Watchlist screening rubric adopted — 9-criterion, max 50 pts
IPS §6 — Manager Selection Criteria
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Rationale
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.
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.
Outcome / Status
Policy governs rebalance engine. Cash-flow check passes with current yield run-rate.
Linked Artifact
Report #877515 — Rebalance engine cash-flow check
Follow-up:
Due Sep 15, 2026
Mar 1, 2026
IPS Amendment
Portfolio holdings baseline established — $5.00M NAV seed
IPS §2 — Investment Objectives & Constraints
$5,000,000 / 100.00% NAV
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Rationale
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.
Outcome / Status
Holdings model active. Dashboard showing $5.00M NAV, allocation, and liquidity panel.
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.
Outcome / Status
IPS adopted. Governs all subsequent decisions. Annual review scheduled.
Linked Artifact
Report #877515 — Allocation v2 includes IPS policy table