Prioritize overlap review rather than trading to demonstrate activity.
FICTIONAL CLIENT PORTFOLIO WEEKLY · P2 · W6
No rebalance. Review technology overlap.
The portfolio fell 1.83%, versus 0.59% for its policy benchmark. No new simulated trade occurred; cash is 10.39%. Direct stock exposure and technology exposure inside ETFs still require look-through review.
Observation: 23–30 October 2026 closes. Cutoff: 30 October US regular-session close. Master report and public edition: 2 November.
View the one-minute decision board ↓One-minute decision board
Initial simulated capital: $1 million.
Cash is recorded separately from the SGOV Treasury ETF.
Three paths and implementation cost
| Comparison | Weekly return | Cumulative: provisional |
|---|---|---|
| ACIS simulation | -1.83% | -2.40% |
| Original buy & hold | -1.83% | -2.40% |
| Policy benchmark | -0.59% | -0.80% |
Weekly difference versus original: 0.00 percentage points; versus policy: -1.24 percentage points.
Policy benchmark: 60% SPY + 30% SGOV + 10% GLD; a risk-policy comparison, not the original portfolio.
Weekly gross turnover: 0.00% · Implementation cost: $0.00. Within-week close-to-close maximum drawdown: 3.08% · Sample standard deviation of five daily returns: 1.09%.
These risk measures are not annualized and exclude intraday moves. Full-history drawdown, annualized volatility and downside capture remain pending, not zero.
No new-trade contribution occurred. An existing $623.59 SPY distribution receivable moved into cash without increasing NAV or double-counting income.
Original allocation and closing holdings
P2 starts with diversified ETFs, stocks, bonds, gold and cash; it is independent of P2-S01.
| Security | Initial weight | Closing units | Closing value · USD | Closing weight |
|---|---|---|---|---|
| SPY | 25% | 330.146300 | $249,498.16 | 25.56% |
| QQQ | 15% | 212.965300 | $147,050.41 | 15.07% |
| MSFT | 10% | 201.235600 | $105,026.87 | 10.76% |
| GOOG | 10% | 292.868600 | $81,481.90 | 8.35% |
| IEF | 10% | 1101.018400 | $101,029.45 | 10.35% |
| SGOV | 10% | 994.629000 | $100,188.98 | 10.27% |
| GLD | 10% | 253.717000 | $90,267.43 | 9.25% |
| Cash | 10% | — | $101,420.48 | 10.39% |
Direct MSFT is 10.76% and GOOG 8.35%, below the 12% direct-stock constraint. ETF look-through remains incomplete; more securities do not necessarily mean diversified economic risk.
GLD carries gold-price risk and is not a high-dividend product because of an original client belief. SGOV is not cash. Rounded weights may not sum to exactly 100%.
Separate decision, simulated fill and booking
There were no new simulated buys or sells; cost and gross turnover were zero. Microsoft and Alphabet earnings enter operating and valuation review without backfilling earlier trades.
Daily reconciliation
| Close date | ACIS NAV | Original NAV | Policy NAV |
|---|---|---|---|
| 2026-10-23 | $994,188.23 | $994,188.23 | $997,929.78 |
| 2026-10-26 | $998,749.19 | $998,749.19 | $1,002,545.31 |
| 2026-10-27 | $1,003,729.96 | $1,003,729.96 | $1,007,105.91 |
| 2026-10-28 | $1,007,007.61 | $1,007,007.61 | $1,009,577.39 |
| 2026-10-29 | $991,279.63 | $991,279.63 | $1,006,016.43 |
| 2026-10-30 | $975,963.69 | $975,963.69 | $992,023.40 |
USD. The 23 October close anchors weekly return; 26–30 October provides five daily return observations. Policy curves carry forward each case’s units; their daily returns are not forced to match exactly.
This week’s judgment and the next 90 days
Review technology overlap across direct holdings, QQQ and SPY, and whether cloud growth converts to cash after investment. A price decline does not automatically invalidate a thesis, and operating growth does not establish cheap valuation.
Review the 12% direct-stock limit, 8% weekly gross-turnover limit and aggregate technology exposure. These are constraints, not activity quotas.
Sources and unfinished work
This public sample derives from the 2 November W6 master and workbook. Prices are unadjusted regular-session closes, retrieved on 2 November; distributions are separately booked as cash or receivables. The master cross-checks the TSLA fill price with a second source. This publication additionally checks ledger arithmetic, not a full independent price or corporate-action audit.
The master checked seven distribution schedules but lacked a comprehensive suspension/corporate-action database. Historical audit, long-term risk measures and ETF look-through remain pending. Cash earns no interest and tax is not modeled.
Questions & answers
Is this real client performance?
No. People, amounts, holdings and trades are fictional tests demonstrating a research process, not long-term investment skill.
Was a simulated rebalance executed?
No. Gross turnover and implementation cost were zero. Moving an existing SPY distribution receivable into cash changes classification, not NAV or new return.
Why is Tesla still above 60% after selling?
The order uses pre-trade NAV while closing weights use closing NAV, and prices change. Selling 4% of pre-trade NAV is not a four-percentage-point reduction in closing weight. Standard P2 has no such trade.
Are cumulative returns and long-term risks audited?
No. Cumulative figures are provisional. W0 prices and W1–W2 timestamps remain unresolved, and the original P2-S01 policy ledger is unrecovered. Full-history drawdown, annualized volatility and downside capture remain pending.
Are the two cases the same portfolio?
No. P2 starts diversified. P2-S01 began with 60% Tesla, 20% NVIDIA, 15% Coinbase, 5% GLD and no cash. Their ledgers and histories remain separate.