The Upwave Paper · Cycle Rehearsal · July 2026
Phase: A Paper · Screen date: 2026-07-25 · Execution: 2026-07-27 Account value: £1,000.00 · Cash: £0.04 (0 unfilled slots) · Compliant cycles toward next gate: 0/3
Compliance this cycle: PASS · violations.md entries to date: 0
1. The Funnel
| Stage | Names remaining |
|---|---|
| Raw universe (LSE + NYSE/NASDAQ, common equity) | 8140 |
| After sector & listing-history exclusions | 4317 |
| After size / liquidity / spread gates | 2827 |
| DATA_EXCLUDED (unfetchable fundamentals) | −365 |
| After quality gates (FCF, EPS growth, debt) | 696 |
| After momentum gates (200-DMA, 12-1, RS) | 278 |
| After value gate (cheapest 30% EV/EBIT): survivors | 85 |
| Top 12 selected | 12 + 0 cash |
2. Orders: generated vs executed
| # | Ticker | Side | £ | Fri close | Fill (Mon) | Slippage | Status |
|---|---|---|---|---|---|---|---|
| 1 | NYSE:TNK | BUY | £83.33 | $75.81 | £56.55 | -0.64% | EXECUTED |
| 2 | NASDAQ:APA | BUY | £83.33 | $36.15 | £26.62 | -1.94% | EXECUTED |
| 3 | NYSE:CSTM | BUY | £83.33 | $29.05 | £21.74 | -0.31% | EXECUTED |
| 4 | NYSE:STNG | BUY | £83.33 | $79.49 | £58.33 | -2.26% | EXECUTED |
| 5 | NYSE:INSW | BUY | £83.33 | $92.28 | £67.82 | -2.12% | EXECUTED |
| 6 | NASDAQ:IMPP | BUY | £83.33 | $4.76 | £3.55 | -0.73% | EXECUTED |
| 7 | LSE:AEP | BUY | £83.33 | 175.00p | £1.79 | +2.29% | EXECUTED |
| 8 | NYSE:MOV | BUY | £83.33 | $36.51 | £27.67 | +0.93% | EXECUTED |
| 9 | NASDAQ:CCSI | BUY | £83.33 | $36.37 | £27.58 | +0.99% | EXECUTED |
| 10 | NYSE:DAC | BUY | £83.33 | $140.22 | £105.45 | +0.16% | EXECUTED |
| 11 | NASDAQ:KALU | BUY | £83.33 | $163.17 | £122.43 | -0.06% | EXECUTED |
| 12 | NASDAQ:SHIP | BUY | £83.33 | $16.18 | £11.86 | -2.37% | EXECUTED |
Every sheet line accounted for: YES
3. Portfolio after rebalance
| Ticker | Ctry | Weight | Entry date | Entry | Now | P&L £ | P&L % | Composite rank |
|---|---|---|---|---|---|---|---|---|
| LSE:AEP | UK | 8.29% | 2026-07-27 | £1.79 | £1.79 | £0.00 | 0.00% | 7/85 |
| NASDAQ:APA | US | 8.32% | 2026-07-27 | £26.62 | £26.62 | £0.00 | 0.00% | 2/85 |
| NASDAQ:CCSI | US | 8.32% | 2026-07-27 | £27.58 | £27.58 | £0.00 | 0.00% | 9/85 |
| NASDAQ:IMPP | US | 8.32% | 2026-07-27 | £3.55 | £3.55 | £0.00 | 0.00% | 6/85 |
| NASDAQ:KALU | US | 8.32% | 2026-07-27 | £122.43 | £122.43 | £0.00 | 0.00% | 11/85 |
| NASDAQ:SHIP | US | 8.32% | 2026-07-27 | £11.86 | £11.86 | £0.00 | 0.00% | 12/85 |
| NYSE:CSTM | US | 8.32% | 2026-07-27 | £21.74 | £21.74 | £0.00 | 0.00% | 3/85 |
| NYSE:DAC | US | 8.32% | 2026-07-27 | £105.45 | £105.45 | £0.00 | 0.00% | 10/85 |
| NYSE:INSW | US | 8.32% | 2026-07-27 | £67.82 | £67.82 | £0.00 | 0.00% | 5/85 |
| NYSE:MOV | US | 8.32% | 2026-07-27 | £27.67 | £27.67 | £0.00 | 0.00% | 8/85 |
| NYSE:STNG | US | 8.32% | 2026-07-27 | £58.33 | £58.33 | £0.00 | 0.00% | 4/85 |
| NYSE:TNK | US | 8.32% | 2026-07-27 | £56.55 | £56.55 | £0.00 | 0.00% | 1/85 |
4. Performance vs the opponents (net of all costs)
| This month | Since inception | |
|---|---|---|
| Upwave | n/a (first cycle) | 0.00% |
| WLDS (world small cap) · primary | n/a (first cycle) | 0.00% |
| VWRP (global all-cap) | n/a (first cycle) | 0.00% |
| Gap to primary | n/a (first cycle) | 0.00% |
Costs this cycle: FX £1.37 · est. spread £0.00 · cumulative costs £1.37 (0.14% of capital)
5. Market weather (thermometer, not steering wheel)
Label this cycle: BULL
| Gauge | Reading |
|---|---|
| FTSE All-Share vs 200-DMA | above, +4.42% |
| S&P 500 vs 200-DMA | above, +5.80% |
| Breadth (% of universe above own 200-DMA) | 58.49% |
| Funnel width vs trailing 3-cycle average | 85 vs 85.0 |
| Cash held by system | 0.00% |
Last 12 cycles: (B bull · N neutral · R bear)
6. Watch (informational only; no action permitted)
- Holdings ranked 20–25 (nearest to exit): None
- Non-holdings ranked 13–18 (nearest to entry): NASDAQ:ESEA, NYSE:BWA, LSE:KLR, NASDAQ:SENEA, NYSE:OVV, NASDAQ:FLXS
7. Temptations log
2026-07-23 — Before Cycle 1 even ran: an external AI analysis of the dry-run sheet (50% maritime cluster, tanker-rate thesis, IMPP governance smell) argued for capping tanker exposure, excluding IMPP from automatic purchase, and re-ranking the twelve. The reasoning was good. That is exactly why it belongs here: skipping IMPP would be a C1 violation, and cluster caps are a §4 change. Action taken instead: four amendment proposals filed in docs/amendments.md (actionable 2027-07-22); IMPP data-integrity check scheduled for M6; no parameter touched, no signal overridden. The sheet, when live, executes as printed.
8. Rule status
Parameters v1.0: frozen · Amendment window opens: 2027-07-22 Amendments proposed to date (docs/amendments.md): 4 Three-year verdict clock: month 0/36 of live trading
9. Commentary (three lines maximum)
Phase A figures are notional; no capital is at risk. Compliance reconciliation: PASS. Weather is BULL; informational only and never an input.