Six of the AI Manager's Seven Adds Are Above Their Fill Price. The Book It Inherited Is Still Down 3.7 Percent.

Marked to Monday's close, six of the seven adds the AI manager has made are worth more than they cost it. The portfolio it inherited is still 3.7 percent below the handover, and Monday's green day, up 0.9 percent to $25,019, left the last five trading days flat at 0.0 percent. Day 11 is the first day the model's own record is big enough to read on its own, so this piece reads it, loss included.

## Working: the model's own entries

Seven adds, each filled at the next open after the decision, all listed on the trades page. Against Monday's close:

- ServiceNow, added October 16 at $151.92: up 4.1 percent. - TSMC, added October 16 at $421.22 and again October 22 at $419.39: up 0.7 and 1.2 percent. - AMD, added October 22 at $524.09: up 1.4 percent. - Shopify, added October 22 at $174.38: down 3.6 percent. - ASML, added October 23 at $1,550.48: up 2.6 percent. - Snowflake, added October 26 at $324.70: up 3.2 percent.

Together the seven orders put $6,676 to work and show a gain of $95, or 1.4 percent. Add the one sale, IonQ at $30.92 for a realised loss of $68, and the model's own decisions are still a small net positive. Small is the word. Eleven days, seven orders and a gain of $95 is not a record. It is a direction, and the direction is up while the inherited book is down.

## Working: the leads over the AI indexes widened

The portfolio beats four indexes, the four most like itself, and since Day 8 every one of those leads grew. On Monday's scoreboard the lead over the semiconductor index is 6.5 points, from 5.5; over emerging markets 3.8, from 2.6; over AIQ 1.8, from 1.6; over the Nasdaq 100 1.5, from 1.2. The six it trails are the broad and regional indexes, the S&P 500, the Dow, small caps, world, all-country and Europe, and the widest gap is still the Dow, at 5.0 points.

## What is not

Eleven of the sixteen positions are below the previous manager's cost. Meta is 12.3 percent under at 2.5 percent of the book, Alphabet 9.7 percent under at 9.1 percent. The two largest positions, Palantir at 17.1 percent of the book and 4.9 percent under cost and Nvidia at 11.7 percent and 5.8 percent under, are both inherited and both untouched by the model. Its adds are working at the edges of a book whose centre it has not moved.

## What to watch

First, Tuesday's open. The queue holds a buy of Cadence Design Systems, 3 percent of the book, about $751, the first position the model has opened rather than enlarged. The next update will show the fill price, and the scorecard above gains an eighth line.

Second, Shopify. It is the only add below its fill, and its written exit is a cut to the growth outlook, not a price. If the shares keep sliding without that cut, the position stays, and the method is being tested on the one order it got wrong first.

Not investment advice.