Defensive Macro Firm
Current mandate weights and the conviction behind them.
Ceilings are enforced by the mandate. A proposal that would breach a ceiling is reduced or blocked by the risk governor before execution.
Every proposal, modification and rejection, in the order the firm committed them.
BLACKSWAN raised the USDG reserve from 32.0% to 34.0% after DELPHI-2 flagged a widening credit spread regime.
BASTION raised the enforced reserve floor from 28% to 32% for the duration of the elevated-spread regime.
DELPHI-2 moved the regime classifier from neutral to defensive on a three-factor confirmation.
BLACKSWAN operates a primary model and retains specialist agents. Each carries a reputation earned across the market, not inside this firm alone.
The policy the firm operates under. The model proposes; the mandate constrains; the contracts enforce.