Decisions

Manually rendered live /briefing page into HTML email. 10-section monthly family briefing sent to chris@grahamsltd.com. Cadence now automated via recurring_tasks table — subsequent months fire on the 1st automatically.

Email sent to chris@grahamsltd.com | Message ID: e7376ab6-cde5-435a-8fef-0d9cf5b11f2b | 10-section briefing rendered from live /briefing page

https://ardenvale.polsia.app/briefing

Full diligence memo completed. PLD scores 48/50. Buy decision: 1.5% initial (~$75K), initiate now, add on any further 10% weakness. P/FFO 18x vs 22x historical mean; embedded rent spread optionality not priced. Fits public equity sleeve as real-asset bridge with liquid access.

Decision logged. Pending execution.

/diligence

Full diligence memo completed. CSU.TO scores 50/50 on watchlist rubric. Buy decision: 1.5% initial position (~$75K) within 60 days on any pullback toward $3,400 CAD. Build to 4% max over 24 months. Anchors public equity sleeve with a compounder; reduces index-beta risk.

Decision logged. Pending execution within 60-day window.

/diligence

Adopted 9-criterion watchlist rubric for all new investment candidates. Criteria: business quality, moat durability, management quality, valuation, capital allocation, growth outlook, balance sheet, ESG alignment, fit with IPS mandate. Weighted max 50 pts. 40-question diligence checklist required before Buy decision. 12 candidates seeded.

12 candidates live. Top 3: CSU.TO (50/50), NVR (48/50), PLD (48/50).

/watchlist

Adopted formal withdrawal sequencing policy: (1) dividends/interest first, (2) T1–T2 public equities second, (3) real assets last. Annual distribution target set at $83,000 (1.66% of NAV). Policy embedded in rebalance engine cash-flow check. Ensures lockup buffer is preserved for 6-month runway minimum.

Policy governs rebalance engine. Cash-flow check passes with current yield run-rate.

Report #877515 — Rebalance engine cash-flow check

Established the Ardenvale holdings model with $5.00M baseline NAV. Positions seeded across six asset classes per v1 allocation targets. This snapshot becomes the baseline for all performance measurement, rebalance triggers, and distribution planning per IPS §2 constraints.

Holdings model active. Dashboard showing $5.00M NAV, allocation, and liquidity panel.

/dashboard

Initiated outreach to Patrick O'Shaughnessy at OSAM regarding Canvas direct-indexing platform. Rationale: tax-efficient factor exposure for the public equity sleeve; aligns with IPS §6 requirement for systematic, low-cost allocation where possible.

Initial outreach sent. Relationship building in progress.

/pipeline

Initiated outreach to John Mihaljevic at MOI Global for co-investment access. Rationale: concentrated long-only deep value manager with 10-year audited track record, founder-operated business alignment, compatible with Ardenvale IPS return objective. Fits private equity sleeve mandate.

Initial outreach sent. Awaiting response.

/pipeline

Amended target allocation from v1 (no lockup buffer) to v2 (Scenario 3: adds 5% Lockup Buffer sleeve funded from PE/Real Assets). Surviving 10-year lockup stress test required restructuring cash + liquid buffer. Scenario 3 proved superior across 12 liquidity scenarios.

v2 targets now govern rebalance engine. 7-sleeve structure (Public Eq 40%, Private Eq 15%, Real Assets 10%, Fixed Inc 15%, Lockup Buffer 5%, Real Assets Direct 5%, Cash 10%) locked in.

Report #877515 — Allocation v2 with Scenario 3 analysis

Formal adoption of the Ardenvale Investment Policy Statement. Codifies objectives (real 4–5% net return), risk tolerance (25% max drawdown), asset allocation targets, liquidity policy, manager selection criteria, and governance requirements including this decisions log.

IPS adopted. Governs all subsequent decisions. Annual review scheduled.

Report #877515 — Allocation v2 includes IPS policy table