Conviction split — 3 majors rose, 1 fell. Minerals carries 63.4% of the book; the houses disagree most about timing on Energy Infrastructure (spread 0.67).
conviction — ViskaStrat published day scores. One lane, not a blend. Shares of invested capital, 30 positions valued 2026-08-04.
The four majors
4 of 4 majors scored · 5 published days · AI 4/5, Power Generation 4/5, Minerals 4/5, Energy Infrastructure 2/5
AI11.3%
+0.50— +0.000today
+0.3804-day cumulative
SMLF4/5 dspread 0.20
30310102030405
firmEnough days and documents to lean on.
4/7 days · 40.0 docs/scored day · independent share 0.58
Power Generation4.6%
+0.44▼ -0.062today
-0.0624-day cumulative
SMLF4/5 dspread 0.21
30310102030405
firmEnough days and documents to lean on.
4/7 days · 31.0 docs/scored day · independent share 0.42
Minerals63.4%
+0.50— +0.000today
+0.5424-day cumulative
SMLF4/5 dspread 0.50
30310102030405
weakToo little evidence to lean on — check tagging before reading this as quiet.
4/7 days · 15.5 docs/scored day · independent share 0.31
Energy Infrastructure20.7%
+0.67▲ +0.267today
+0.2672-day cumulative
SMLF2/5 dspread 0.67
30310102030405
weakToo little evidence to lean on — check tagging before reading this as quiet.
2/7 days · 16.5 docs/scored day · independent share 0.30
Sign — is conviction bull or bear:bull neutral bearnot scoredMovement — which way it went, in ink not sign colour:rose fell heldS M L F — short, medium, long, future horizon. A gold ring marks a horizon the houses contested.Spread — gap between the strongest and weakest scored horizon: how much the houses disagree about when, as distinct from whether.
Conviction × breadth
The field the four signals above were read from
strong bullbullcontested — near-centre netbearstrong bearsplit — the desks disagreedDot size = narratives grouped into the node
The four sleeves below are what the fund holds against that field.
Read together: the graph is what was argued, the sleeves are what was owned.
The sleeves
Minerals
— conviction unchanged
63.4%$8,155,152
The gold and silver sleeve gained 781.389 in value and lost 7,9 points of weight on the same day, from 71,3% to 63,4%, because the book grew faster than the sleeve did. Conviction on it did not move a point -- the concentration eased without the case changing, and without a decision being taken.
Energy Infrastructure
▲ conviction +0.267
20.7%$2,664,704
A fifth of the book now carries the strongest conviction of the week, and the case for it is Goldman on Siemens Energy -- more than 60% earnings growth to FY2030, with the stock at about 6x 2030 EV/EBITDA. Ten grid names are priced off one company's read-through; the next add needs its own name, not more of this one.
AI
— conviction unchanged
11.3%$1,454,913
The AI sleeve went from one name to four and from 3,6% to 11,3% of the book while conviction on it did not move a point and only two houses were still writing on capital spending, against six on 08-03. AMD, MU and GLW were added into the thinnest AI reading of the week; whatever argued for them is not in what the houses wrote.
Power Generation
— conviction unchanged
4.6%$593,400
The first fall in conviction on this sleeve lands on the day both stories that drove its reversal go unwritten and a Hormuz deal story arrives with two houses. Nothing here says the disruption ended, only that the houses stopped arguing it -- EQT and RIG hold a premium no longer being restated.