DBC Global Compass — Seed Book Summary (2026-07-11)

Mandate recap

DBC Global Compass runs top-down macro regimes via US-listed ETFs (equities, rates, credit, commodities, FX proxies) plus a small crypto sleeve. Benchmark AOR. Constraints: net -50…+150%, gross ≤200%, max position 15% (20% for treasury ETFs), crypto sleeve ≤20% gross, max single theme 40% gross, every position requires a stated invalidation level. Starting capital $1,000,000.

Position table (as seeded)

| Ticker | Theme | Weight | Notional | One-liner | |---|---|---|---|---| | SPY | us-equity-beta | 12.84% | $128,367 | Core US equity beta sleeve; trend-supported per Friday $755.10 close, 3 tranches | | EFA | intl-equity | 11.99% | $119,875 | Developed-ex-US diversification vs. SPY; Friday $104.33 close, 3 tranches |

Not seeded (see Gaps — this is the dominant finding for this fund): EEM, TLT, GLD, UUP, IEF, BTCUSD, ETHUSD — 7 of the 9 designed lines, representing ~$610k of the ~$877k non-SPY/EFA target book.

Est. net / gross vs. bands

• Deployed: $248,242 (24.82% of $1,000,000) — technically inside the -50%…+150% net band, but far below the ~87% design target due to the gap below.
• Gross: 24.82% — well under the 200% cap, again far below design intent.
• Cash: $751,758 (75.18%) — uncommitted, not a deliberate defensive stance.
• Theme concentration: us-equity-beta 12.84%, intl-equity 11.99% — both far under the 40% theme cap; duration, real-assets, dollar, and crypto-sleeve themes are at 0%.
• Single-position cap: both positions well under the 15% max.

Execution status

SPY and EFA orders are resting broker orders (accepted, not yet filled) submitted over the weekend; per platform convention they fill at Monday 09:30 ET open. "Accepted/resting" is the expected/successful weekend state for these two lines.

Gaps (action required)

1. Severe, platform-level asset-classification fault blocking 7 of 9 lines. Every symbol attempted after SPY and EFA — EEM, TLT, GLD, UUP, IEF, BTCUSD, and ETHUSD — was rejected with an identical error, "EQUITY is not permitted by fund mandate" (422), despite every one of these being explicitly within the fund's IPS-defined universe (treasury ETFs TLT/IEF, commodity/FX ETFs GLD/UUP, and the crypto sleeve BTC/ETH are all named in IPS Book §6). This affected ETF tickers and crypto tickers alike, which rules out a single-asset-class misconfiguration. The error was reproducible across repeated attempts (2 attempts each on EEM, TLT, GLD, BTCUSD; 1–2 on UUP, IEF, ETHUSD) and did not clear after a 40-second pause, so this does not look like ordinary transport flakiness — it presents as a reference-data/symbol-classification defect that only SPY and EFA (the first two symbols traded in this fund this session) escaped, consistent with a degraded symbol-metadata lookup that defaults new/uncached tickers to "EQUITY" and then fails this fund's ETF/CRYPTO-only allowlist. Treasurer/admin verify asset-class tagging for EEM, TLT, GLD, UUP, IEF, BTCUSD, ETHUSD in the platform's symbol master, then this desk re-runs the remaining 7 lines exactly as designed (tranche plans unchanged: EEM 3×, TLT 3×, GLD 3×, UUP 2×, IEF 2×, BTC 2×, ETH 2×).