur, cur_ok
+
+
+def rolling_beta(y: np.ndarray, X: np.ndarray, w: int = 252,
+                 step: int = 21, dates: pd.Index | None = None) -> pd.DataFrame:
+    """Refit betas on rolling windows; returns a DataFrame indexed by the
+    window end date, one column per regressor (no intercept column)."""
+    n = len(y)
+    rows = []
+    idx = []
+    i = w
+    while i <= n:
+        Xm = X[i - w:i]
+        ym = y[i - w:i]
+        if np.linalg.matrix_rank(Xm) < Xm.shape[1]:
+            i += step
+            continue
+        b, *_ = np.linalg.lstsq(Xm, ym, rcond=None)
+        rows.append(b[1:])
+        idx.append(dates[i - 1] if dates is not None else i - 1)
+        i += step
+    cols = ["intercept"] + [f"x{k}" for k in range(X.shape[1] - 1)]
+    return pd.DataFrame(rows, index=idx, columns=cols[1:])
+
+
+# ------------------------------------------------------------------ funds
+# per-fund candidate sets: broad pool sleeves consistent with the fund's
+# stated strategy and N-PORT holdings. Pool labels for the report come
+# from fundlab.pool.
+# Candidate sets are curated to DISTINCT AXES (one representative per
+# sleeve): near-duplicates (ivv/vt/vti, efa/vea, agg/vbtlx) would make the
+# OLS knife-edge and produce offsetting betas. Discovery happens within
+# this set; the set itself comes from the fund's stated strategy + N-PORT.
+CANDIDATES: dict[str, list[str]] = {
+    # QQQ 65% + SPY 29% + cash, options overlay
+    "atesx": ["qqq", "ivv", "iwm", "shv", "bil"],
+    # systematic short-duration IG credit + cash
+    "atrfx": ["vstbx", "vicbx", "vweax", "ief", "ivv", "shv", "bil"],
+    # market neutral: long equity, short credit
+    "cvsix": ["ivv", "ive", "vweax", "vicbx", "tlt", "shv", "bil"],
+    # US large-cap core plus
+    "jlpsx": ["ivv", "ijt", "iwm", "efa", "vwo", "shv", "bil"],
+    # global multi-asset
+    "pmaix": ["ivv", "efa", "vwo", "vnq", "agg", "vweax", "djp", "gld",
+              "fxe", "tlt", "shv", "bil"],
+    # long/short mortgage & ABS
+    "pmorx": ["vmbix", "vweax", "vicbx", "finux", "ief", "tlt", "shv",
+              "bil"],
+    # market-neutral style premia
+    "qspnx": ["ive", "ivw", "iwm", "ijt", "ijs", "efa", "shv", "bil"],
+    # low-volatility equity fund of funds
+    "svarx": ["ivv", "ive", "ijk", "efa", "vwo", "shv", "bil", "agg"],
+    # full credit-spectrum strategic income
+    "cosix": ["agg", "vweax", "vmbix", "finux", "fghnx", "ief", "tlt",
+              "shv", "bil"],
+    # hedge fund (multi-strategy)
+    "mbxix": ["ivv", "efa", "tlt", "ief", "vweax", "djp", "gld", "fxe",
+              "shv", "bil"],
+    # global macro, sovereign-centric
+    "eagmx": ["tlt", "ief", "vweax", "finux", "fxe", "fxb", "fxy", "djp",
+              "gld", "shv", "bil"],
+    # Leuthold Core: fund of ETFs (no return history - holdings only)
+    "lcorx": ["ivv", "efa", "vwo", "agg", "djp", "shv", "bil"],
+    # US dividend-growth equity
+    "lamhx": ["ivv", "ive", "ijk", "ijt", "iwm", "efa", "shv", "bil"],
+}
+# share classes: same underlying fund
+ALIAS = {"pmfkx": "pmaix", "lcrix": "lcorx", "egrsx": "eagmx"}
+FULL_WINDOW = "1990-01-01"   # effectively all history
+RECENT_WINDOW = "2021-01-01"  # last ~5 years
+
+
+def _drift(rb: pd.DataFrame, full_beta: np.ndarray) -> dict[str, float]:
+    """Mean |rolling beta - full-sample beta| per component, as a fraction
+    of max(|full beta|, 0.25) — 0 means perfectly stable weights."""
+    out = {}
+    for k, col in enumerate(rb.columns):
+        b = full_beta[k + 1]
+        d = float((rb[col] - b).abs().mean())
+        out[col] = d / max(abs(b), 0.25)
+    return out
+
+
+def decompose(fund: str, start: str = FULL_WINDOW,
+              candidates: dict[str, list[str]] | None = None) -> dict:
+    cand_syms = (candidates or CANDIDATES).get(fund, [])
+    r = returns_panel([fund] + cand_syms, start=start)
+    if fund not in r.columns:
+        return {"fund": fund, "error": "no return history in the data set",
+                "verdict": "no return history", "start": start}
+    y = r[fund].to_numpy()
+    dates = r.index
+    cand = {s: r[s].to_numpy() for s in r.columns if s != fund}
+    y_ok = ~np.isnan(y)
+    if y_ok.sum() < 252:
+        return {"fund": fund, "error": "insufficient return history",
+                "verdict": "insufficient return history", "start": start}
+    chosen, m, ok = forward_select(y, cand, y_ok=y_ok)
+    d0 = dates[ok]
+    ann_alpha = float(m["beta"][0]) * 252
+    te = float(np.std(m["resid"]) * np.sqrt(252))
+    port_ann = float(np.mean(y[ok]) * 252)
+    out = {
+        "fund": fund,
+        "start": str(d0[0].date()),
+        "end": str(d0[-1].date()),
+        "n_obs": int(m["n"]),
+        "components": [
+            {"sym": s, "label": _label(s), "beta": float(m["beta"][k + 1]),
+             "t": float(m["t"][k + 1])}
+            for k, s in enumerate(chosen)],
+        "alpha_ann": ann_alpha,
+        "alpha_t": float(m["t"][0]),
+        "r2": float(m["r2"]),
+        "adj_r2": float(m["adj_r2"]),
+        "tracking_err_ann": te,
+        "fund_ann_return": port_ann,
+        "dw": float(m["dw"]),
+        "weights_sum": float(m["beta"][1:].sum()),
+    }
+    # rolling stability of the chosen model (on the same complete cases)
+    if chosen:
+        X = np.column_stack([np.ones(int(ok.sum())),
+                             *[r[s].to_numpy()[ok] for s in chosen]])
+        rb = rolling_beta(y[ok], X, dates=d0)
+        drift = _drift(rb, m["beta"])
+        out["rolling"] = {
+            "window": 252,
+            "drift": {s: float(v) for s, v in drift.items()},
+            "max_drift": float(max(drift.values())) if drift else 0.0,
+            "n_windows": int(len(rb)),
+        }
+    out["verdict"] = _verdict(out)
+    return out
+
+
+# per-fund cross-check notes: what the N-PORT holdings + strategy say, and
+# how the returns decomposition should be read against that
+NOTES: dict[str, str] = {
+    "atesx": ("Holdings (May 2026): QQQ 65% + SPY 29% + MMF 0.6%, with 4.9% "
+              "'other assets in excess of liabilities' — an options overlay. "
+              "But the rolling beta to those SAME holdings stays 0.13–0.89 "
+              "(median 0.30, never above 1): the 'risk managed' in the name is "
+              "real — a systematic equity de-risking overlay. Decomposition: one "
+              "TACTICAL US-equity sleeve, not a static mix."),
+    "atrfx": ("Systematic alpha over short-duration IG credit + cash. Returns are "
+              "dominated by idiosyncratic credit/derivatives P&L (R² ≤ 0.22 vs bond "
+              "sleeves) and the best-fit weights are knife-edge. Read as: "
+              "cash-like carry + systematic alpha, no meaningful static sleeve."),
+    "cvsix": ("Market neutral (long US equity, short credit). Full sample (since "
+              "1990) is unexplainable — the strategy has changed over 36 years; the "
+              "last 5 years show a small net equity/credit tilt (ivv +0.14, "
+              "vweax +0.06) explaining 74%. The rest is spread/option alpha "
+              "(full-sample annualized alpha +5.5%, t=6.7)."),
+    "jlpsx": ("US large-cap core plus: essentially 1.04x the S&P 500 "
+              "(R² 0.96 over 5y, stable). The 'plus' is small optionality "
+              "(tiny ijt/vwo tilts in the 5y fit). The cleanest fund on the list."),
+    "pmaix": ("Global multi-asset fund of funds (N-PORT: 99.5% in unaffiliated "
+              "underlying funds/loans). Returns decompose into high-yield credit "
+              "(vweax +0.62), intl equity (efa +0.23), commodities (+0.05), "
+              "bonds (−0.15): R² 0.68, stable weights, alpha +3.5%/yr (t=3.3). "
+              "The sleeves show through the underlying funds."),
+    "pmorx": ("Long/short mortgage & ABS — returns mostly idiosyncratic (R² 0.10). "
+              "5y direction is long MBS (vmbix +0.31) / short intermediate rates "
+              "(ief −0.39), consistent with a carry/relative-value mortgage "
+              "strategy. Not a static sleeve."),
+    "qspnx": ("Market-neutral style premia: no static sleeve explains returns "
+              "(R² 0.18 5y). Alpha vs a cash-like benchmark: +12.8%/yr full sample "
+              "(t=4.0). Decomposition = pure factor harvesting (value/size/style "
+              "tilts in both books); the 'exposures' in the table are residuals, "
+              "not sleeves."),
+    "svarx": ("Low-volatility equity fund of funds. Small but positive net market "
+              "(efa +0.07, agg +0.10; R² 0.24, low drift). The edge is in "
+              "volatility selection, not the mix: +5.2%/yr alpha over that small "
+              "sleeve (t=5.1)."),
+    "cosix": ("Strategic income across the credit spectrum. Full sample (since "
+              "1990) unexplainable — vintage; the last 5 years are the honest "
+              "current mix: high-yield +0.30, MBS +0.29, IG core +0.18 (R² 0.86)."),
+    "mbxix": ("Multi-strategy hedge fund: 53% explained over a decade "
+              "(ivv +0.39, ief −0.67, fxe −0.28, tlt +0.17, djp +0.08) — equity "
+              "long, duration short, FX/commodity tilts, large active residual. "
+              "Caveat: newest N-PORT on file is Sep 2024 — the fund may have "
+              "changed strategy or stopped filing."),
+    "eagmx": ("Global macro (sovereign-centric): nothing explains returns in the "
+              "full or 5y window (R² ≤ 0.05) — textbook macro, positions are "
+              "tactical and asset-agnostic. The whole story is +5.1%/yr (t=8.0) "
+              "over a flat benchmark."),
+    "lcorx": ("NEW share classes (trading since Jul 2026) — no return history to "
+              "regress. Holdings (Dec 2025 N-PORT): 91.7% ETFs + 8.4% money "
+              "market; the strategy is Leuthold core multi-asset via ETFs. "
+              "Re-run the decomposition after a year of NAV accumulates."),
+    "lamhx": ("Dividend growth: R² 0.95; S&P 500 + value/mid tilt "
+              "(ivv +0.62, ive +0.26, ijk +0.20, iwm −0.14 over 5y), stable "
+              "weights. Closest to a passive fund with an overlay on this list."),
+}
+
+
+def _label(sym: str) -> str:
+    try:
+        for e in _pool.load_pool():
+            if e.symbol == sym:
+                return e.label
+    except Exception:
+        pass
+    return sym
+
+
+def _verdict(d: dict) -> str:
+    if d.get("error"):
+        return d["error"]
+    md = d.get("rolling", {}).get("max_drift", 0.0)
+    r2 = d["r2"]
+    if r2 >= 0.95 and md < 0.5:
+        v = "static sleeve mix (weights stable, ~fully explained)"
+    elif r2 >= 0.85:
+        v = "mostly stable sleeve mix" + ("" if md < 1.0 else " with drifting weights")
+    elif r2 >= 0.6:
+        v = "partially explainable — material active/timing residual"
+    else:
+        v = "not a static sleeve mix — returns driven by active decisions"
+    if d.get("components") is None or not d.get("components"):
+        v = "no component explains returns (market neutral or cash-like)"
+    return v
+
+
+def run_all() -> dict[str, dict]:
+    out = {}
+    done = set()
+    for fund in CANDIDATES:
+        if fund in ALIAS or fund in done:   # share class: parent covers it
+            continue
+        full = decompose(fund)
+        full["recent"] = decompose(fund, start=RECENT_WINDOW)
+        full["note"] = NOTES.get(fund, "")
+        # a much better 5y fit than the full sample means the strategy
+        # itself changed — say so in the verdict
+        rec = full["recent"]
+        if ("r2" in rec and "r2" in full and rec["r2"] > full["r2"] + 0.2):
+            full["verdict"] += (f"  [strategy evolved — 5y R² = "
+                                f"{rec['r2']:.2f}]")
+        out[fund] = full
+        done.add(fund)
+        print(f"{fund}: {full['verdict'][:90]}", flush=True)
+    # share classes reference their parent fund
+    for cls, parent in ALIAS.items():
+        if parent in out:
+            d = dict(out[parent])
+            d["fund"] = cls
+            d["note"] = (f"share class of {parent} — identical report. "
+                         + d.get("note", ""))
+            out[cls] = d
+    RESULTS.write_text(json.dumps(out, indent=1))
+    return out
+
+
+if __name__ == "__main__":
+    run_all()
diff --git a/fundlab/decompose_results.json b/fundlab/decompose_results.json
new file mode 100644
index 0000000..e0cf166
--- /dev/null
+++ b/fundlab/decompose_results.json
@@ -0,0 +1,1340 @@
+{
+ "atesx": {
+  "fund": "atesx",
+  "start": "2016-09-07",
+  "end": "2026-08-21",
+  "n_obs": 2503,
+  "components": [
+   {
+    "sym": "qqq",
+    "label": "Nasdaq 100",
+    "beta": 0.45556908855154976,
+    "t": 21.168384781367326
+   },
+   {
+    "sym": "ivv",
+    "label": "S&P 500",
+    "beta": -0.23830733177169833,
+    "t": -8.880615083435835
+   }
+  ],
+  "alpha_ann": 0.026346531979070175,
+  "alpha_t": 0.9293227873648724,
+  "r2": 0.3450047574870089,
+  "adj_r2": 0.34448076129299854,
+  "tracking_err_ann": 0.08913637737874539,
+  "fund_ann_return": 0.0858412132654425,
+  "dw": 2.2341043107825733,
+  "weights_sum": 0.21726175677985143,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.27669921266438996,
+    "x1": 0.848102513519347
+   },
+   "max_drift": 0.848102513519347,
+   "n_windows": 108
+  },
+  "verdict": "not a static sleeve mix \u2014 returns driven by active decisions",
+  "recent": {
+   "fund": "atesx",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "qqq",
+     "label": "Nasdaq 100",
+     "beta": 0.44616170327416194,
+     "t": 14.149678424413535
+    },
+    {
+     "sym": "ivv",
+     "label": "S&P 500",
+     "beta": -0.22538567937254084,
+     "t": -5.264409165765193
+    }
+   ],
+   "alpha_ann": 0.0055503014317009975,
+   "alpha_t": 0.1484113857382209,
+   "r2": 0.3610309574164604,
+   "adj_r2": 0.36012526068707196,
+   "tracking_err_ann": 0.08832002153748113,
+   "fund_ann_return": 0.05033812888713632,
+   "dw": 2.1534721910947656,
+   "weights_sum": 0.2207760239016211,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.2848956566742419,
+     "x1": 0.8185826141529595
+    },
+    "max_drift": 0.8185826141529595,
+    "n_windows": 56
+   },
+   "verdict": "not a static sleeve mix \u2014 returns driven by active decisions"
+  },
+  "note": "Holdings (May 2026): QQQ 65% + SPY 29% + MMF 0.6%, with 4.9% 'other assets in excess of liabilities' \u2014 an options overlay. But the rolling beta to those SAME holdings stays 0.13\u20130.89 (median 0.30, never above 1): the 'risk managed' in the name is real \u2014 a systematic equity de-risking overlay. Decomposition: one TACTICAL US-equity sleeve, not a static mix."
+ },
+ "atrfx": {
+  "fund": "atrfx",
+  "start": "2014-08-04",
+  "end": "2026-08-21",
+  "n_obs": 3030,
+  "components": [
+   {
+    "sym": "ivv",
+    "label": "S&P 500",
+    "beta": 0.19562032232528356,
+    "t": 11.729655094756636
+   },
+   {
+    "sym": "vicbx",
+    "label": "intermediate-term corporate bond",
+    "beta": 1.2393291638674306,
+    "t": 6.561747110208925
+   },
+   {
+    "sym": "ief",
+    "label": "US intermediate treasuries (7-10 yr)",
+    "beta": -0.5478003004605062,
+    "t": -5.661209653417961
+   },
+   {
+    "sym": "vstbx",
+    "label": "short-term corporate bond",
+    "beta": -1.0095528723812663,
+    "t": -3.2405021184626386
+   }
+  ],
+  "alpha_ann": 0.026673637645486293,
+  "alpha_t": 0.6555619809844426,
+  "r2": 0.10182834965198462,
+  "adj_r2": 0.10064068465978881,
+  "tracking_err_ann": 0.13999308469624303,
+  "fund_ann_return": 0.06002154419716573,
+  "dw": 1.9501017065798456,
+  "weights_sum": -0.12240368664905843,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.9561739344457876,
+    "x1": 0.8851118294710612,
+    "x2": 1.6558653570574795,
+    "x3": 1.3496745692775076
+   },
+   "max_drift": 1.6558653570574795,
+   "n_windows": 133
+  },
+  "verdict": "not a static sleeve mix \u2014 returns driven by active decisions",
+  "recent": {
+   "fund": "atrfx",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "ivv",
+     "label": "S&P 500",
+     "beta": 0.41897124333609137,
+     "t": 14.248528357545942
+    },
+    {
+     "sym": "shv",
+     "label": "US short-term treasuries",
+     "beta": -7.305355576774472,
+     "t": -4.903013063951641
+    },
+    {
+     "sym": "vweax",
+     "label": "high-yield corporate",
+     "beta": 0.42005732490633185,
+     "t": 3.997263415922683
+    }
+   ],
+   "alpha_ann": 0.2243721369422037,
+   "alpha_t": 2.8094259011461844,
+   "r2": 0.21865529238383408,
+   "adj_r2": 0.21699285683571456,
+   "tracking_err_ann": 0.15588237414909037,
+   "fund_ann_return": 0.08494859854904573,
+   "dw": 1.9902727126144717,
+   "weights_sum": -6.466327008532049,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.8466015103540322,
+     "x1": 0.5239705908149238,
+     "x2": 0.5882002201443478
+    },
+    "max_drift": 0.8466015103540322,
+    "n_windows": 56
+   },
+   "verdict": "not a static sleeve mix \u2014 returns driven by active decisions"
+  },
+  "note": "Systematic alpha over short-duration IG credit + cash. Returns are dominated by idiosyncratic credit/derivatives P&L (R\u00b2 \u2264 0.22 vs bond sleeves) and the best-fit weights are knife-edge. Read as: cash-like carry + systematic alpha, no meaningful static sleeve."
+ },
+ "cvsix": {
+  "fund": "cvsix",
+  "start": "1990-09-04",
+  "end": "2026-08-21",
+  "n_obs": 9057,
+  "components": [],
+  "alpha_ann": 0.05494737178055986,
+  "alpha_t": 6.693203697489781,
+  "r2": 3.3306690738754696e-15,
+  "adj_r2": 3.4416913763379853e-15,
+  "tracking_err_ann": 0.04921311085638685,
+  "fund_ann_return": 0.054947371780559855,
+  "dw": 2.201070204327631,
+  "weights_sum": 0.0,
+  "verdict": "no component explains returns (market neutral or cash-like)  [strategy evolved \u2014 5y R\u00b2 = 0.74]",
+  "recent": {
+   "fund": "cvsix",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "ivv",
+     "label": "S&P 500",
+     "beta": 0.14337409425906908,
+     "t": 23.56952105733188
+    },
+    {
+     "sym": "vweax",
+     "label": "high-yield corporate",
+     "beta": 0.055353843180348514,
+     "t": 4.856854249459811
+    },
+    {
+     "sym": "ive",
+     "label": "S&P 500 Value",
+     "beta": 0.025427867003656124,
+     "t": 3.6082323626617847
+    }
+   ],
+   "alpha_ann": 0.018963344604106105,
+   "alpha_t": 2.625529185806505,
+   "r2": 0.7365622841041414,
+   "adj_r2": 0.7360017783256396,
+   "tracking_err_ann": 0.017045091698141286,
+   "fund_ann_return": 0.04743113695845717,
+   "dw": 2.4362438569399654,
+   "weights_sum": 0.2241558044430737,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.16656102001355494,
+     "x1": 0.09765665332386918,
+     "x2": 0.11331311792968189
+    },
+    "max_drift": 0.16656102001355494,
+    "n_windows": 56
+   },
+   "verdict": "partially explainable \u2014 material active/timing residual"
+  },
+  "note": "Market neutral (long US equity, short credit). Full sample (since 1990) is unexplainable \u2014 the strategy has changed over 36 years; the last 5 years show a small net equity/credit tilt (ivv +0.14, vweax +0.06) explaining 74%. The rest is spread/option alpha (full-sample annualized alpha +5.5%, t=6.7)."
+ },
+ "jlpsx": {
+  "fund": "jlpsx",
+  "start": "2005-11-02",
+  "end": "2026-08-24",
+  "n_obs": 5233,
+  "components": [
+   {
+    "sym": "ivv",
+    "label": "S&P 500",
+    "beta": 1.0437558832956155,
+    "t": 162.56889184909045
+   }
+  ],
+  "alpha_ann": 0.011050486799195222,
+  "alpha_t": 0.5691336721993374,
+  "r2": 0.8347738874968654,
+  "adj_r2": 0.8347423015453259,
+  "tracking_err_ann": 0.08838608033412072,
+  "fund_ann_return": 0.14222655212102187,
+  "dw": 2.8431265199678273,
+  "weights_sum": 1.0437558832956155,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.0438981065572047
+   },
+   "max_drift": 0.0438981065572047,
+   "n_windows": 238
+  },
+  "verdict": "partially explainable \u2014 material active/timing residual",
+  "recent": {
+   "fund": "jlpsx",
+   "start": "2021-01-05",
+   "end": "2026-08-24",
+   "n_obs": 1415,
+   "components": [
+    {
+     "sym": "ivv",
+     "label": "S&P 500",
+     "beta": 1.034383539393894,
+     "t": 91.67948652777572
+    },
+    {
+     "sym": "ijt",
+     "label": "S&P Small-Cap 600 Growth",
+     "beta": -0.029869184923710934,
+     "t": -3.6565866275389944
+    },
+    {
+     "sym": "vwo",
+     "label": "emerging markets stock",
+     "beta": 0.024879403995978433,
+     "t": 3.325899423592402
+    }
+   ],
+   "alpha_ann": -0.0029851840422737987,
+   "alpha_t": -0.19449233213311515,
+   "r2": 0.9561755665716403,
+   "adj_r2": 0.9560823891795176,
+   "tracking_err_ann": 0.0362318939737439,
+   "fund_ann_return": 0.15826248266783624,
+   "dw": 2.2564400244536875,
+   "weights_sum": 1.0293937584661617,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.029887310344874126,
+     "x1": 0.1450970324235002,
+     "x2": 0.09661012864484575
+    },
+    "max_drift": 0.1450970324235002,
+    "n_windows": 56
+   },
+   "verdict": "static sleeve mix (weights stable, ~fully explained)"
+  },
+  "note": "US large-cap core plus: essentially 1.04x the S&P 500 (R\u00b2 0.96 over 5y, stable). The 'plus' is small optionality (tiny ijt/vwo tilts in the 5y fit). The cleanest fund on the list."
+ },
+ "pmaix": {
+  "fund": "pmaix",
+  "start": "2011-12-23",
+  "end": "2026-08-21",
+  "n_obs": 3685,
+  "components": [
+   {
+    "sym": "efa",
+    "label": "developed markets (ex-US, MSCI)",
+    "beta": 0.2344874843476855,
+    "t": 30.602178496272092
+   },
+   {
+    "sym": "vweax",
+    "label": "high-yield corporate",
+    "beta": 0.6192246204138075,
+    "t": 37.00150032703783
+   },
+   {
+    "sym": "djp",
+    "label": "Dow Jones-UBS Commodity Index",
+    "beta": 0.04740991451070612,
+    "t": 10.82367809724191
+   },
+   {
+    "sym": "agg",
+    "label": "US aggregate bond",
+    "beta": -0.15148499144323813,
+    "t": -10.175119663083366
+   },
+   {
+    "sym": "ivv",
+    "label": "S&P 500",
+    "beta": -0.050460193217015836,
+    "t": -6.080317182282203
+   },
+   {
+    "sym": "vnq",
+    "label": "US real estate (REITs)",
+    "beta": 0.023020899742284634,
+    "t": 4.40169223227429
+   }
+  ],
+  "alpha_ann": 0.035437156651329446,
+  "alpha_t": 3.3490804145584185,
+  "r2": 0.679121578877175,
+  "adj_r2": 0.6785981230515259,
+  "tracking_err_ann": 0.040264984588024334,
+  "fund_ann_return": 0.08546192744916578,
+  "dw": 2.088102202855144,
+  "weights_sum": 0.7221977343542297,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.20577309247165354,
+    "x1": 0.18907744513443525,
+    "x2": 0.158769877923333,
+    "x3": 0.4541512565652454,
+    "x4": 0.3837359243950157,
+    "x5": 0.165791799569151
+   },
+   "max_drift": 0.4541512565652454,
+   "n_windows": 164
+  },
+  "verdict": "partially explainable \u2014 material active/timing residual",
+  "recent": {
+   "fund": "pmaix",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "efa",
+     "label": "developed markets (ex-US, MSCI)",
+     "beta": 0.2449954218314655,
+     "t": 19.03579186143622
+    },
+    {
+     "sym": "vweax",
+     "label": "high-yield corporate",
+     "beta": 0.5344327280136246,
+     "t": 16.011005736881103
+    },
+    {
+     "sym": "djp",
+     "label": "Dow Jones-UBS Commodity Index",
+     "beta": 0.06919531081867039,
+     "t": 10.653443293821173
+    },
+    {
+     "sym": "agg",
+     "label": "US aggregate bond",
+     "beta": -0.1934942270463675,
+     "t": -8.131663840261679
+    },
+    {
+     "sym": "vnq",
+     "label": "US real estate (REITs)",
+     "beta": 0.066420197792225,
+     "t": 7.199106958431038
+    },
+    {
+     "sym": "ivv",
+     "label": "S&P 500",
+     "beta": -0.08454175511501988,
+     "t": -6.445665952633282
+    }
+   ],
+   "alpha_ann": 0.05220162671812971,
+   "alpha_t": 2.7522346782393368,
+   "r2": 0.6089406987814124,
+   "adj_r2": 0.6072730684990304,
+   "tracking_err_ann": 0.04465476548081441,
+   "fund_ann_return": 0.10594922784805459,
+   "dw": 1.935004996999197,
+   "weights_sum": 0.637007676294598,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.16713565476068823,
+     "x1": 0.26061370415899987,
+     "x2": 0.08726856185338772,
+     "x3": 0.16461642759479633,
+     "x4": 0.13071922650272086,
+     "x5": 0.21414714053386924
+    },
+    "max_drift": 0.26061370415899987,
+    "n_windows": 56
+   },
+   "verdict": "partially explainable \u2014 material active/timing residual"
+  },
+  "note": "Global multi-asset fund of funds (N-PORT: 99.5% in unaffiliated underlying funds/loans). Returns decompose into high-yield credit (vweax +0.62), intl equity (efa +0.23), commodities (+0.05), bonds (\u22120.15): R\u00b2 0.68, stable weights, alpha +3.5%/yr (t=3.3). The sleeves show through the underlying funds."
+ },
+ "pmorx": {
+  "fund": "pmorx",
+  "start": "2019-07-01",
+  "end": "2026-08-24",
+  "n_obs": 1797,
+  "components": [
+   {
+    "sym": "vweax",
+    "label": "high-yield corporate",
+    "beta": 0.31388720384359853,
+    "t": 14.18893920835988
+   }
+  ],
+  "alpha_ann": 0.029332925492427733,
+  "alpha_t": 1.4357260819167152,
+  "r2": 0.10084825638507544,
+  "adj_r2": 0.10034733619364655,
+  "tracking_err_ann": 0.054457753005862385,
+  "fund_ann_return": 0.04399267904999808,
+  "dw": 2.051284316393219,
+  "weights_sum": 0.31388720384359853,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.7331280914924483
+   },
+   "max_drift": 0.7331280914924483,
+   "n_windows": 74
+  },
+  "verdict": "not a static sleeve mix \u2014 returns driven by active decisions",
+  "recent": {
+   "fund": "pmorx",
+   "start": "2021-01-05",
+   "end": "2026-08-24",
+   "n_obs": 1415,
+   "components": [
+    {
+     "sym": "vweax",
+     "label": "high-yield corporate",
+     "beta": 0.04168035087416321,
+     "t": 2.2063240080677304
+    },
+    {
+     "sym": "ief",
+     "label": "US intermediate treasuries (7-10 yr)",
+     "beta": -0.3867098615283498,
+     "t": -10.37474630140078
+    },
+    {
+     "sym": "vmbix",
+     "label": "mortgage-backed securities",
+     "beta": 0.31402590773539685,
+     "t": 9.161419056733536
+    },
+    {
+     "sym": "tlt",
+     "label": "US long-term treasuries (20+ yr)",
+     "beta": 0.06735987458994033,
+     "t": 5.549320204906601
+    }
+   ],
+   "alpha_ann": 0.0527292589505514,
+   "alpha_t": 4.2909358903055885,
+   "r2": 0.08657628999415645,
+   "adj_r2": 0.08398501705796968,
+   "tracking_err_ann": 0.028979898356966537,
+   "fund_ann_return": 0.05695447285684168,
+   "dw": 2.2442433975515654,
+   "weights_sum": 0.0363562716711506,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.21698400351224853,
+     "x1": 0.4064266430323177,
+     "x2": 0.3680865071797071,
+     "x3": 0.09762048759677722
+    },
+    "max_drift": 0.4064266430323177,
+    "n_windows": 56
+   },
+   "verdict": "not a static sleeve mix \u2014 returns driven by active decisions"
+  },
+  "note": "Long/short mortgage & ABS \u2014 returns mostly idiosyncratic (R\u00b2 0.10). 5y direction is long MBS (vmbix +0.31) / short intermediate rates (ief \u22120.39), consistent with a carry/relative-value mortgage strategy. Not a static sleeve."
+ },
+ "qspnx": {
+  "fund": "qspnx",
+  "start": "2013-10-31",
+  "end": "2026-08-21",
+  "n_obs": 3220,
+  "components": [
+   {
+    "sym": "ivw",
+    "label": "S&P 500 Growth",
+    "beta": -0.08192299528316607,
+    "t": -4.0260419229419835
+   },
+   {
+    "sym": "ive",
+    "label": "S&P 500 Value",
+    "beta": 0.2609710931386727,
+    "t": 9.495012993507824
+   },
+   {
+    "sym": "iwm",
+    "label": "US small cap",
+    "beta": -0.7033008999688797,
+    "t": -14.398386309918285
+   },
+   {
+    "sym": "ijt",
+    "label": "S&P Small-Cap 600 Growth",
+    "beta": 0.3751139296366351,
+    "t": 8.722604382154021
+   },
+   {
+    "sym": "ijs",
+    "label": "S&P Small-Cap 600 Value",
+    "beta": 0.1845783441822273,
+    "t": 6.386825106301779
+   },
+   {
+    "sym": "shv",
+    "label": "US short-term treasuries",
+    "beta": -2.754459031292181,
+    "t": -3.8820894019208985
+   }
+  ],
+  "alpha_ann": 0.12818487124441533,
+  "alpha_t": 3.9840661559835087,
+  "r2": 0.1134410104537722,
+  "adj_r2": 0.11178543811101538,
+  "tracking_err_ann": 0.10508112594918419,
+  "fund_ann_return": 0.08091865655856706,
+  "dw": 1.8961660779849816,
+  "weights_sum": -2.7190195595866915,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.8863354304694652,
+    "x1": 0.8607703018245606,
+    "x2": 0.40949478429698954,
+    "x3": 0.3889681450569688,
+    "x4": 0.9937533641149741,
+    "x5": 1.4461092192565497
+   },
+   "max_drift": 1.4461092192565497,
+   "n_windows": 142
+  },
+  "verdict": "not a static sleeve mix \u2014 returns driven by active decisions",
+  "recent": {
+   "fund": "qspnx",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "ivw",
+     "label": "S&P 500 Growth",
+     "beta": -0.06943941702935164,
+     "t": -2.2675960385991307
+    },
+    {
+     "sym": "ive",
+     "label": "S&P 500 Value",
+     "beta": 0.21375136440801723,
+     "t": 4.0635176755747535
+    },
+    {
+     "sym": "iwm",
+     "label": "US small cap",
+     "beta": -0.6189777356607347,
+     "t": -11.154913059718409
+    },
+    {
+     "sym": "ijs",
+     "label": "S&P Small-Cap 600 Value",
+     "beta": 0.48890809639467814,
+     "t": 8.976960770542815
+    },
+    {
+     "sym": "shv",
+     "label": "US short-term treasuries",
+     "beta": -6.202064838851471,
+     "t": -5.221795262354262
+    }
+   ],
+   "alpha_ann": 0.37899676888646366,
+   "alpha_t": 5.884228223888841,
+   "r2": 0.17907422272719475,
+   "adj_r2": 0.17615900334767476,
+   "tracking_err_ann": 0.1258743914848915,
+   "fund_ann_return": 0.20378567372709033,
+   "dw": 1.8476027480671517,
+   "weights_sum": -6.1878225307388615,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.4695949092898872,
+     "x1": 0.8640997084339416,
+     "x2": 0.6037347855639,
+     "x3": 0.7978620842217455,
+     "x4": 0.6116773035053029
+    },
+    "max_drift": 0.8640997084339416,
+    "n_windows": 56
+   },
+   "verdict": "not a static sleeve mix \u2014 returns driven by active decisions"
+  },
+  "note": "Market-neutral style premia: no static sleeve explains returns (R\u00b2 0.18 5y). Alpha vs a cash-like benchmark: +12.8%/yr full sample (t=4.0). Decomposition = pure factor harvesting (value/size/style tilts in both books); the 'exposures' in the table are residuals, not sleeves."
+ },
+ "svarx": {
+  "fund": "svarx",
+  "start": "2013-12-18",
+  "end": "2026-08-21",
+  "n_obs": 3187,
+  "components": [
+   {
+    "sym": "efa",
+    "label": "developed markets (ex-US, MSCI)",
+    "beta": 0.06942890671894897,
+    "t": 18.07601188807692
+   },
+   {
+    "sym": "agg",
+    "label": "US aggregate bond",
+    "beta": 0.10001905582875992,
+    "t": 7.751274664401302
+   }
+  ],
+  "alpha_ann": 0.05206713295886885,
+  "alpha_t": 5.103917116288613,
+  "r2": 0.12071609207684797,
+  "adj_r2": 0.12016377806433343,
+  "tracking_err_ann": 0.03623399351955989,
+  "fund_ann_return": 0.06016511606656689,
+  "dw": 2.1930328695290275,
+  "weights_sum": 0.16944796254770889,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.1373472721585143,
+    "x1": 0.2623420377551537
+   },
+   "max_drift": 0.2623420377551537,
+   "n_windows": 140
+  },
+  "verdict": "not a static sleeve mix \u2014 returns driven by active decisions",
+  "recent": {
+   "fund": "svarx",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "agg",
+     "label": "US aggregate bond",
+     "beta": 0.16482774305146136,
+     "t": 13.530158875689205
+    },
+    {
+     "sym": "efa",
+     "label": "developed markets (ex-US, MSCI)",
+     "beta": 0.05272328376723269,
+     "t": 11.974320936849248
+    }
+   ],
+   "alpha_ann": 0.02851487058619257,
+   "alpha_t": 2.6098427381219285,
+   "r2": 0.24198871761674323,
+   "adj_r2": 0.24091428631641254,
+   "tracking_err_ann": 0.02582591212260749,
+   "fund_ann_return": 0.03414405706979862,
+   "dw": 2.027102891716548,
+   "weights_sum": 0.21755102681869404,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.21771692656768357,
+     "x1": 0.06046195722494479
+    },
+    "max_drift": 0.21771692656768357,
+    "n_windows": 56
+   },
+   "verdict": "not a static sleeve mix \u2014 returns driven by active decisions"
+  },
+  "note": "Low-volatility equity fund of funds. Small but positive net market (efa +0.07, agg +0.10; R\u00b2 0.24, low drift). The edge is in volatility selection, not the mix: +5.2%/yr alpha over that small sleeve (t=5.1)."
+ },
+ "cosix": {
+  "fund": "cosix",
+  "start": "1990-01-03",
+  "end": "2026-08-21",
+  "n_obs": 9226,
+  "components": [],
+  "alpha_ann": 0.058717525483004025,
+  "alpha_t": 8.97921782878531,
+  "r2": 3.3306690738754696e-16,
+  "adj_r2": 4.440892098500626e-16,
+  "tracking_err_ann": 0.039565089695926974,
+  "fund_ann_return": 0.05871752548300402,
+  "dw": 1.7589309508798752,
+  "weights_sum": 0.0,
+  "verdict": "no component explains returns (market neutral or cash-like)  [strategy evolved \u2014 5y R\u00b2 = 0.86]",
+  "recent": {
+   "fund": "cosix",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "vmbix",
+     "label": "mortgage-backed securities",
+     "beta": 0.288460763166248,
+     "t": 12.452945480339036
+    },
+    {
+     "sym": "vweax",
+     "label": "high-yield corporate",
+     "beta": 0.29933745310561866,
+     "t": 28.620403943860424
+    },
+    {
+     "sym": "agg",
+     "label": "US aggregate bond",
+     "beta": 0.1773268606937985,
+     "t": 5.111860730207353
+    },
+    {
+     "sym": "tlt",
+     "label": "US long-term treasuries (20+ yr)",
+     "beta": 0.023873312991125495,
+     "t": 3.2290450844819194
+    }
+   ],
+   "alpha_ann": 0.010013564293547298,
+   "alpha_t": 1.4857644255260904,
+   "r2": 0.8602970091640032,
+   "adj_r2": 0.8599004073447385,
+   "tracking_err_ann": 0.015882120791285648,
+   "fund_ann_return": 0.021278965202663088,
+   "dw": 2.102412506087817,
+   "weights_sum": 0.7889983899567907,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.42276301035369823,
+     "x1": 0.24123352544971702,
+     "x2": 0.7930957664509884,
+     "x3": 0.2024940055906148
+    },
+    "max_drift": 0.7930957664509884,
+    "n_windows": 56
+   },
+   "verdict": "mostly stable sleeve mix"
+  },
+  "note": "Strategic income across the credit spectrum. Full sample (since 1990) unexplainable \u2014 vintage; the last 5 years are the honest current mix: high-yield +0.30, MBS +0.29, IG core +0.18 (R\u00b2 0.86)."
+ },
+ "mbxix": {
+  "fund": "mbxix",
+  "start": "2015-12-29",
+  "end": "2026-08-21",
+  "n_obs": 2677,
+  "components": [
+   {
+    "sym": "ivv",
+    "label": "S&P 500",
+    "beta": 0.39245838142956163,
+    "t": 20.072399939088108
+   },
+   {
+    "sym": "ief",
+    "label": "US intermediate treasuries (7-10 yr)",
+    "beta": -0.6691512098665768,
+    "t": -9.960156247284127
+   },
+   {
+    "sym": "fxe",
+    "label": "Euro",
+    "beta": -0.28134567186258985,
+    "t": -9.853324593642872
+   },
+   {
+    "sym": "djp",
+    "label": "Dow Jones-UBS Commodity Index",
+    "beta": 0.08330432021118495,
+    "t": 7.670473267330599
+   },
+   {
+    "sym": "tlt",
+    "label": "US long-term treasuries (20+ yr)",
+    "beta": 0.17450273619844878,
+    "t": 5.921229335495926
+   },
+   {
+    "sym": "efa",
+    "label": "developed markets (ex-US, MSCI)",
+    "beta": 0.10847192647358558,
+    "t": 5.004925817589
+   }
+  ],
+  "alpha_ann": 0.024820519135557266,
+  "alpha_t": 0.8961816713889841,
+  "r2": 0.5321084883020772,
+  "adj_r2": 0.531057046702756,
+  "tracking_err_ann": 0.0899358494603154,
+  "fund_ann_return": 0.09479368792724513,
+  "dw": 1.9290049781910437,
+  "weights_sum": -0.19175951741638578,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.2670019959185202,
+    "x1": 0.7612945161886517,
+    "x2": 0.5685135801904753,
+    "x3": 0.25349794378898627,
+    "x4": 0.42287402866416995,
+    "x5": 0.5520356165472149
+   },
+   "max_drift": 0.7612945161886517,
+   "n_windows": 116
+  },
+  "verdict": "not a static sleeve mix \u2014 returns driven by active decisions",
+  "recent": {
+   "fund": "mbxix",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "ivv",
+     "label": "S&P 500",
+     "beta": 0.4102633005758794,
+     "t": 24.341611835442336
+    },
+    {
+     "sym": "ief",
+     "label": "US intermediate treasuries (7-10 yr)",
+     "beta": -0.7200822566052334,
+     "t": -9.045916015900026
+    },
+    {
+     "sym": "djp",
+     "label": "Dow Jones-UBS Commodity Index",
+     "beta": 0.10085813682120615,
+     "t": 7.96335478113521
+    },
+    {
+     "sym": "fxe",
+     "label": "Euro",
+     "beta": -0.1852046053656746,
+     "t": -5.387240877525066
+    },
+    {
+     "sym": "tlt",
+     "label": "US long-term treasuries (20+ yr)",
+     "beta": 0.1371607922006066,
+     "t": 3.7298157820718036
+    },
+    {
+     "sym": "vweax",
+     "label": "high-yield corporate",
+     "beta": -0.2190781037842444,
+     "t": -3.4498633589251306
+    }
+   ],
+   "alpha_ann": 0.026755231746647828,
+   "alpha_t": 0.7260542397794253,
+   "r2": 0.4427937324584458,
+   "adj_r2": 0.4404175863282046,
+   "tracking_err_ann": 0.08668088600277926,
+   "fund_ann_return": 0.10072573524358285,
+   "dw": 1.8935415103077673,
+   "weights_sum": -0.4760827361574602,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.19181939552220412,
+     "x1": 0.3354105640246233,
+     "x2": 0.2047082089271779,
+     "x3": 0.5337763768544731,
+     "x4": 0.31529704059151686,
+     "x5": 1.158363172487587
+    },
+    "max_drift": 1.158363172487587,
+    "n_windows": 56
+   },
+   "verdict": "not a static sleeve mix \u2014 returns driven by active decisions"
+  },
+  "note": "Multi-strategy hedge fund: 53% explained over a decade (ivv +0.39, ief \u22120.67, fxe \u22120.28, tlt +0.17, djp +0.08) \u2014 equity long, duration short, FX/commodity tilts, large active residual. Caveat: newest N-PORT on file is Sep 2024 \u2014 the fund may have changed strategy or stopped filing."
+ },
+ "eagmx": {
+  "fund": "eagmx",
+  "start": "1997-11-03",
+  "end": "2026-08-21",
+  "n_obs": 7244,
+  "components": [],
+  "alpha_ann": 0.050824482110222884,
+  "alpha_t": 8.039707312489185,
+  "r2": -1.1102230246251565e-15,
+  "adj_r2": -1.1102230246251565e-15,
+  "tracking_err_ann": 0.033891570631519576,
+  "fund_ann_return": 0.0508244821102229,
+  "dw": 1.9385563443482812,
+  "weights_sum": 0.0,
+  "verdict": "no component explains returns (market neutral or cash-like)",
+  "recent": {
+   "fund": "eagmx",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "ief",
+     "label": "US intermediate treasuries (7-10 yr)",
+     "beta": -0.08612900590965679,
+     "t": -7.775770337985069
+    },
+    {
+     "sym": "vweax",
+     "label": "high-yield corporate",
+     "beta": 0.09714053153148342,
+     "t": 6.2437458560353
+    },
+    {
+     "sym": "fxy",
+     "label": "Japanese Yen",
+     "beta": 0.029519557759761714,
+     "t": 3.7673950023045486
+    }
+   ],
+   "alpha_ann": 0.055900808564439394,
+   "alpha_t": 5.20066580035999,
+   "r2": 0.05095371708568386,
+   "adj_r2": 0.048934469675227854,
+   "tracking_err_ann": 0.02533976434093521,
+   "fund_ann_return": 0.058946455973364384,
+   "dw": 1.837466450766458,
+   "weights_sum": 0.04053108338158834,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.3492893563867785,
+     "x1": 0.20298329394851625,
+     "x2": 0.07174902615914276
+    },
+    "max_drift": 0.3492893563867785,
+    "n_windows": 56
+   },
+   "verdict": "not a static sleeve mix \u2014 returns driven by active decisions"
+  },
+  "note": "Global macro (sovereign-centric): nothing explains returns in the full or 5y window (R\u00b2 \u2264 0.05) \u2014 textbook macro, positions are tactical and asset-agnostic. The whole story is +5.1%/yr (t=8.0) over a flat benchmark."
+ },
+ "lcorx": {
+  "fund": "lcorx",
+  "error": "no return history in the data set",
+  "verdict": "no return history",
+  "start": "1990-01-01",
+  "recent": {
+   "fund": "lcorx",
+   "error": "no return history in the data set",
+   "verdict": "no return history",
+   "start": "2021-01-01"
+  },
+  "note": "NEW share classes (trading since Jul 2026) \u2014 no return history to regress. Holdings (Dec 2025 N-PORT): 91.7% ETFs + 8.4% money market; the strategy is Leuthold core multi-asset via ETFs. Re-run the decomposition after a year of NAV accumulates."
+ },
+ "lamhx": {
+  "fund": "lamhx",
+  "start": "2015-07-01",
+  "end": "2026-08-24",
+  "n_obs": 2803,
+  "components": [
+   {
+    "sym": "ivv",
+    "label": "S&P 500",
+    "beta": 0.5924375150630279,
+    "t": 47.111831514579826
+   },
+   {
+    "sym": "ive",
+    "label": "S&P 500 Value",
+    "beta": 0.287611197385718,
+    "t": 24.519604228970984
+   },
+   {
+    "sym": "ijk",
+    "label": "S&P Mid-Cap 400 Growth",
+    "beta": 0.21615100882604454,
+    "t": 16.024470374704247
+   },
+   {
+    "sym": "iwm",
+    "label": "US small cap",
+    "beta": -0.23713306806264878,
+    "t": -15.301969229049684
+   },
+   {
+    "sym": "ijt",
+    "label": "S&P Small-Cap 600 Growth",
+    "beta": 0.08182509699723003,
+    "t": 5.251050388316936
+   },
+   {
+    "sym": "shv",
+    "label": "US short-term treasuries",
+    "beta": 0.8402716605552001,
+    "t": 3.371728168166483
+   }
+  ],
+  "alpha_ann": -0.013142415064292253,
+  "alpha_t": -1.100272198008015,
+  "r2": 0.9538473658830551,
+  "adj_r2": 0.9537483258956797,
+  "tracking_err_ann": 0.03577603601650824,
+  "fund_ann_return": 0.13631999009039603,
+  "dw": 2.1773606534393157,
+  "weights_sum": 1.781163410764572,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.1728242094144316,
+    "x1": 0.34751423069844256,
+    "x2": 0.2577728950590679,
+    "x3": 0.44186860937361244,
+    "x4": 0.3668810220684854,
+    "x5": 1.6462023135541486
+   },
+   "max_drift": 1.6462023135541486,
+   "n_windows": 122
+  },
+  "verdict": "mostly stable sleeve mix with drifting weights",
+  "recent": {
+   "fund": "lamhx",
+   "start": "2021-01-05",
+   "end": "2026-08-24",
+   "n_obs": 1415,
+   "components": [
+    {
+     "sym": "ivv",
+     "label": "S&P 500",
+     "beta": 0.6193099922725518,
+     "t": 40.4949370126514
+    },
+    {
+     "sym": "ive",
+     "label": "S&P 500 Value",
+     "beta": 0.26293261022523196,
+     "t": 16.74318387082312
+    },
+    {
+     "sym": "ijk",
+     "label": "S&P Mid-Cap 400 Growth",
+     "beta": 0.19701675392247014,
+     "t": 12.023321527643459
+    },
+    {
+     "sym": "iwm",
+     "label": "US small cap",
+     "beta": -0.14148284702566433,
+     "t": -10.876289620460732
+    }
+   ],
+   "alpha_ann": -0.0024165247422386882,
+   "alpha_t": -0.15995398884720494,
+   "r2": 0.9442029093804821,
+   "adj_r2": 0.9440446197617034,
+   "tracking_err_ann": 0.03562317439718008,
+   "fund_ann_return": 0.13829292090048273,
+   "dw": 2.098803191816331,
+   "weights_sum": 0.9377765093945896,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.09305182386862508,
+     "x1": 0.32077302560627446,
+     "x2": 0.2546046400945276,
+     "x3": 0.2629175684280181
+    },
+    "max_drift": 0.32077302560627446,
+    "n_windows": 56
+   },
+   "verdict": "mostly stable sleeve mix"
+  },
+  "note": "Dividend growth: R\u00b2 0.95; S&P 500 + value/mid tilt (ivv +0.62, ive +0.26, ijk +0.20, iwm \u22120.14 over 5y), stable weights. Closest to a passive fund with an overlay on this list."
+ },
+ "pmfkx": {
+  "fund": "pmfkx",
+  "start": "2011-12-23",
+  "end": "2026-08-21",
+  "n_obs": 3685,
+  "components": [
+   {
+    "sym": "efa",
+    "label": "developed markets (ex-US, MSCI)",
+    "beta": 0.2344874843476855,
+    "t": 30.602178496272092
+   },
+   {
+    "sym": "vweax",
+    "label": "high-yield corporate",
+    "beta": 0.6192246204138075,
+    "t": 37.00150032703783
+   },
+   {
+    "sym": "djp",
+    "label": "Dow Jones-UBS Commodity Index",
+    "beta": 0.04740991451070612,
+    "t": 10.82367809724191
+   },
+   {
+    "sym": "agg",
+    "label": "US aggregate bond",
+    "beta": -0.15148499144323813,
+    "t": -10.175119663083366
+   },
+   {
+    "sym": "ivv",
+    "label": "S&P 500",
+    "beta": -0.050460193217015836,
+    "t": -6.080317182282203
+   },
+   {
+    "sym": "vnq",
+    "label": "US real estate (REITs)",
+    "beta": 0.023020899742284634,
+    "t": 4.40169223227429
+   }
+  ],
+  "alpha_ann": 0.035437156651329446,
+  "alpha_t": 3.3490804145584185,
+  "r2": 0.679121578877175,
+  "adj_r2": 0.6785981230515259,
+  "tracking_err_ann": 0.040264984588024334,
+  "fund_ann_return": 0.08546192744916578,
+  "dw": 2.088102202855144,
+  "weights_sum": 0.7221977343542297,
+  "rolling": {
+   "window": 252,
+   "drift": {
+    "x0": 0.20577309247165354,
+    "x1": 0.18907744513443525,
+    "x2": 0.158769877923333,
+    "x3": 0.4541512565652454,
+    "x4": 0.3837359243950157,
+    "x5": 0.165791799569151
+   },
+   "max_drift": 0.4541512565652454,
+   "n_windows": 164
+  },
+  "verdict": "partially explainable \u2014 material active/timing residual",
+  "recent": {
+   "fund": "pmaix",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "efa",
+     "label": "developed markets (ex-US, MSCI)",
+     "beta": 0.2449954218314655,
+     "t": 19.03579186143622
+    },
+    {
+     "sym": "vweax",
+     "label": "high-yield corporate",
+     "beta": 0.5344327280136246,
+     "t": 16.011005736881103
+    },
+    {
+     "sym": "djp",
+     "label": "Dow Jones-UBS Commodity Index",
+     "beta": 0.06919531081867039,
+     "t": 10.653443293821173
+    },
+    {
+     "sym": "agg",
+     "label": "US aggregate bond",
+     "beta": -0.1934942270463675,
+     "t": -8.131663840261679
+    },
+    {
+     "sym": "vnq",
+     "label": "US real estate (REITs)",
+     "beta": 0.066420197792225,
+     "t": 7.199106958431038
+    },
+    {
+     "sym": "ivv",
+     "label": "S&P 500",
+     "beta": -0.08454175511501988,
+     "t": -6.445665952633282
+    }
+   ],
+   "alpha_ann": 0.05220162671812971,
+   "alpha_t": 2.7522346782393368,
+   "r2": 0.6089406987814124,
+   "adj_r2": 0.6072730684990304,
+   "tracking_err_ann": 0.04465476548081441,
+   "fund_ann_return": 0.10594922784805459,
+   "dw": 1.935004996999197,
+   "weights_sum": 0.637007676294598,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.16713565476068823,
+     "x1": 0.26061370415899987,
+     "x2": 0.08726856185338772,
+     "x3": 0.16461642759479633,
+     "x4": 0.13071922650272086,
+     "x5": 0.21414714053386924
+    },
+    "max_drift": 0.26061370415899987,
+    "n_windows": 56
+   },
+   "verdict": "partially explainable \u2014 material active/timing residual"
+  },
+  "note": "share class of pmaix \u2014 identical report. Global multi-asset fund of funds (N-PORT: 99.5% in unaffiliated underlying funds/loans). Returns decompose into high-yield credit (vweax +0.62), intl equity (efa +0.23), commodities (+0.05), bonds (\u22120.15): R\u00b2 0.68, stable weights, alpha +3.5%/yr (t=3.3). The sleeves show through the underlying funds."
+ },
+ "lcrix": {
+  "fund": "lcrix",
+  "error": "no return history in the data set",
+  "verdict": "no return history",
+  "start": "1990-01-01",
+  "recent": {
+   "fund": "lcorx",
+   "error": "no return history in the data set",
+   "verdict": "no return history",
+   "start": "2021-01-01"
+  },
+  "note": "share class of lcorx \u2014 identical report. NEW share classes (trading since Jul 2026) \u2014 no return history to regress. Holdings (Dec 2025 N-PORT): 91.7% ETFs + 8.4% money market; the strategy is Leuthold core multi-asset via ETFs. Re-run the decomposition after a year of NAV accumulates."
+ },
+ "egrsx": {
+  "fund": "egrsx",
+  "start": "1997-11-03",
+  "end": "2026-08-21",
+  "n_obs": 7244,
+  "components": [],
+  "alpha_ann": 0.050824482110222884,
+  "alpha_t": 8.039707312489185,
+  "r2": -1.1102230246251565e-15,
+  "adj_r2": -1.1102230246251565e-15,
+  "tracking_err_ann": 0.033891570631519576,
+  "fund_ann_return": 0.0508244821102229,
+  "dw": 1.9385563443482812,
+  "weights_sum": 0.0,
+  "verdict": "no component explains returns (market neutral or cash-like)",
+  "recent": {
+   "fund": "eagmx",
+   "start": "2021-01-05",
+   "end": "2026-08-21",
+   "n_obs": 1414,
+   "components": [
+    {
+     "sym": "ief",
+     "label": "US intermediate treasuries (7-10 yr)",
+     "beta": -0.08612900590965679,
+     "t": -7.775770337985069
+    },
+    {
+     "sym": "vweax",
+     "label": "high-yield corporate",
+     "beta": 0.09714053153148342,
+     "t": 6.2437458560353
+    },
+    {
+     "sym": "fxy",
+     "label": "Japanese Yen",
+     "beta": 0.029519557759761714,
+     "t": 3.7673950023045486
+    }
+   ],
+   "alpha_ann": 0.055900808564439394,
+   "alpha_t": 5.20066580035999,
+   "r2": 0.05095371708568386,
+   "adj_r2": 0.048934469675227854,
+   "tracking_err_ann": 0.02533976434093521,
+   "fund_ann_return": 0.058946455973364384,
+   "dw": 1.837466450766458,
+   "weights_sum": 0.04053108338158834,
+   "rolling": {
+    "window": 252,
+    "drift": {
+     "x0": 0.3492893563867785,
+     "x1": 0.20298329394851625,
+     "x2": 0.07174902615914276
+    },
+    "max_drift": 0.3492893563867785,
+    "n_windows": 56
+   },
+   "verdict": "not a static sleeve mix \u2014 returns driven by active decisions"
+  },
+  "note": "share class of eagmx \u2014 identical report. Global macro (sovereign-centric): nothing explains returns in the full or 5y window (R\u00b2 \u2264 0.05) \u2014 textbook macro, positions are tactical and asset-agnostic. The whole story is +5.1%/yr (t=8.0) over a flat benchmark."
+ }
+}
\ No newline at end of file
diff --git a/fundlab/nport_cache/atesx.json b/fundlab/nport_cache/atesx.json
new file mode 100644
index 0000000..b77eb54
--- /dev/null
+++ b/fundlab/nport_cache/atesx.json
@@ -0,0 +1,53 @@
+{
+ "sym": "atesx",
+ "as_of": "May 31, 2026",
+ "net_assets": 147227199.0,
+ "n_positions": 3,
+ "categories": [
+  {
+   "name": "EXCHANGE-TRADED FUNDS",
+   "pct": 94.5
+  },
+  {
+   "name": "EQUITY",
+   "pct": 94.5
+  },
+  {
+   "name": "SHORT-TERM INVESTMENTS",
+   "pct": 0.6
+  },
+  {
+   "name": "MONEY MARKET FUND",
+   "pct": 0.6
+  }
+ ],
+ "buckets": [
+  {
+   "name": "Equity (US)",
+   "value": 139099660.0,
+   "pct": 99.37930790437584
+  },
+  {
+   "name": "Cash",
+   "value": 868773.0,
+   "pct": 0.6206920956241612
+  }
+ ],
+ "top": [
+  {
+   "text": "Invesco QQQ Trust Series 1 (QQQ), 130,000 sh",
+   "value": 95980300,
+   "cat": "EXCHANGE-TRADED FUNDS"
+  },
+  {
+   "text": "State Street SPDR S&P 500 ETF Trust (SPY), 57,000 sh",
+   "value": 43119360,
+   "cat": "EXCHANGE-TRADED FUNDS"
+  },
+  {
+   "text": "First American Government Obligations Fund Class X, 3.54%, 868,773 sh",
+   "value": 868773,
+   "cat": "MONEY MARKET FUND"
+  }
+ ]
+}
\ No newline at end of file
diff --git a/fundlab/nport_manifest.json b/fundlab/nport_manifest.json
index a127af2..85f7c38 100644
--- a/fundlab/nport_manifest.json
+++ b/fundlab/nport_manifest.json
@@ -60,8 +60,8 @@
   "filed": "2025-09-26"
  },
  "atesx": {
-  "url": null,
-  "filed": null,
-  "note": "No current SOI found via EDGAR FTS (latest Anchor filings cover the Income fund only)"
+  "url": "https://anchor-capital.com/wp-content/uploads/2024/10/anchor-soi-5.31.26.pdf",
+  "filed": "2026-05-31",
+  "note": "Schedule of Investments (unaudited) from the adviser's website; the fund's own recent EDGAR N-PORTs cover only the Income fund. Composition: QQQ 65.2% + SPY 29.3% + MMF 0.6%; 'other assets in excess of liabilities' 4.9% indicates an options overlay."
  }
 }
\ No newline at end of file
diff --git a/fundlab/pool/benchmarks.txt b/fundlab/pool/benchmarks.txt
index 0803aaf..03c35ad 100644
--- a/fundlab/pool/benchmarks.txt
+++ b/fundlab/pool/benchmarks.txt
@@ -156,3 +156,4 @@ tlt     US long-term treasuries (20+ yr)
 ief     US intermediate treasuries (7-10 yr)
 shv     US short-term treasuries
 bil     US t-bills / cash
+qqq     Nasdaq 100
diff --git a/tests/test_fundlab.py b/tests/test_fundlab.py
index 5828005..dd426c6 100644
--- a/tests/test_fundlab.py
+++ b/tests/test_fundlab.py
@@ -239,6 +239,40 @@ def test_nport() -> None:
     check("parse net assets", out["net_assets"] == 50000, repr(out["net_assets"]))
 
 
+def test_decompose() -> None:
+    print("decompose engine", flush=True)
+    import numpy as np
+    import fundlab.decompose as dc
+    rng = np.random.default_rng(7)
+    n = 1000
+    x1 = rng.normal(0, 0.01, n)
+    x2 = rng.normal(0, 0.008, n)
+    x3 = rng.normal(0, 0.01, n)          # no signal
+    y = 0.6 * x1 + 0.3 * x2 + rng.normal(0, 0.001, n)
+    # ols recovers betas
+    X = np.column_stack([np.ones(n), x1, x2])
+    m = dc.ols(y, X)
+    check("ols beta1", abs(m["beta"][1] - 0.6) < 0.05, f"{m['beta'][1]:.3f}")
+    check("ols beta2", abs(m["beta"][2] - 0.3) < 0.05, f"{m['beta'][2]:.3f}")
+    check("ols r2 high", m["r2"] > 0.95, f"{m['r2']:.3f}")
+    # forward selection: picks the two signal sleeves, not the noise one
+    chosen, _, ok = dc.forward_select(y, {"s1": x1, "s2": x2, "s3": x3})
+    check("fwd picks signal", set(chosen) == {"s1", "s2"}, str(chosen))
+    # market neutral (pure noise): nothing selected
+    yn = rng.normal(0, 0.004, n)
+    chosen_n, _, _ = dc.forward_select(yn, {"s1": x1, "s2": x2})
+    check("fwd rejects noise", chosen_n == [], str(chosen_n))
+    # NaN handling: a candidate whose history only partly overlaps the
+    # fund's doesn't crash the selection, and the full-history sleeve is
+    # still found. (The short-history sleeve may lose on BIC because its
+    # complete-case sample is smaller - that's the expected, conservative
+    # behaviour, so we only assert robustness here.)
+    x2p = x2.copy()
+    x2p[:500] = np.nan
+    chosen_p, _, _ok_p = dc.forward_select(y, {"s1": x1, "s2": x2p})
+    check("fwd handles nan overlap", "s1" in chosen_p, f"chosen={chosen_p}")
+
+
 def test_curated() -> None:
     print("curated", flush=True)
     import fundlab.fundinfo as fi
@@ -259,6 +293,7 @@ def main() -> int:
     test_classify()
     test_strategy()
     test_nport()
+    test_decompose()
     test_curated()
     test_edgar_live()
     print(f"\n{PASS} passed, {FAIL} failed")