The list: each weekday morning, ~1,500 funds are ranked by 3-month return. The top 10 with at least 500M SEK under management form the list. A fund must appear on the list for 3 consecutive runs before it's bought — filters out single-day noise entries rather than chasing every list flicker.

The allocation ladder — size must be earned: every new fund starts at 5%, no exceptions. After a positive first week it's upsized to 10%; still listed but negative means it stays at 5% and is rechecked weekly. If it falls off the list it isn't sold immediately — it has to be continuously absent for 14 days first, so a short dip doesn't trigger a sale it would have recovered from. Only after its third week does a position become eligible for extra money, up to a 15% ceiling.

Cash management: the portfolio targets a 5% cash reserve. Cash above it is split between the 3 best-ranked holdings — but only within each position's ceiling; if the leaders can't take more, cash simply waits. When money is needed the priority reverses: new starters and upsizes are funded from cash first, then out of the boost. Base positions are never touched.

Sideways positions shrink: a full-size position that hasn't set a new profit high in 30 days has stopped making money — half of it is sold to cash. If it stays flat, it halves again a month later; if it starts performing, the clock resets and it keeps its size. A halved position can't receive top-ups again until it sets a new profit high.

Winners run: the ceilings only gate buying. A position that grows past its ceiling through performance is never trimmed.

Execution: weekly, not daily: the list is checked every weekday, but routine trading — reviews, new positions, upsizes, top-ups — only executes once a week, on Fridays. Real fund trades settle a few business days after the order, not instantly; cash freed by a sale isn't counted as spendable until it has actually settled, so one week's exits fund the following week's entries rather than the same week's. The emergency circuit breakers below still run every day.

Crash protection, three layers: (1) only funds with positive 3-month momentum qualify — in a broad crash the list empties and the portfolio de-invests by itself; (2) while the S&P 500 is below its 200-day average, all buying freezes — new positions, upsizes and top-ups wait, while the sell rules keep working; (3) if the portfolio ever falls 15% from its own high, everything goes to cash until the market recovers above trend.

Tracking: the curve compounds the portfolio's daily value using published NAVs (roughly one day behind live markets — that's how funds work). The record starts Jul 10: nothing backfilled, no backtest. What you see is what the rules actually did.