Every recorded trade

Only the rows marked "bought" are the strategy. Everything here is inside a member's committee jurisdiction, but that is not the same as being acted on. Just over half these rows are sales, and the strategy does not act on a single one of them: it buys and holds for 365 days, then exits on the calendar. A handful of purchases are also untradable because the security has no usable price history. If you want the list of what is actually held right now, that is the live basket, not this page.

A sale here means the member closed a position — it is not a signal to short, and not a signal to sell. Both were tested. Following them out: exiting on the first tradable day after a member disclosed selling, instead of at twelve months, cut in-remit alpha from +6.76% to +3.57%, and on the 1,564 trades where it changed anything it cost −6.50 points at t = −3.82. Disclosure arrives too late; the median position was closed after 96 days for nothing. Shorting them: after a disclosed sale the ticker returned +0.00% against the S&P over one month, +0.08% over three and +0.22% over twelve — no edge at any horizon, before borrow costs. Run python src/cli.py selection to reproduce both.