The Disclosure Index

$UFOTRTH This rebalance trims Palantir and Lockheed Martin back under our 14% single position limit after both grew past it on price, and moves the proceeds into Rocket Lab and Planet Labs to rebuild our space holdings after a hard two weeks. SpaceX's spectrum purchase and its new approval to connect directly to phones pulled the whole space group lower, and Rocket Lab moved the first Neutron flight into 2027 after finding a defect in a tank dome. Rocket Lab had flagged that risk in August, and the stock now trades near half the average analyst target. September inflation came in at 3.7%, which raised the odds of another Fed hike on October 28. NASA says it has released all of its records under PURSUE, and the Department of War opened a case on an Apollo 17 photograph. Northrop, Lockheed and Booz Allen report earnings next week. PLTR 14.92% to 13.50% LMT 14.38% to 13.30% RKLB 7.87% to 9.12% PL 2.49% to 3.54% All other positions unchanged.

This rebalance trims Palantir from 15.16% to 13.50% and returns our managed futures hedge from 18.54% to the 17.50% we set in August, moving the proceeds into Lockheed Martin and Northrop Grumman. Palantir grew past our 14% single position limit on price, and our defense holdings slipped below the 25% minimum we keep in the prime contractors. This trade restores both limits with room on each side, and the hedge sale locks in the gains it earned during September's bond selloff. September moved the disclosure process forward. On September 14, the Department of War authorized current and former personnel and contractors holding UAP related defense information to share it directly with the PURSUE office, setting aside nondisclosure enforcement for those conversations, and on September 18 it published its 6th release of UAP files, including the full AAWSAP contract record! Lockheed and Northrop sit squarely in the contractor base that channel reaches. The Fed raised rates on September 16, the 10 year Treasury yield reached its highest level since 2007, and Congress funded the government through December 11, which moves the full year defense budget past the midterms. PLTR 15.16% to 13.50% DBMF 18.54% to 17.50% LMT 12.15% to 13.30% NOC 10.97% to 12.52% All other positions unchanged.

$UFOTRTH This rebalance trims Palantir back to our 14% single position limit and moves that capital into Lockheed Martin and Northrop Grumman. Palantir has been our strongest performer and grew into 15.84% of the book on price alone. We haven't bought a share since July. The limit exists so no single name decides the fund’s outcome, and we're enforcing it rather than moving it. This is a position size decision, not a call on the business. Defense had drifted below our floor as the primes lagged a market rewarding high growth all month. Lockheed goes to 13.05% and Northrop to 11.66%, both prime contractors with classified program access, both at discounts to their highs, both far less volatile than what we sold. The space sleeve holds. Rocket Lab, Intuitive Machines, Planet Labs and AST SpaceMobile fell last week on rising yields and rotation out of capital intensive growth, not on anything company specific, and they fell the same week the President signed a memorandum directing more than 1,000 domestic launches and reentries annually by 2030, up from 178 last year. The price move and the policy are pointing in opposite directions and we’re not selling anything into that ambiguity.