Industry Notes

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August–December allocation

Start with August's three shifts, then the next four months

Bars, a timeline, and a matrix. Start with July’s fund handoff, then the four phases and three-tier sector map.

Read Aug–Dec through three questions

  1. August’s three shifts: earnings anchor, fund structure, global rates narrative.
  2. What leads each of the four phases—and whether the same sectors work.
  3. In the three-tier map, what is core vs trade-only.

Updated 2026-09-22 · Research notes, not investment advice.

  1. 1. July: margin left by about 408 bn, ETFs took in about 478 bnBar
  2. 2. Four-stage pathTimeline
  3. 3. Sector orderTable