I invest in this sector. The disclosure block sits at the very top of every issue, before any analysis, in both editions — never in a footer afterwards.

Some positions are held through vehicles whose terms bar naming them. Those are not disclosed. What is disclosed is that they exist, how many, and whether any sits in a company the issue discusses. Where one sits in a company an issue would otherwise forecast, no forecast is published and the recusal is stated by name.

Each issue publishes a SHA-256 commitment over the private position record. The hash reveals nothing; it fixes the record at publication, so it can be produced later and checked against what was published.

PLACEHOLDER — Kevin writes the full policy text for this page: fill issues/W1/disclosure-page.md, copy it to site/disclosure.md, rebuild. Nothing about actual positions is generated.