The liquid pocket

This is the part of the balance sheet that reads the cadran and acts on it — listed instruments, daily liquidity, sized by conviction. It runs as a barbell rather than a balanced fund: a protective layer that holds the line when the quadrant is unclear, and an offensive layer that expresses whatever the current one is actually rewarding.

It is also the only pocket here with published positions, because it is the only one where a position is a public, checkable claim.