A fund's yield is a near-constant in return space, so OLS puts it in
the intercept (alpha_ann), not in the shv/bil betas (which only
measure rate-CHANGE sensitivity). Cash funds therefore showed no
dominant driver.
- factors: cash_yield() (shv trailing-1y total return = local
stand-in for the 13-wk T-bill / 0-3m Treasury index), AXES =
DRIVERS + ['cash'] (alpha_ann / cash_yield, 1.0 = earns the cash
rate); a display/clustering axis, not a regressor.
- cluster: cash column in the loading matrix; k-means distances use
the cash-2x-emphasized matrix (a pure cash fund's level axis was
otherwise swallowed by the low-exposure cloud); labels use raw
values; label() cash-aware (0.25 threshold, 1.5x runner-up).
- app: cluster view over AXES with the emphasized distance.
The 331-fund 'no dominant driver' grab-bag now splits into
'cash (yield) +0.64' (n=187, MM + ultra-short) and 'cash (yield)
+1.26' (n=59 pure). 123/123 tests.
- Fund Lab tab: CEF tax-arb shortlist table (char actual-vs-model,
discount, 5y return/vol, scenario hits, tenders, score) built from
cef_character.json + cef_annual.json.
- fundlab/server_watchdog.sh: relaunches Streamlit on :8599 if the
health endpoint stops answering (the old watchdog only covered the
overnight screen and had exited).
- fundlab/cef_universe_run.py: resumable batch extending per-share
verification to all 295 CEFs -> cef_annual_all.json.
