What the trade history did to the book's theme mix this month — 199 stock trades between 1–24 July, read against daily broker position snapshots. Allocation change is decomposed into what was traded and what merely moved.
−$2.95M traded out. The memory-semis sleeve (MU, SNDK, STX, WDC) and TSLA exited entirely; GOOGL trimmed to the sole survivor.
+$2.76M traded in — precious metals led (B, NEM, HL, AUGO) with aluminum and copper adds behind them.
Net new money in July was small (+$385,750 across all equity trades); the reallocation was nearly twenty times that. This month's allocation change is a deliberate trade story, not a price story — every theme's price effect was negative while traded flows moved the mix.
Each point is that day's broker position snapshot, grouped by theme, as % of the invested book. The AI/Minerals crossover runs 1–8 July — the week holding 161 of the month's 199 trades.
Change in each theme's dollar allocation = net traded (tape) + price effect (residual). Bars scale to net traded dollars.