Six-month read
Through the first half, drawdown stayed within the planned envelope and the recovery profile matched the design. Two of the older signals printed weaker risk-adjusted numbers than their five-year baseline; both remain inside their staged decommission corridor.
Operational
The execution stack was upgraded to the new venue gateway in May. No incidents since. The compliance and reconciliation pipelines were rewritten and now run automatically against the prime broker statements every morning.
What we said in January, and where we are
We promised quieter operating cadence and a smaller signal family count. Both held. We also said the research backlog would shrink — it has, but slower than expected.