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147.41, 148.24, 146.03, 145.14, 144.95 ] } ], "lookback_days": 126, "vol_days": 63, "target_vol_pct": 10, "max_leverage": 2, "cost_bps": 5, "periods_per_year": 252 }, "assumed": { "liquidity_days": 2, "carry_pct": 0 } }, { "id": "risk_parity", "model": "risk_parity", "capital_pct": 35, "inputs": { "assets": [ { "name": "Stock sleeve", "vol_pct": 16, "expected_return_pct": 7 }, { "name": "Bond sleeve", "vol_pct": 6, "expected_return_pct": 4.5 }, { "name": "Commodity sleeve", "vol_pct": 18, "expected_return_pct": 5 }, { "name": "Inflation bond sleeve", "vol_pct": 7, "expected_return_pct": 4.5 } ], "corr": [ [ 1, 0.1, 0.3, 0.1 ], [ 0.1, 1, -0.1, 0.6 ], [ 0.3, -0.1, 1, 0.2 ], [ 0.1, 0.6, 0.2, 1 ] ], "target_vol_pct": 10, "financing_rate_pct": 4, "reference_weights_pct": [ 60, 40, 0, 0 ] }, "assumed": { "tail_loss_pct": 20, "liquidity_days": 3 } }, { "id": "rates", "model": "rates_ladder", "capital_pct": 15, "inputs": { "bonds": [ { "name": "Bond 1.25y", "face": 1000000, "coupon_pct": 3.5, "maturity_years": 1.25, "yield_pct": 3.9, "freq": 2 }, { "name": "Bond 2.5y", "face": 1000000, "coupon_pct": 4, "maturity_years": 2.5, "yield_pct": 4.1, "freq": 2 }, { "name": "Bond 3.75y", "face": 1000000, "coupon_pct": 4, "maturity_years": 3.75, "yield_pct": 4.3, "freq": 4 }, { "name": "Bond 5y", "face": 1000000, "coupon_pct": 4.5, "maturity_years": 5, "yield_pct": 4.5, "freq": 1 }, { "name": "Bond 10y", "face": 1000000, "coupon_pct": 5, "maturity_years": 10, "yield_pct": 5.1, "freq": 2 } ], "shocks_bps": [ -100, -50, 50, 100, 200 ], "horizon_years": 0.5, "curve": [ { "years": 0.5, "yield_pct": 3.6 }, { "years": 1, "yield_pct": 3.8 }, { "years": 2, "yield_pct": 4 }, { "years": 3, "yield_pct": 4.2 }, { "years": 5, "yield_pct": 4.5 }, { "years": 10, "yield_pct": 5 } ] }, "assumed": { "vol_pct": 5, "liquidity_days": 1 } } ] }, "book_id": "hf1_2dc34cb7f7ca3ac2b643d8b7", "md_sha256": "cdaca4be17af663683ab8759cde2b4f3a2668cf0ee653784caea5f8700fc5a7a", "result_hash": "6a54c246b1904b4db809ad8204e71ef315d3ad1f206e26ba69db8a7010093484" }, { "kind": "credit_book", "book": { "hedgefund": 1, "name": "Example credit book", "currency": "USD", "nav": 100000000, "updated": "2026-11-01", "limits": { "max_gross_pct": 120, "max_net_pct": 120, "max_vol_pct": 10, "max_tail_sum_pct": 20, "min_liquid_90d_pct": 60, "needs_yes_over_pct_nav": 3 }, "correlation": 0.5, "sleeves": [ { "id": "credit_carry", "model": "credit_carry", "capital_pct": 45, "inputs": { "nav": 10000000, "credits": [ { "name": "Credit A", "notional": 4000000, "spread_bps": 120, "recovery_pct": 40, "spread_duration_years": 4.5, "real_world_pd_pct": 0.5 }, { "name": "Credit B", "notional": 2000000, "spread_bps": 250, "recovery_pct": 40, "spread_duration_years": 4, "real_world_pd_pct": 1.5 }, { "name": "Credit C", "notional": 2000000, "spread_bps": 420, "recovery_pct": 35, "spread_duration_years": 3.5, "real_world_pd_pct": 3 }, { "name": "Credit D", "notional": 1000000, "spread_bps": 650, "recovery_pct": 30, "spread_duration_years": 3, "real_world_pd_pct": 10 }, { "name": "Credit E", "notional": 1000000, "spread_bps": 900, "recovery_pct": 25, "spread_duration_years": 2.5 } ], "widening_bps": [ 25, 50, 100, 200, 400 ] }, "assumed": { "vol_pct": 7, "liquidity_days": 30 } }, { "id": "loan_tape", "model": "private_credit_tape", "capital_pct": 35, "inputs": { "loans": [ { "name": "Loan 1", "balance": 20000000, "rate_pct": 9, "pd_annual_pct": 1.5, "lgd_pct": 40 }, { "name": "Loan 2", "balance": 12000000, "rate_pct": 10, "pd_annual_pct": 2, "lgd_pct": 45 }, { "name": "Loan 3", "balance": 10000000, "rate_pct": 10, "pd_annual_pct": 2, "lgd_pct": 45 }, { "name": "Loan 4", "balance": 10000000, "rate_pct": 11, "pd_annual_pct": 3, "lgd_pct": 50 }, { "name": "Loan 5", "balance": 8000000, "rate_pct": 11, "pd_annual_pct": 3, "lgd_pct": 50 }, { "name": "Loan 6", "balance": 8000000, "rate_pct": 12, "pd_annual_pct": 4, "lgd_pct": 55 }, { "name": "Loan 7", "balance": 8000000, "rate_pct": 12, "pd_annual_pct": 4, "lgd_pct": 55 }, { "name": "Loan 8", "balance": 6000000, "rate_pct": 13, "pd_annual_pct": 5, "lgd_pct": 60 }, { "name": "Loan 9", "balance": 6000000, "rate_pct": 13, "pd_annual_pct": 5, "lgd_pct": 60 }, { "name": "Loan 10", "balance": 5000000, "rate_pct": 14, "pd_annual_pct": 6, "lgd_pct": 60 }, { "name": "Loan 11", "balance": 4000000, "rate_pct": 15, "pd_annual_pct": 8, "lgd_pct": 65 }, { "name": "Loan 12", "balance": 3000000, "rate_pct": 16, "pd_annual_pct": 10, "lgd_pct": 70 } ], "tranches": [ { "name": "Senior", "size_pct": 75, "coupon_pct": 6.5 }, { "name": "Mezzanine", "size_pct": 15, "coupon_pct": 10 }, { "name": "Junior", "size_pct": 10, "coupon_pct": 12 } ], "asset_correlation_pct": 20, "horizon_years": 3, "servicing_bps": 50, "sims": 5000, "seed": 7 }, "assumed": { "vol_pct": 8, "liquidity_days": 720 } }, { "id": "gated_sleeve", "model": "redemption_gates", "capital_pct": 15, "inputs": { "assets": [ { "name": "Cash", "value": 5000000, "days_to_cash": 0, "haircut_pct": 0 }, { "name": "Bill 90d", "value": 10000000, "days_to_cash": 2, "haircut_pct": 0 }, { "name": "Stock basket A", "value": 15000000, "days_to_cash": 10, "haircut_pct": 1 }, { "name": "Loan book B", "value": 40000000, "days_to_cash": 180, "haircut_pct": 6 }, { "name": "Office tower A tokens", "value": 30000000, "days_to_cash": 365, "haircut_pct": 20 } ], "redemption_request_pct": 40, "notice_days": 30, "frequency_days": 30, "gate_pct_per_period": 10 }, "assumed": { "vol_pct": 9, "gross_pct": 100, "net_pct": 100, "carry_pct": 6 } } ] }, "book_id": "hf1_6756809248e71c6b9627f8b9", "md_sha256": "aa7e79d1b15fcbf2d66eb01212ce392fc7194fc1676d4f73903309951a1d8fce", "result_hash": "9d8c686b499f9257a26758903edac87f4ddbce051003f9440c242c6f4b2c1254" }, { "kind": "digital_assets", "book": { "hedgefund": 1, "name": "Example digital assets book", "currency": "USD", "nav": 100000000, "updated": "2026-11-01", "limits": { "max_gross_pct": 175, "max_net_pct": 50, "max_vol_pct": 15, "max_tail_sum_pct": 25, "min_liquid_7d_pct": 50, "max_adv_participation_pct": 10, "needs_yes_over_pct_nav": 2 }, "correlation": 0.35, "sleeves": [ { "id": "basis", "model": "basis_carry", "capital_pct": 50, "inputs": { "instrument": "perp", "spot_price": 1000, "derivative_price": 1002, "funding_bps_per_8h": 1, "notional": 1000000, "short_leverage": 4, "maintenance_margin_pct": 2, "fees_bps_round_trip": 12, "borrow_rate_pct": 8, "financed_share_pct": 50, "collateral_haircut_pct": 15, "holding_days": 90 }, "assumed": { "vol_pct": 5, "tail_loss_pct": 20, "liquidity_days": 3 } }, { "id": "reserves", "model": "reserve_coverage", "capital_pct": 25, "inputs": { "tokens_outstanding": 100000000, "reserves": [ { "name": "Bank cash", "amount": 10000000, "haircut_pct": 0, "days_to_cash": 0 }, { "name": "Bill 30d", "amount": 30000000, "haircut_pct": 0.5, "days_to_cash": 3 }, { "name": "Bill 90d", "amount": 30000000, "haircut_pct": 1, "days_to_cash": 5 }, { "name": "Loan note", "amount": 25000000, "haircut_pct": 5, "days_to_cash": 30 }, { "name": "Property note", "amount": 10000000, "haircut_pct": 15, "days_to_cash": 120 } ], "daily_redemption_pct": 5, "horizon_days": 60, "reserve_yield_pct": 4, "fee_bps": 30 }, "assumed": { "vol_pct": 2, "net_pct": 100 } }, { "id": "nav_gap", "model": "token_nav_gap", "capital_pct": 20, "inputs": { "token_prices": [ 99.9, 99.85, 99.95, 100.05, 99.95, 99.9, 99.85, 100, 100.05, 99.95, 100, 100.1, 100.05, 99.95, 100.1, 100.15, 100.05, 100.1, 100, 100.1, 100.05, 100.2, 100.1, 99.5, 98.8, 98.2, 97.9, 98, 98.2, 98, 97.8, 97.9, 98, 98.1, 98.05, 98, 98.1, 98.2, 98.25, 98.2, 98.1, 98.15, 98.3, 98.35, 98.3, 98.4, 98.35, 98.3, 98.25, 98.4, 98.5, 98.45, 98.5, 98.45, 98.4, 98.45, 98.55, 98.5, 98.55, 98.4 ], "nav_values": [ 100, 100, 100, 100, 100, 100, 100, 100.1, 100.1, 100.1, 100.1, 100.1, 100.1, 100.1, 100.2, 100.2, 100.2, 100.2, 100.2, 100.2, 100.2, 100.3, 100.3, 100.3, 100.3, 100.3, 100.3, 100.3, 98.5, 98.5, 98.5, 98.5, 98.5, 98.5, 98.5, 98.4, 98.4, 98.4, 98.4, 98.4, 98.4, 98.4, 98.5, 98.5, 98.5, 98.5, 98.5, 98.5, 98.5, 98.6, 98.6, 98.6, 98.6, 98.6, 98.6, 98.6, 98.7, 98.7, 98.7, 98.7 ], "asset_vol_pct": 10, "days_between_strikes": 7, "pool_token_depth": 100000, "pool_cash_depth": 9840000, "position_tokens": 5000, "redeem_fee_bps": 100, "mint_fee_bps": 50, "pool_fee_bps": 10, "settle_days": 10, "cash_rate_pct": 5 }, "assumed": { "tail_loss_pct": 15, "carry_pct": 0 } } ] }, "book_id": "hf1_a6a3b5d070d2d0e9093a6487", "md_sha256": "766ce9bfd9a8f3da3d0d3a68b254e16c38f1e5b10e470806de25da39436c857c", "result_hash": "b41aa07eaabbff9cac0572e3e64eb9a00a9ca02472377d3664c7d7d00e550e92" } ], "files": [ { "name": "good: the base file", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [], "book_id": "hf1_0ee9897f0615230444645713" }, { "name": "good: prose, a heading and a code block outside the sections", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\nFree prose is ignored.\n\n## Notes\n\nMore prose, and a heading.\n\n```text\n## Limits\n```\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [], "book_id": "hf1_0ee9897f0615230444645713" }, { "name": "good: CRLF line endings", "text": "---\r\nhedgefund: 1\r\nname: Vector book\r\ncurrency: USD\r\nnav: 1000000\r\nupdated: 2026-11-01\r\n---\r\n\r\n# Vector book\r\n\r\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\r\n\r\n## Limits\r\n\r\n```json\r\n{ \"max_gross_pct\": 200 }\r\n```\r\n\r\n## Correlation\r\n\r\n```json\r\n0.3\r\n```\r\n\r\n## Sleeves\r\n\r\n### a\r\n\r\n```json\r\n{\r\n \"model\": \"deflated_sharpe\",\r\n \"capital_pct\": 60,\r\n \"assumed\": {\r\n \"vol_pct\": 10,\r\n \"gross_pct\": 100,\r\n \"net_pct\": 50,\r\n \"tail_loss_pct\": 10,\r\n \"liquidity_days\": 5,\r\n \"carry_pct\": 2\r\n },\r\n \"inputs\": {\r\n \"sharpe_annual\": 1,\r\n \"periods_per_year\": 12,\r\n \"observations\": 60,\r\n \"skew\": 0,\r\n \"kurtosis\": 3,\r\n \"trials\": 4,\r\n \"trial_sharpe_std_annual\": 0.4,\r\n \"confidence_pct\": 95\r\n }\r\n}\r\n```\r\n\r\n### b\r\n\r\n```json\r\n{\r\n \"model\": \"deflated_sharpe\",\r\n \"capital_pct\": 30,\r\n \"assumed\": {\r\n \"vol_pct\": 20,\r\n \"gross_pct\": 100,\r\n \"net_pct\": 50,\r\n \"tail_loss_pct\": 10,\r\n \"liquidity_days\": 60,\r\n \"carry_pct\": 2\r\n },\r\n \"inputs\": {\r\n \"sharpe_annual\": 1,\r\n \"periods_per_year\": 12,\r\n \"observations\": 60,\r\n \"skew\": 0,\r\n \"kurtosis\": 3,\r\n \"trials\": 8,\r\n \"trial_sharpe_std_annual\": 0.4,\r\n \"confidence_pct\": 95\r\n }\r\n}\r\n```\r\n", "ok": true, "errors": [], "warnings": [], "book_id": "hf1_0ee9897f0615230444645713" }, { "name": "good: a correlation matrix", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n[[1, 0.5], [0.5, 1]]\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [], "book_id": "hf1_d6054b7482e7225d1eef1e1f" }, { "name": "E_NOT_TEXT", "text": "", "ok": false, "errors": [ "E_NOT_TEXT" ], "warnings": [] }, { "name": "E_TOO_LARGE", "text": "", "pad": 524289, "ok": false, "errors": [ "E_TOO_LARGE" ], "warnings": [] }, { "name": "E_NO_FRONTMATTER", "text": "# A title and no frontmatter\n", "ok": false, "errors": [ "E_NO_FRONTMATTER" ], "warnings": [] }, { "name": "E_BAD_FRONTMATTER: a repeated key", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_FRONTMATTER" ], "warnings": [] }, { "name": "E_BAD_VERSION", "text": "---\nhedgefund: 2\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_VERSION" ], "warnings": [] }, { "name": "E_BAD_NAME", "text": "---\nhedgefund: 1\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_NAME" ], "warnings": [] }, { "name": "E_BAD_CURRENCY", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: usd\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_CURRENCY" ], "warnings": [] }, { "name": "E_BAD_NAV", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1,000,000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_NAV" ], "warnings": [] }, { "name": "E_BAD_DATE", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-02-30\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_DATE" ], "warnings": [] }, { "name": "E_UNCLOSED_FENCE", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n```text\nnever closed\n", "ok": false, "errors": [ "E_UNCLOSED_FENCE" ], "warnings": [] }, { "name": "E_HIDDEN_BLOCK: a sleeve inside a comment", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_HIDDEN_BLOCK", "E_HIDDEN_BLOCK" ], "warnings": [] }, { "name": "E_DUPLICATE_SECTION", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n## Limits\n\n```json\n{}\n```\n", "ok": false, "errors": [ "E_DUPLICATE_SECTION" ], "warnings": [ "W_IGNORED_BLOCK" ] }, { "name": "E_NO_BLOCK", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Sleeves\n\n### a\n\nProse and no block.\n", "ok": false, "errors": [ "E_NO_BLOCK" ], "warnings": [] }, { "name": "E_EXTRA_BLOCK", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Sleeves\n\n### a\n\n```json\n{ \"model\": \"deflated_sharpe\", \"capital_pct\": 60, \"assumed\": {\"vol_pct\":10,\"gross_pct\":100,\"net_pct\":50,\"tail_loss_pct\":10,\"liquidity_days\":5,\"carry_pct\":2}, \"inputs\": {\"sharpe_annual\":1,\"periods_per_year\":12,\"observations\":60,\"skew\":0,\"kurtosis\":3,\"trials\":9,\"trial_sharpe_std_annual\":0.4,\"confidence_pct\":95} }\n```\n\n```json\n{ \"model\": \"deflated_sharpe\", \"capital_pct\": 60, \"assumed\": {\"vol_pct\":10,\"gross_pct\":100,\"net_pct\":50,\"tail_loss_pct\":10,\"liquidity_days\":5,\"carry_pct\":2}, \"inputs\": {\"sharpe_annual\":1,\"periods_per_year\":12,\"observations\":60,\"skew\":0,\"kurtosis\":3,\"trials\":9,\"trial_sharpe_std_annual\":0.4,\"confidence_pct\":95} }\n```\n", "ok": false, "errors": [ "E_EXTRA_BLOCK" ], "warnings": [] }, { "name": "E_BAD_JSON: a repeated key shows one number and runs another", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Sleeves\n\n### a\n\n```json\n{ \"model\": \"deflated_sharpe\", \"capital_pct\": 60, \"assumed\": {\"vol_pct\":10,\"gross_pct\":100,\"net_pct\":50,\"tail_loss_pct\":10,\"liquidity_days\":5,\"carry_pct\":2}, \"inputs\": {\"sharpe_annual\":1,\"periods_per_year\":12,\"observations\":60,\"skew\":0,\"kurtosis\":3,\"trials\":9,\"trial_sharpe_std_annual\":0.4,\"confidence_pct\":95}, \"capital_pct\": 5 }\n```\n", "ok": false, "errors": [ "E_BAD_JSON" ], "warnings": [] }, { "name": "E_UNKNOWN_LIMIT", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gros_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_UNKNOWN_LIMIT" ], "warnings": [] }, { "name": "E_BAD_LIMIT", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": \"200\" }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_LIMIT" ], "warnings": [] }, { "name": "E_BAD_CORRELATION", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n[[1, 2], [2, 1]]\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_CORRELATION" ], "warnings": [] }, { "name": "E_NO_SLEEVES", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n", "ok": false, "errors": [ "E_NO_SLEEVES" ], "warnings": [] }, { "name": "E_TOO_MANY_SLEEVES", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Sleeves\n\n### s0\n\n```json\n{}\n```\n\n### s1\n\n```json\n{}\n```\n\n### s2\n\n```json\n{}\n```\n\n### s3\n\n```json\n{}\n```\n\n### s4\n\n```json\n{}\n```\n\n### s5\n\n```json\n{}\n```\n\n### s6\n\n```json\n{}\n```\n\n### s7\n\n```json\n{}\n```\n\n### s8\n\n```json\n{}\n```\n\n### s9\n\n```json\n{}\n```\n\n### s10\n\n```json\n{}\n```\n\n### s11\n\n```json\n{}\n```\n\n### s12\n\n```json\n{}\n```\n\n### s13\n\n```json\n{}\n```\n\n### s14\n\n```json\n{}\n```\n\n### s15\n\n```json\n{}\n```\n\n### s16\n\n```json\n{}\n```\n\n### s17\n\n```json\n{}\n```\n\n### s18\n\n```json\n{}\n```\n\n### s19\n\n```json\n{}\n```\n\n### s20\n\n```json\n{}\n```\n\n### s21\n\n```json\n{}\n```\n\n### s22\n\n```json\n{}\n```\n\n### s23\n\n```json\n{}\n```\n\n### s24\n\n```json\n{}\n```\n\n### s25\n\n```json\n{}\n```\n\n### s26\n\n```json\n{}\n```\n\n### s27\n\n```json\n{}\n```\n\n### s28\n\n```json\n{}\n```\n\n### s29\n\n```json\n{}\n```\n\n### s30\n\n```json\n{}\n```\n\n### s31\n\n```json\n{}\n```\n\n### s32\n\n```json\n{}\n```\n\n### s33\n\n```json\n{}\n```\n\n### s34\n\n```json\n{}\n```\n\n### s35\n\n```json\n{}\n```\n\n### s36\n\n```json\n{}\n```\n\n### s37\n\n```json\n{}\n```\n\n### s38\n\n```json\n{}\n```\n\n### s39\n\n```json\n{}\n```\n\n### s40\n\n```json\n{}\n```\n", "ok": false, "errors": [ "E_TOO_MANY_SLEEVES" ], "warnings": [] }, { "name": "E_BAD_SLEEVE_ID", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### not a valid id\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_SLEEVE_ID" ], "warnings": [] }, { "name": "E_DUPLICATE_SLEEVE", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_DUPLICATE_SLEEVE" ], "warnings": [] }, { "name": "E_BAD_SLEEVE", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Sleeves\n\n### a\n\n```json\n{ \"model\": \"deflated_sharpe\", \"capital_pct\": 60, \"assumed\": {\"vol_pct\":10,\"gross_pct\":100,\"net_pct\":50,\"tail_loss_pct\":10,\"liquidity_days\":5,\"carry_pct\":2}, \"inputs\": {\"sharpe_annual\":1,\"periods_per_year\":12,\"observations\":60,\"skew\":0,\"kurtosis\":3,\"trials\":9,\"trial_sharpe_std_annual\":0.4,\"confidence_pct\":95}, \"extra\": 1 }\n```\n", "ok": false, "errors": [ "E_BAD_SLEEVE" ], "warnings": [] }, { "name": "E_UNKNOWN_MODEL", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"no_such_model\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_UNKNOWN_MODEL" ], "warnings": [], "book_id": "hf1_cbc719d2ead746e8908a4868" }, { "name": "E_BAD_INPUTS: the model's own message", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": -1,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": false, "errors": [ "E_BAD_INPUTS" ], "warnings": [], "book_id": "hf1_1181c8abc07ef88611d6f3d6" }, { "name": "E_TOO_MUCH_WORK", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Sleeves\n\n### t1\n\n```json\n{\"model\":\"private_credit_tape\",\"capital_pct\":10,\"inputs\":{\"loans\":[{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balanc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t2\n\n```json\n{\"model\":\"private_credit_tape\",\"capital_pct\":10,\"inputs\":{\"loans\":[{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balanc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t3\n\n```json\n{\"model\":\"private_credit_tape\",\"capital_pct\":10,\"inputs\":{\"loans\":[{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balance\":1000,\"coupon_pct\":8,\"pd_annual_pct\":2,\"lgd_pct\":50},{\"balanc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"ok": false, "errors": [ "E_TOO_MUCH_WORK" ], "warnings": [], "book_id": "hf1_aafadd067247838c19d82925" }, { "name": "W_NO_LIMITS", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{}\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_NO_LIMITS" ], "book_id": "hf1_fe1e5f49aeb09e4772d77c12" }, { "name": "W_NO_UPDATED", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_NO_UPDATED" ], "book_id": "hf1_008ed4e1fe5f96ff6ace46ff" }, { "name": "W_UNKNOWN_FRONTMATTER", "text": "---\nhedgefund: 1\nowner: someone\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_UNKNOWN_FRONTMATTER" ], "book_id": "hf1_0ee9897f0615230444645713" }, { "name": "W_IGNORED_BLOCK", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Notes\n\n```json\n{ \"max_gross_pct\": 1 }\n```\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_IGNORED_BLOCK" ], "book_id": "hf1_0ee9897f0615230444645713" }, { "name": "W_CAPITAL_OVER_100", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 90,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_CAPITAL_OVER_100" ], "book_id": "hf1_b6a6b4c290c9a36af7816efe" }, { "name": "W_CAPITAL_ZERO", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 0,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_CAPITAL_ZERO" ], "book_id": "hf1_499764ec3293fa863fb72b48" }, { "name": "W_TEMPLATE_NUMBERS", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1.8,\n \"periods_per_year\": 252,\n \"observations\": 1260,\n \"skew\": -0.5,\n \"kurtosis\": 6,\n \"trials\": 100,\n \"trial_sharpe_std_annual\": 0.5,\n \"benchmark_sharpe_annual\": 0,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_TEMPLATE_NUMBERS" ], "book_id": "hf1_6eebc643c87a8e773a980e0c" }, { "name": "W_MISSING_FIGURE", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": { \"vol_pct\": 10, \"gross_pct\": 100, \"net_pct\": 50, \"tail_loss_pct\": 10, \"liquidity_days\": 5 },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_MISSING_FIGURE" ], "book_id": "hf1_584b0a4d8cc948784ca0ff92" }, { "name": "W_ASSUMED_NOT_USED", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"size_position\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"nav\": 1000,\n \"vol_pct\": 20,\n \"expected_return_pct\": 8,\n \"risk_budget_pct_nav\": 1,\n \"adv_value\": 500,\n \"max_participation_pct\": 10,\n \"days_to_build\": 5\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_ASSUMED_NOT_USED", "W_ASSUMED_NOT_USED", "W_ASSUMED_NOT_USED", "W_ASSUMED_NOT_USED" ], "book_id": "hf1_4bffe003b847eae4bd7f19cd" }, { "name": "W_LIMIT_OVER", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 50 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": {\n \"vol_pct\": 10,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 5,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_LIMIT_OVER" ], "book_id": "hf1_24d3c17ac81389cc66053fe9" }, { "name": "W_LIMIT_NOT_CHECKED", "text": "---\nhedgefund: 1\nname: Vector book\ncurrency: USD\nnav: 1000000\nupdated: 2026-11-01\n---\n\n# Vector book\n\nThe numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms\n\n## Limits\n\n```json\n{ \"max_gross_pct\": 200 }\n```\n\n## Correlation\n\n```json\n0.3\n```\n\n## Sleeves\n\n### a\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 60,\n \"assumed\": { \"vol_pct\": 10, \"net_pct\": 50, \"tail_loss_pct\": 10, \"liquidity_days\": 5, \"carry_pct\": 2 },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 4,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n\n### b\n\n```json\n{\n \"model\": \"deflated_sharpe\",\n \"capital_pct\": 30,\n \"assumed\": {\n \"vol_pct\": 20,\n \"gross_pct\": 100,\n \"net_pct\": 50,\n \"tail_loss_pct\": 10,\n \"liquidity_days\": 60,\n \"carry_pct\": 2\n },\n \"inputs\": {\n \"sharpe_annual\": 1,\n \"periods_per_year\": 12,\n \"observations\": 60,\n \"skew\": 0,\n \"kurtosis\": 3,\n \"trials\": 8,\n \"trial_sharpe_std_annual\": 0.4,\n \"confidence_pct\": 95\n }\n}\n```\n", "ok": true, "errors": [], "warnings": [ "W_MISSING_FIGURE", "W_LIMIT_NOT_CHECKED" ], "book_id": "hf1_176708196179ea598a3f7b7b" } ], "orders": [ { "name": "within_limits: every limit checked", "input": { "order": { "sleeve": "Sleeve A", "notional_pct_nav": 2, "side": "add", "direction": "long", "adv_participation_pct": 5, "settle_days": 2, "days_to_exit": 3 }, "book": { "gross_pct": 200, "net_pct": 40, "var99_pct": 1, "drawdown_pct": 3, "liquidity_cover": 2 }, "limits": { "max_gross_pct": 300, "max_net_pct": 100, "max_var99_pct": 2, "drawdown_stop_pct": 10, "max_adv_participation_pct": 15, "max_settle_days": 5, "max_days_to_exit": 10, "min_liquidity_cover": 1.5, "needs_yes_over_pct_nav": 5 } }, "outcome": "within_limits", "needs_yes": false, "result_hash": "af7180db7308e964aa350f45588dc65f1bbe8b858060718f0e266ca0d03e2d41" }, { "name": "over_limit: gross", "input": { "order": { "sleeve": "Sleeve A", "notional_pct_nav": 2, "side": "add", "direction": "long", "adv_participation_pct": 5, "settle_days": 2, "days_to_exit": 3 }, "book": { "gross_pct": 299, "net_pct": 40, "var99_pct": 1, "drawdown_pct": 3, "liquidity_cover": 2 }, "limits": { "max_gross_pct": 300, "max_net_pct": 100, "max_var99_pct": 2, "drawdown_stop_pct": 10, "max_adv_participation_pct": 15, "max_settle_days": 5, "max_days_to_exit": 10, "min_liquidity_cover": 1.5, "needs_yes_over_pct_nav": 5 } }, "outcome": "over_limit", "needs_yes": true, "result_hash": "1c4c187b6480502e2c68a717279b8fb5de8c1e6673a5284b927d0df82aeb90e5" }, { "name": "over_limit: drawdown stop, adding", "input": { "order": { "sleeve": "Sleeve A", "notional_pct_nav": 2, "side": "add", "direction": "long", "adv_participation_pct": 5, "settle_days": 2, "days_to_exit": 3 }, "book": { "gross_pct": 200, "net_pct": 40, "var99_pct": 1, "drawdown_pct": 10, "liquidity_cover": 2 }, "limits": { "max_gross_pct": 300, "max_net_pct": 100, "max_var99_pct": 2, "drawdown_stop_pct": 10, 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