{
 "atesx": {
  "fund": "atesx",
  "start": "2016-09-07",
  "end": "2026-08-21",
  "n_obs": 2503,
  "components": [
   {
    "sym": "qqq",
    "label": "Nasdaq 100",
    "beta": 0.45572396343432614,
    "t": 21.18605303017631
   },
   {
    "sym": "ivv",
    "label": "S&P 500",
    "beta": -0.23844196226163528,
    "t": -8.890548299853723
   }
  ],
  "alpha_ann": 0.008725569358042086,
  "alpha_t": 0.3080359868376329,
  "r2": 0.34539068152830166,
  "adj_r2": 0.3448669940735243,
  "tracking_err_ann": 0.08909165992156144,
  "fund_ann_return": 0.06334361818459308,
  "dw": 2.233073860681213,
  "weights_sum": 0.21728200117269086,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.27778875601159253,
    "x1": 0.8450625968175058
   },
   "max_drift": 0.8450625968175058,
   "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": 0.445815877280377,
     "t": 14.154261336566856
    },
    {
     "sym": "ivv",
     "label": "S&P 500",
     "beta": -0.22490717947848665,
     "t": -5.26026364708684
    }
   ],
   "alpha_ann": -0.0187973654825882,
   "alpha_t": -0.5034210308392802,
   "r2": 0.3613954930728359,
   "adj_r2": 0.3604903130488427,
   "tracking_err_ann": 0.08824726032639948,
   "fund_ann_return": 0.019103739889775293,
   "dw": 2.152090740853146,
   "weights_sum": 0.22090869780189037,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.2864564425948349,
     "x1": 0.8108320708441488
    },
    "max_drift": 0.8108320708441488,
    "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": 0.20023325080074655,
    "t": 12.02423293683505
   },
   {
    "sym": "vicbx",
    "label": "intermediate-term corporate bond",
    "beta": 0.7688420105637657,
    "t": 6.50302650384594
   },
   {
    "sym": "ief",
    "label": "US intermediate treasuries (7-10 yr)",
    "beta": -0.4879323422149587,
    "t": -5.135965057073309
   }
  ],
  "alpha_ann": 0.003956715334128657,
  "alpha_t": 0.09761712179706401,
  "r2": 0.09940738773245605,
  "adj_r2": 0.09851453319286496,
  "tracking_err_ann": 0.14027597595864763,
  "fund_ann_return": 0.04147263423504969,
  "dw": 1.94253752196585,
  "weights_sum": 0.4811429191495535,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.9694925942688659,
    "x1": 1.4173627741130663,
    "x2": 1.8294100512225502
   },
   "max_drift": 1.8294100512225502,
   "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": 0.37988291209093883,
     "t": 12.261257986224251
    },
    {
     "sym": "vweax",
     "label": "high-yield corporate",
     "beta": 0.2682498767001146,
     "t": 2.0046234665906315
    },
    {
     "sym": "ief",
     "label": "US intermediate treasuries (7-10 yr)",
     "beta": -0.9603456978920113,
     "t": -4.147813345469411
    },
    {
     "sym": "vicbx",
     "label": "intermediate-term corporate bond",
     "beta": 1.0609798821975496,
     "t": 3.3235471847440783
    }
   ],
   "alpha_ann": -0.01754445090924893,
   "alpha_t": -0.26544401732242506,
   "r2": 0.21946927006075034,
   "adj_r2": 0.2172534269665296,
   "tracking_err_ann": 0.15592265558638874,
   "fund_ann_return": 0.053714209551684704,
   "dw": 1.9852608701628978,
   "weights_sum": 0.7487669730965917,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.9197457813795715,
     "x1": 1.1282394407074852,
     "x2": 0.6818744285659768,
     "x3": 0.6952870456027107
    },
    "max_drift": 1.1282394407074852,
    "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": "2007-06-04",
  "end": "2026-08-21",
  "n_obs": 4836,
  "components": [
   {
    "sym": "ivv",
    "label": "S&P 500",
    "beta": 0.13944342275016944,
    "t": 22.16048007154632
   },
   {
    "sym": "ive",
    "label": "S&P 500 Value",
    "beta": 0.1115643987894347,
    "t": 17.894583784593237
   }
  ],
  "alpha_ann": 0.00018013801893943223,
  "alpha_t": 0.03199460527681233,
  "r2": 0.7982879559907375,
  "adj_r2": 0.7982044831812986,
  "tracking_err_ann": 0.024635349708886055,
  "fund_ann_return": 0.024464456597050144,
  "dw": 2.4240185481991383,
  "weights_sum": 0.2510078215396041,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.40044401361877857,
    "x1": 0.49055678180877993
   },
   "max_drift": 0.49055678180877993,
   "n_windows": 219
  },
  "verdict": "partially explainable \u2014 material active/timing residual",
  "recent": {
   "fund": "cvsix",
   "start": "2021-01-05",
   "end": "2026-08-21",
   "n_obs": 1414,
   "components": [
    {
     "sym": "ivv",
     "label": "S&P 500",
     "beta": 0.14332125424877917,
     "t": 23.593729794061424
    },
    {
     "sym": "vweax",
     "label": "high-yield corporate",
     "beta": 0.05579355995261459,
     "t": 4.905834804784004
    },
    {
     "sym": "ive",
     "label": "S&P 500 Value",
     "beta": 0.025826125856986126,
     "t": 3.669915182504569
    }
   ],
   "alpha_ann": -0.005310865729658133,
   "alpha_t": -0.7370078105449293,
   "r2": 0.7380703930757613,
   "adj_r2": 0.7375130960397522,
   "tracking_err_ann": 0.01702192650751983,
   "fund_ann_return": 0.016196747961096148,
   "dw": 2.4617978242509237,
   "weights_sum": 0.2249409400583799,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.1643362109577189,
     "x1": 0.10078843706110298,
     "x2": 0.11120586309418823
    },
    "max_drift": 0.1643362109577189,
    "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": "2007-06-04",
  "end": "2026-08-24",
  "n_obs": 4837,
  "components": [
   {
    "sym": "ivv",
    "label": "S&P 500",
    "beta": 1.045744428061813,
    "t": 156.1531644094943
   }
  ],
  "alpha_ann": 0.00821786074894376,
  "alpha_t": 0.3932062645650097,
  "r2": 0.8345244082476451,
  "adj_r2": 0.8344901837198783,
  "tracking_err_ann": 0.09149097192784611,
  "fund_ann_return": 0.12069329792642097,
  "dw": 2.8461024450042416,
  "weights_sum": 1.045744428061813,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.0405871593856497
   },
   "max_drift": 0.0405871593856497,
   "n_windows": 219
  },
  "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": 1.0343108756744281,
     "t": 91.68427897314943
    },
    {
     "sym": "ijt",
     "label": "S&P Small-Cap 600 Growth",
     "beta": -0.029864745507038104,
     "t": -3.6557821227836684
    },
    {
     "sym": "vwo",
     "label": "emerging markets stock",
     "beta": 0.02487374461042563,
     "t": 3.3242390669207933
    }
   ],
   "alpha_ann": -0.002058102594816536,
   "alpha_t": -0.13416706315402047,
   "r2": 0.9562016726363036,
   "adj_r2": 0.9561085507496339,
   "tracking_err_ann": 0.036233216893478574,
   "fund_ann_return": 0.12703071926629914,
   "dw": 2.2562790008673534,
   "weights_sum": 1.0293198747778156,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.02989869018735069,
     "x1": 0.14511033434068452,
     "x2": 0.09659940983847856
    },
    "max_drift": 0.14511033434068452,
    "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": 0.2342021034482813,
    "t": 30.55911776078371
   },
   {
    "sym": "vweax",
    "label": "high-yield corporate",
    "beta": 0.6208238607608472,
    "t": 37.13835065231049
   },
   {
    "sym": "djp",
    "label": "Dow Jones-UBS Commodity Index",
    "beta": 0.04749938999070426,
    "t": 10.840482274867233
   },
   {
    "sym": "agg",
    "label": "US aggregate bond",
    "beta": -0.15046206386526964,
    "t": -10.106171597269745
   },
   {
    "sym": "ivv",
    "label": "S&P 500",
    "beta": -0.0501875886192944,
    "t": -6.046018997522196
   },
   {
    "sym": "vnq",
    "label": "US real estate (REITs)",
    "beta": 0.02287144257442776,
    "t": 4.371756269052925
   }
  ],
  "alpha_ann": 0.031162715385478136,
  "alpha_t": 2.947865397945414,
  "r2": 0.6797062077878001,
  "adj_r2": 0.6791837056797867,
  "tracking_err_ann": 0.04028099756820632,
  "fund_ann_return": 0.07034099188016898,
  "dw": 2.0876013830865383,
  "weights_sum": 0.7247471442896964,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.20575805386781323,
    "x1": 0.18681220808923746,
    "x2": 0.1587993928513138,
    "x3": 0.45454745825600446,
    "x4": 0.38444792558498725,
    "x5": 0.16546789947568588
   },
   "max_drift": 0.45454745825600446,
   "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": 0.24473759389588262,
     "t": 19.00283922997842
    },
    {
     "sym": "vweax",
     "label": "high-yield corporate",
     "beta": 0.5372104897386567,
     "t": 16.103260936561814
    },
    {
     "sym": "djp",
     "label": "Dow Jones-UBS Commodity Index",
     "beta": 0.06938599801895062,
     "t": 10.676712958820943
    },
    {
     "sym": "agg",
     "label": "US aggregate bond",
     "beta": -0.19333009783683208,
     "t": -8.11160151508934
    },
    {
     "sym": "vnq",
     "label": "US real estate (REITs)",
     "beta": 0.06621826956477261,
     "t": 7.172193699170671
    },
    {
     "sym": "ivv",
     "label": "S&P 500",
     "beta": -0.08435181341513154,
     "t": -6.426348838004292
    }
   ],
   "alpha_ann": 0.04082495688531831,
   "alpha_t": 2.152397614138228,
   "r2": 0.6096553683333141,
   "adj_r2": 0.6079907856822835,
   "tracking_err_ann": 0.044689122030053804,
   "fund_ann_return": 0.07471483885069356,
   "dw": 1.9346130218527207,
   "weights_sum": 0.639870439966299,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.1671860759451414,
     "x1": 0.25655049841349564,
     "x2": 0.08732386984016029,
     "x3": 0.16621273904543582,
     "x4": 0.12920669787121783,
     "x5": 0.21412246453558206
    },
    "max_drift": 0.25655049841349564,
    "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": 0.31408020584888224,
    "t": 14.233025536261852
   }
  ],
  "alpha_ann": 0.011214743353964248,
  "alpha_t": 0.5499099164846765,
  "r2": 0.1014122666997479,
  "adj_r2": 0.10091166072019342,
  "tracking_err_ann": 0.054415787896770054,
  "fund_ann_return": 0.0175913878955729,
  "dw": 2.0490050441415466,
  "weights_sum": 0.31408020584888224,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.7350910426419783
   },
   "max_drift": 0.7350910426419783,
   "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": 0.04320170198849804,
     "t": 2.296500416096954
    },
    {
     "sym": "ief",
     "label": "US intermediate treasuries (7-10 yr)",
     "beta": -0.38969258904974097,
     "t": -10.479771644162556
    },
    {
     "sym": "vmbix",
     "label": "mortgage-backed securities",
     "beta": 0.3130362587759152,
     "t": 9.157046020939154
    },
    {
     "sym": "tlt",
     "label": "US long-term treasuries (20+ yr)",
     "beta": 0.0685623035477091,
     "t": 5.6603761842671565
    }
   ],
   "alpha_ann": 0.022574207899981324,
   "alpha_t": 1.8450816514697712,
   "r2": 0.08790217742190443,
   "adj_r2": 0.08531466586849135,
   "tracking_err_ann": 0.028900955479401885,
   "fund_ann_return": 0.02572270945530456,
   "dw": 2.249149864058837,
   "weights_sum": 0.03510767526238136,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.21917257525109182,
     "x1": 0.38158369877153014,
     "x2": 0.3640541567160828,
     "x3": 0.08752483555662005
    },
    "max_drift": 0.38158369877153014,
    "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": -0.08288027892571437,
    "t": -4.061874733985948
   },
   {
    "sym": "ive",
    "label": "S&P 500 Value",
    "beta": 0.2631578836681017,
    "t": 9.548634976330503
   },
   {
    "sym": "iwm",
    "label": "US small cap",
    "beta": -0.7065839489410959,
    "t": -14.427225726606203
   },
   {
    "sym": "ijt",
    "label": "S&P Small-Cap 600 Growth",
    "beta": 0.3797291609859403,
    "t": 8.807492366228692
   },
   {
    "sym": "ijs",
    "label": "S&P Small-Cap 600 Value",
    "beta": 0.1854162059676364,
    "t": 6.397900453903693
   }
  ],
  "alpha_ann": 0.061425150241996296,
  "alpha_t": 2.0780310327829867,
  "r2": 0.10887556817835176,
  "adj_r2": 0.10748925138958132,
  "tracking_err_ann": 0.10539540298132072,
  "fund_ann_return": 0.06351536823711293,
  "dw": 1.8979885652198045,
  "weights_sum": 0.038839022754868086,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.9128531135288536,
    "x1": 0.8336688348336744,
    "x2": 0.4071159094670215,
    "x3": 0.398133162887613,
    "x4": 0.9970353576964819
   },
   "max_drift": 0.9970353576964819,
   "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": -0.07119090361077429,
     "t": -2.301241410561487
    },
    {
     "sym": "ive",
     "label": "S&P 500 Value",
     "beta": 0.20730669513553426,
     "t": 3.9030785065041704
    },
    {
     "sym": "iwm",
     "label": "US small cap",
     "beta": -0.6180444313646999,
     "t": -11.024699613537605
    },
    {
     "sym": "ijs",
     "label": "S&P Small-Cap 600 Value",
     "beta": 0.4901986852240423,
     "t": 8.909005344369199
    }
   ],
   "alpha_ann": 0.1598760426481058,
   "alpha_t": 2.965355762635578,
   "r2": 0.16287159905623472,
   "adj_r2": 0.16049508123950285,
   "tracking_err_ann": 0.12721486602467913,
   "fund_ann_return": 0.1725512847297293,
   "dw": 1.8421545589396595,
   "weights_sum": 0.008270045384102365,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.5094062629657062,
     "x1": 0.8225949710968278,
     "x2": 0.5974024219433977,
     "x3": 0.8196865556032501
    },
    "max_drift": 0.8225949710968278,
    "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": 0.06948105881819999,
    "t": 18.06635743333585
   },
   {
    "sym": "agg",
    "label": "US aggregate bond",
    "beta": 0.10159918527703161,
    "t": 7.870702155093096
   }
  ],
  "alpha_ann": 0.03745366827045679,
  "alpha_t": 3.668270549372026,
  "r2": 0.12127758251775789,
  "adj_r2": 0.120725621200244,
  "tracking_err_ann": 0.03628091861372832,
  "fund_ann_return": 0.042581654423058744,
  "dw": 2.1932994077908066,
  "weights_sum": 0.1710802440952316,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.13695069540946475,
    "x1": 0.26439042539155894
   },
   "max_drift": 0.26439042539155894,
   "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": 0.16470239306726778,
     "t": 13.453450014561591
    },
    {
     "sym": "efa",
     "label": "developed markets (ex-US, MSCI)",
     "beta": 0.05306670613704391,
     "t": 12.008458633606425
    }
   ],
   "alpha_ann": 0.0040432870101372,
   "alpha_t": 0.36849827060502655,
   "r2": 0.24147161332709932,
   "adj_r2": 0.24039644906533753,
   "tracking_err_ann": 0.02592266056097889,
   "fund_ann_return": 0.002909668072437604,
   "dw": 2.0354525960284975,
   "weights_sum": 0.2177690992043117,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.22337534938288625,
     "x1": 0.060580504485098566
    },
    "max_drift": 0.22337534938288625,
    "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": "2007-06-04",
  "end": "2026-08-21",
  "n_obs": 4836,
  "components": [
   {
    "sym": "vweax",
    "label": "high-yield corporate",
    "beta": 0.4548169631907527,
    "t": 63.34131435492553
   },
   {
    "sym": "agg",
    "label": "US aggregate bond",
    "beta": 0.1511675849079179,
    "t": 13.98735276918438
   },
   {
    "sym": "ief",
    "label": "US intermediate treasuries (7-10 yr)",
    "beta": 0.15324759437039684,
    "t": 11.328259223816248
   },
   {
    "sym": "tlt",
    "label": "US long-term treasuries (20+ yr)",
    "beta": -0.03705845576018543,
    "t": -6.535405568215052
   }
  ],
  "alpha_ann": 0.0069253030834754035,
  "alpha_t": 1.2352815941690094,
  "r2": 0.5962345112110221,
  "adj_r2": 0.5959001990696112,
  "tracking_err_ann": 0.024510720042011852,
  "fund_ann_return": 0.030921441320152232,
  "dw": 2.0939763493598593,
  "weights_sum": 0.722173686708882,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.27786461788880673,
    "x1": 0.8264273441874537,
    "x2": 0.7280829240711465,
    "x3": 0.1742435011846507
   },
   "max_drift": 0.8264273441874537,
   "n_windows": 219
  },
  "verdict": "not a static sleeve mix \u2014 returns driven by active decisions  [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": 0.28887316382647,
     "t": 12.454890809700483
    },
    {
     "sym": "vweax",
     "label": "high-yield corporate",
     "beta": 0.3002086642913559,
     "t": 28.72276270767028
    },
    {
     "sym": "agg",
     "label": "US aggregate bond",
     "beta": 0.17631619697194606,
     "t": 5.066864540669999
    },
    {
     "sym": "tlt",
     "label": "US long-term treasuries (20+ yr)",
     "beta": 0.02400101994199455,
     "t": 3.236297956445751
    }
   ],
   "alpha_ann": 0.0034055231266541166,
   "alpha_t": 0.5060180240719854,
   "r2": 0.8601673041602881,
   "adj_r2": 0.8597703341224181,
   "tracking_err_ann": 0.015892834236782012,
   "fund_ann_return": -0.00995542379469793,
   "dw": 2.1051888823492595,
   "weights_sum": 0.7893990450317664,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.4252489595125078,
     "x1": 0.23657124441969127,
     "x2": 0.8037120941320186,
     "x3": 0.20459293605726642
    },
    "max_drift": 0.8037120941320186,
    "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": 0.3934730631010903,
    "t": 20.112747794893927
   },
   {
    "sym": "ief",
    "label": "US intermediate treasuries (7-10 yr)",
    "beta": -0.6672904325112433,
    "t": -9.91301804981739
   },
   {
    "sym": "fxe",
    "label": "Euro",
    "beta": -0.2798391951716235,
    "t": -9.795180847339958
   },
   {
    "sym": "djp",
    "label": "Dow Jones-UBS Commodity Index",
    "beta": 0.08395773991820255,
    "t": 7.7259730012089936
   },
   {
    "sym": "tlt",
    "label": "US long-term treasuries (20+ yr)",
    "beta": 0.17422527203235444,
    "t": 5.900986213589557
   },
   {
    "sym": "efa",
    "label": "developed markets (ex-US, MSCI)",
    "beta": 0.10752699727091022,
    "t": 4.958043720895558
   }
  ],
  "alpha_ann": -0.00045153048490512436,
  "alpha_t": -0.016302926780138057,
  "r2": 0.5318661802389226,
  "adj_r2": 0.5308141941271,
  "tracking_err_ann": 0.09001270615106423,
  "fund_ann_return": 0.07365514892974617,
  "dw": 1.928481894810867,
  "weights_sum": -0.18794655536030927,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.26552764444765425,
    "x1": 0.7705992465476852,
    "x2": 0.5769052940500818,
    "x3": 0.2524028772138047,
    "x4": 0.42658508723365424,
    "x5": 0.5526302034711513
   },
   "max_drift": 0.7705992465476852,
   "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": 0.41033195033923553,
     "t": 24.32702742184995
    },
    {
     "sym": "ief",
     "label": "US intermediate treasuries (7-10 yr)",
     "beta": -0.7227300740808164,
     "t": -9.064686365407582
    },
    {
     "sym": "djp",
     "label": "Dow Jones-UBS Commodity Index",
     "beta": 0.10129522687657033,
     "t": 7.993393805761339
    },
    {
     "sym": "fxe",
     "label": "Euro",
     "beta": -0.18505121038096506,
     "t": -5.379199276723343
    },
    {
     "sym": "tlt",
     "label": "US long-term treasuries (20+ yr)",
     "beta": 0.1377856249092302,
     "t": 3.742065631674986
    },
    {
     "sym": "vweax",
     "label": "high-yield corporate",
     "beta": -0.21485190880161434,
     "t": -3.384813799345217
    }
   ],
   "alpha_ann": -0.019512977194782143,
   "alpha_t": -0.5297536811693668,
   "r2": 0.4429572785271425,
   "adj_r2": 0.4405818298215013,
   "tracking_err_ann": 0.08673742554440077,
   "fund_ann_return": 0.06949134624622183,
   "dw": 1.89538372709432,
   "weights_sum": -0.4732203911383597,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.19345902452527108,
     "x1": 0.3415891839856278,
     "x2": 0.20267729447586033,
     "x3": 0.5395865512305767,
     "x4": 0.3169090312799757,
     "x5": 1.1606476003364163
    },
    "max_drift": 1.1606476003364163,
    "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": "2007-06-04",
  "end": "2026-08-21",
  "n_obs": 4836,
  "components": [
   {
    "sym": "vweax",
    "label": "high-yield corporate",
    "beta": 0.1856182895144886,
    "t": 26.657820898961045
   },
   {
    "sym": "tlt",
    "label": "US long-term treasuries (20+ yr)",
    "beta": -0.023567148498810905,
    "t": -9.600125447250651
   },
   {
    "sym": "fxe",
    "label": "Euro",
    "beta": -0.03289345466104654,
    "t": -7.43513325825094
   },
   {
    "sym": "gld",
    "label": "Gold",
    "beta": 0.010335544923485457,
    "t": 4.6821274173683465
   }
  ],
  "alpha_ann": 0.019434047018155307,
  "alpha_t": 3.339738602782719,
  "r2": 0.14533027958195488,
  "adj_r2": 0.14462262508357515,
  "tracking_err_ann": 0.025421613566359646,
  "fund_ann_return": 0.02816589029687043,
  "dw": 1.962370565847655,
  "weights_sum": 0.1394932312781166,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.2647558304142975,
    "x1": 0.12336675263361316,
    "x2": 0.1503415802741684,
    "x3": 0.062042137475788454
   },
   "max_drift": 0.2647558304142975,
   "n_windows": 219
  },
  "verdict": "not a static sleeve mix \u2014 returns driven by active decisions",
  "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": -0.08584494619380106,
     "t": -7.760430041526917
    },
    {
     "sym": "vweax",
     "label": "high-yield corporate",
     "beta": 0.09895733450894054,
     "t": 6.3794087439033405
    },
    {
     "sym": "fxy",
     "label": "Japanese Yen",
     "beta": 0.027162142673230097,
     "t": 3.467903803568033
    }
   ],
   "alpha_ann": 0.025672260006706474,
   "alpha_t": 2.3926054768160046,
   "r2": 0.051193736807026546,
   "adj_r2": 0.049175000076828734,
   "tracking_err_ann": 0.025307740165345066,
   "fund_ann_return": 0.027712066976003362,
   "dw": 1.8511969677296585,
   "weights_sum": 0.04027453098836957,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.3589328503652043,
     "x1": 0.19412226009744077,
     "x2": 0.07688233298512344
    },
    "max_drift": 0.3589328503652043,
    "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": "2007-06-01",
  "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": 0.593019822972016,
    "t": 47.07770326542599
   },
   {
    "sym": "ive",
    "label": "S&P 500 Value",
    "beta": 0.2863569929315508,
    "t": 24.37527619414036
   },
   {
    "sym": "ijk",
    "label": "S&P Mid-Cap 400 Growth",
    "beta": 0.21591549826148396,
    "t": 15.978214010755446
   },
   {
    "sym": "iwm",
    "label": "US small cap",
    "beta": -0.23616913429979125,
    "t": -15.21453181807965
   },
   {
    "sym": "ijt",
    "label": "S&P Small-Cap 600 Growth",
    "beta": 0.0807323819883079,
    "t": 5.172760977242069
   }
  ],
  "alpha_ann": 0.0031337542547337296,
  "alpha_t": 0.29080627615512256,
  "r2": 0.9536821147147603,
  "adj_r2": 0.9535993154918693,
  "tracking_err_ann": 0.03584709236568382,
  "fund_ann_return": 0.11618075769703362,
  "dw": 2.178557351299804,
  "weights_sum": 0.9398555618535674,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.1710556781276705,
    "x1": 0.34926427744634014,
    "x2": 0.2669770282113219,
    "x3": 0.4429090626254094,
    "x4": 0.3613643918168113
   },
   "max_drift": 0.4429090626254094,
   "n_windows": 122
  },
  "verdict": "static sleeve mix (weights stable, ~fully explained)",
  "recent": {
   "fund": "lamhx",
   "start": "2021-01-05",
   "end": "2026-08-24",
   "n_obs": 1415,
   "components": [
    {
     "sym": "ivv",
     "label": "S&P 500",
     "beta": 0.6192984859387928,
     "t": 40.49813418191866
    },
    {
     "sym": "ive",
     "label": "S&P 500 Value",
     "beta": 0.26281986594649553,
     "t": 16.73967670759519
    },
    {
     "sym": "ijk",
     "label": "S&P Mid-Cap 400 Growth",
     "beta": 0.1969975023111903,
     "t": 12.023345544491676
    },
    {
     "sym": "iwm",
     "label": "US small cap",
     "beta": -0.14141741056740176,
     "t": -10.87181614921345
    }
   ],
   "alpha_ann": -0.004349856947577257,
   "alpha_t": -0.28823411949274097,
   "r2": 0.9442561614367614,
   "adj_r2": 0.9440980228876458,
   "tracking_err_ann": 0.03561976721275234,
   "fund_ann_return": 0.10706115749894561,
   "dw": 2.098664337465379,
   "weights_sum": 0.937698443629077,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.09299670756045621,
     "x1": 0.3200445093462297,
     "x2": 0.2548621120877867,
     "x3": 0.26287387349580643
    },
    "max_drift": 0.3200445093462297,
    "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": 0.2342021034482813,
    "t": 30.55911776078371
   },
   {
    "sym": "vweax",
    "label": "high-yield corporate",
    "beta": 0.6208238607608472,
    "t": 37.13835065231049
   },
   {
    "sym": "djp",
    "label": "Dow Jones-UBS Commodity Index",
    "beta": 0.04749938999070426,
    "t": 10.840482274867233
   },
   {
    "sym": "agg",
    "label": "US aggregate bond",
    "beta": -0.15046206386526964,
    "t": -10.106171597269745
   },
   {
    "sym": "ivv",
    "label": "S&P 500",
    "beta": -0.0501875886192944,
    "t": -6.046018997522196
   },
   {
    "sym": "vnq",
    "label": "US real estate (REITs)",
    "beta": 0.02287144257442776,
    "t": 4.371756269052925
   }
  ],
  "alpha_ann": 0.031162715385478136,
  "alpha_t": 2.947865397945414,
  "r2": 0.6797062077878001,
  "adj_r2": 0.6791837056797867,
  "tracking_err_ann": 0.04028099756820632,
  "fund_ann_return": 0.07034099188016898,
  "dw": 2.0876013830865383,
  "weights_sum": 0.7247471442896964,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.20575805386781323,
    "x1": 0.18681220808923746,
    "x2": 0.1587993928513138,
    "x3": 0.45454745825600446,
    "x4": 0.38444792558498725,
    "x5": 0.16546789947568588
   },
   "max_drift": 0.45454745825600446,
   "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": 0.24473759389588262,
     "t": 19.00283922997842
    },
    {
     "sym": "vweax",
     "label": "high-yield corporate",
     "beta": 0.5372104897386567,
     "t": 16.103260936561814
    },
    {
     "sym": "djp",
     "label": "Dow Jones-UBS Commodity Index",
     "beta": 0.06938599801895062,
     "t": 10.676712958820943
    },
    {
     "sym": "agg",
     "label": "US aggregate bond",
     "beta": -0.19333009783683208,
     "t": -8.11160151508934
    },
    {
     "sym": "vnq",
     "label": "US real estate (REITs)",
     "beta": 0.06621826956477261,
     "t": 7.172193699170671
    },
    {
     "sym": "ivv",
     "label": "S&P 500",
     "beta": -0.08435181341513154,
     "t": -6.426348838004292
    }
   ],
   "alpha_ann": 0.04082495688531831,
   "alpha_t": 2.152397614138228,
   "r2": 0.6096553683333141,
   "adj_r2": 0.6079907856822835,
   "tracking_err_ann": 0.044689122030053804,
   "fund_ann_return": 0.07471483885069356,
   "dw": 1.9346130218527207,
   "weights_sum": 0.639870439966299,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.1671860759451414,
     "x1": 0.25655049841349564,
     "x2": 0.08732386984016029,
     "x3": 0.16621273904543582,
     "x4": 0.12920669787121783,
     "x5": 0.21412246453558206
    },
    "max_drift": 0.25655049841349564,
    "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": "2007-06-01",
  "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": "2007-06-04",
  "end": "2026-08-21",
  "n_obs": 4836,
  "components": [
   {
    "sym": "vweax",
    "label": "high-yield corporate",
    "beta": 0.1856182895144886,
    "t": 26.657820898961045
   },
   {
    "sym": "tlt",
    "label": "US long-term treasuries (20+ yr)",
    "beta": -0.023567148498810905,
    "t": -9.600125447250651
   },
   {
    "sym": "fxe",
    "label": "Euro",
    "beta": -0.03289345466104654,
    "t": -7.43513325825094
   },
   {
    "sym": "gld",
    "label": "Gold",
    "beta": 0.010335544923485457,
    "t": 4.6821274173683465
   }
  ],
  "alpha_ann": 0.019434047018155307,
  "alpha_t": 3.339738602782719,
  "r2": 0.14533027958195488,
  "adj_r2": 0.14462262508357515,
  "tracking_err_ann": 0.025421613566359646,
  "fund_ann_return": 0.02816589029687043,
  "dw": 1.962370565847655,
  "weights_sum": 0.1394932312781166,
  "rolling": {
   "window": 252,
   "drift": {
    "x0": 0.2647558304142975,
    "x1": 0.12336675263361316,
    "x2": 0.1503415802741684,
    "x3": 0.062042137475788454
   },
   "max_drift": 0.2647558304142975,
   "n_windows": 219
  },
  "verdict": "not a static sleeve mix \u2014 returns driven by active decisions",
  "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": -0.08584494619380106,
     "t": -7.760430041526917
    },
    {
     "sym": "vweax",
     "label": "high-yield corporate",
     "beta": 0.09895733450894054,
     "t": 6.3794087439033405
    },
    {
     "sym": "fxy",
     "label": "Japanese Yen",
     "beta": 0.027162142673230097,
     "t": 3.467903803568033
    }
   ],
   "alpha_ann": 0.025672260006706474,
   "alpha_t": 2.3926054768160046,
   "r2": 0.051193736807026546,
   "adj_r2": 0.049175000076828734,
   "tracking_err_ann": 0.025307740165345066,
   "fund_ann_return": 0.027712066976003362,
   "dw": 1.8511969677296585,
   "weights_sum": 0.04027453098836957,
   "rolling": {
    "window": 252,
    "drift": {
     "x0": 0.3589328503652043,
     "x1": 0.19412226009744077,
     "x2": 0.07688233298512344
    },
    "max_drift": 0.3589328503652043,
    "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."
 }
}