Sleeve mix
Override per name. Max 12 names, 12% single-name in shares. Satellite can stay CSP-only.
Gateway lines. EQR and AVB are one Vivmark claim after 17 Aug 2026, not two names. ESS and UDR are separate. VNQ and IYR do not count here. The range is a prior.
One sunbelt name. The range is a prior, not a second core.
One small-cap or SFR, default CSP-only unless promoted
Cash; TLT only when beta/vol vs rates is hot
Index beta VNQ + IYR 13.1% sits outside the core band. Listed-REIT beta, not an EQR-type compounder.
Ranges are a prior from the one-cycle book, not a constraint. A print outside the range is information.
| Ticker | Layer | Sleeve | Overlay | Shares | Avg | Last | MV | Weight | Day | uP&L | vs HRP | Sug | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EQR Real Estate | Gateway class-A | unknown | 680.00 | 64.90 | 61.16 | $41,589 | 10.6% | $802 | -$2,543 -5.76% | 5.7% | HOLD | ||
| AVB Real Estate | Gateway class-A | unknown | 549.00 | 193.83 | 170.82 | $93,780 | 24.0% | $1,809 | -$12,633 -11.87% | 5.7% | TRIM | ||
| ESS Real Estate | Gateway class-A | shares-only | 137.00 | 268.00 | 273.55 | $37,476 | 9.6% | $681 | $760 +2.07% | 7.1% | HOLD | ||
| UDR Real Estate | Gateway class-A | shares-only | 968.00 | 36.20 | 34.28 | $33,178 | 8.5% | $682 | -$1,863 -5.32% | 5.7% | HOLD | ||
| MAA Real Estate | Sunbelt / garden | shares-only | 705.00 | 128.40 | 116.98 | $82,471 | 21.1% | $557 | -$8,051 -8.89% | 10.9% | TRIM | ||
| VNQ ETF | Ballast | index beta · not in the core band | shares-only | 312.00 | 91.20 | 90.75 | $28,312 | 7.3% | $435 | -$142 -0.50% | 30.6% | HOLD | |
| IYR ETF | Ballast | index beta · not in the core band | shares-only | 236.00 | 98.10 | 96.20 | $22,702 | 5.8% | $360 | -$450 -1.94% | 34.3% | HOLD |
Lots
5/7 long-termFIFO. Long-term clock is 365d from opened. Wash-sale window is 30d after a sale — warn, not a hard block. Not tax advice.
| Name | Qty | Cost | Opened | Days | LT on | Clock | Source |
|---|---|---|---|---|---|---|---|
| EQR | 680.00 | 64.90 | 2025-03-12 | 588 | 2026-03-12 | LT | seed |
| AVB | 549.00 | 193.83 | 2025-01-22 | 637 | 2026-01-22 | LT | seed |
| ESS | 137.00 | 268.00 | 2024-11-08 | 712 | 2025-11-08 | LT | seed |
| UDR | 968.00 | 36.20 | 2025-06-18 | 490 | 2026-06-18 | LT | seed |
| MAA | 705.00 | 128.40 | 2025-09-04 | 412 | 2026-09-04 | LT | seed |
| VNQ | 312.00 | 91.20 | 2026-02-11 | 252 | 2027-02-11 | 113d to LT | seed |
| IYR | 236.00 | 98.10 | 2026-04-07 | 197 | 2027-04-07 | 168d to LT | seed |
Cash & watchlist
Empty book? Add cash and at least one holding so weights and recs have a denominator. Gateway names also live under Map — pin from there without crowding this box. Later layers stay watchlist-only.