Genval Worldview Fund (1.1.7 - driver-union reweight against snapshot 4.0.5 and alignments 2.0.5; energy pulls ahead of AI as the producers gain and the Hormuz plan is rejected, the AI sleeve trims ORCL and AMD on financing, the IEF short shrinks with the October hike, and the UVIX hedge and IWM short grow; 24 holdings, gross 0.9998, net 0.7504, cash 0.1249)

Driver-union reweight from alignments 2.0.5 against worldview snapshot 4.0.5 (observedAt 2026-10-15T18:42:57Z). Same seven wv.active theses, the same 24 holdings and the same fund.method-driver-union as 1.1.6, so this is a patch with no turnover. Gross 0.9998, net 0.7504, cash 0.1249.

Energy pulls ahead of AI again. The two themes were level at 1.1.6; now energy is 22.86% against 21.71% and AI 21.08% against 21.69%. Persistent energy premium firmed 0.86 to 0.88 as the Hormuz reopening plan was rejected, and the alignment shifted weight from the commodity to the producers after XLE, XOM and CVX rose 8-9% while USO was flat - Energy Select Sector SPDR Fund gains 7.2% to 7.18%, four basis points behind United States Oil Fund at 7.22%. AI capex sustained but with China decoupling tail risk eased 0.92 to 0.89 on an AI-financing rout despite Micron's record quarter.

The AI sleeve is sorted by financing. Oracle is the largest AI trim, -6.9% to 3.77%, and Advanced Micro Devices -4.1% to 4.48%, while Broadcom and Micron Technology are near-flat because the alignment firmed them against the thesis step. The book's AI exposure now leans toward the cash-generative leaders.

The rate shorts shrink at the belly. iShares 7-10 Year Treasury Bond ETF falls -3.6% to -4.30% as the October hike receded to about a third, while iShares 20+ Year Treasury Bond ETF is near-flat at -5.21%: Hawkish Warsh regime and higher-for-longer eased 0.94 to 0.91 but Stagflation risk and Fed independence stress firmed 0.86 to 0.89. Their shared rate-path and monetary-credibility channels are counted once at the regime thesis and inflation-debasement once at stagflation.

The equity sleeve leans into its two-sided legs. Equity melt-up versus building recession risk held at 0.70, and the alignment firmed the 2x Long VIX Futures ETF hedge (4.0% to 3.12%) and the short iShares Russell 2000 ETF (4.2% to -2.96%) while easing Invesco QQQ Trust - the legs that paid in a window that came within two sessions of the melt-up leg and then sold off on CPI.

Defense and gold trim on their theses. Iran war rearmament cycle eased to 0.86 on the pre-midterm strike pause and Gold structural debasement bid to 0.82; VanEck Gold Miners ETF takes the largest cut in the gold sleeve, -6.1% to 3.38%, after falling 9.7% against bullion's 4.0%.

Theme rollup by gross weight. Energy 22.86% (USO, XLE, XOM, CVX); AI 21.08% (NVDA, AMD, AVGO, MU, ORCL); Defense 12.80% (LMT, RTX, NOC); Gold 12.67% (GLD, IAU, GDX); Equity long 12.37% (SPY, VTI, QQQ, UVIX); Equity short 2.96% (IWM); Duration shorts 9.51% (TLT, IEF); Managed futures 5.73% (DBMF, KMLM). Net 75.0%, essentially unchanged from 74.9%.