DBC Neutral — Seed Book Summary (2026-07-11)

Mandate recap

DBC Neutral (IPS Book §4): equity market-neutral, isolate idiosyncratic alpha, near-zero beta, benchmark BIL. Constraints: net -10% to +10%, gross ≤200% (target ~90%), max position 5% per leg, every long must name its hedge leg in the journal (pair discipline), max single-sector net 10%. Starting capital $1,000,000.

Design: 5 pairs, 10 legs, ~4.5% ($45k) per leg

Pair	Long	Short	Long $ / %	Short $ / %
P1 payments	MA 85 sh @ $526.27	AXP 128 sh @ $350.48	$44,732.95 / 4.47%	$44,861.44 / 4.49%
P2 home-improvement	HD 131 sh @ $343.37	LOW 212 sh @ $211.55	$44,981.47 / 4.50%	$44,848.60 / 4.48%
P3 warehouse-retail	COST 49 sh @ $916.05	TGT 333 sh @ $135.105	$44,886.45 / 4.49%	$44,989.97 / 4.50%
P4 beverages	KO 539 sh @ $83.485	PEP 327 sh @ $137.375	$44,998.42 / 4.50%	$44,921.63 / 4.49%
P5 energy	XOM 324 sh @ $138.83	OXY 851 sh @ $52.875	$44,980.92 / 4.50%	$44,996.63 / 4.50%

Each leg carries a pair thesis (relative-mispricing claim anchored to both live quotes, convergence catalyst, explicit hedge-leg naming) and invalidationNote = a 12%-adverse pair-spread stop (exit both legs together). Intended book: long $224,580.21 (22.46%), short $224,618.26 (22.46%), net −0.004% (well inside ±10%), gross 44.92% (inside ≤200%, below the ~90% target — room to add). All orders DAY/MARKET, resting over the weekend for Monday 09:30 ET open per platform convention; cash unchanged at $1,000,000 pending fills.