{"date":"2026-06-23","dominantRegime":"idiosyncratic_alpha","regimeProbabilities":{"idiosyncratic_alpha":0.433205819917402,"high_corr_breadth":0.03608846627618064,"high_corr_defensive":0.03309102641815318,"mega_cap_concentration":0.08315062391745465,"rate_shock":0.07347588785007333,"broad_upside_dispersion":0.12285614936082964,"downside_vol_event_risk":0.1677665143225685,"transition":0.05036551193733803},"regimeAge":9,"expectedRemainingDuration":25.5,"integrationPhase":1,"modelsLoaded":true,"modelVersion":"seed-prior","portfolioRules":{"grossCap":3.311245882025056,"maxStartMultiplier":0.6,"entryThreshold":0,"oppScoreHaircut":1,"crowdingPenaltyMultiplier":1,"leverageAllowed":false,"cashReserveMin":0.06829399068385192,"turnoverLimit":0.33080999873944383,"newPositionsAllowed":true,"hedgeEffectivenessRequired":0.5,"defensiveOverlayMin":0},"strategyWeights":{"core_skunkworks":1,"risk_throttled_skunkworks":0,"breadth_confirmed_skunkworks":0,"mega_cap_model":0,"defensive_overlay":0},"strategyExpectedUtility":{"core_skunkworks":-0.13582473401855416,"risk_throttled_skunkworks":0.2021890716313928,"breadth_confirmed_skunkworks":-0.41981139293875663,"mega_cap_model":-0.5197425227509852,"defensive_overlay":0.2500934950285508},"rvShapeFeatures":{"score_dispersion":0.8683578331371821},"hedgeEffectiveness":{"overall":0,"tracking_error_to_spy_hedge":0.5517593671158983,"tracking_error_to_es_hedge":0.5517593671158983,"net_beta":0.5517593671158983},"explanation":"[2026-06-23] Phase 1 (passive). Dominant regime: idiosyncratic_alpha (43% prob, age 9d, ~26d remaining). Strategy allocation: core_skunkworks=100%. Gross cap 3.31, entry threshold 0.00, leverage OFF, hedge effectiveness 0%. Models: calibrated/seed-prior."}