What (One-liner)

Canvas Layer 4 top node: regime-driven cross-asset allocation (equity/bond/commodity/cash) + vessel tilts + dynamic risk budget. 5-regime × 4-asset matrix + ±15% tilt cap.

How to use

macro_factor_v1 + strategy_vessel_v1 + institution_composite → meta_strategy
    → weights {equity: 0.58, bond: 0.23, commodity: 0.12, cash: 0.07}
    → risk_budget: 0.95
    → rationale: "expansion regime + 2 bullish vessels; institution IC confirmed"

Core formulas

See frontmatter. weights = normalize(META_REGIME_WEIGHTS[regime] + vessel_tilts + institution_overrides).

Assumptions & applicability

Assumptions: upstream regime derivable + Pangura META_REGIME_WEIGHTS calibration + US business-cycle semantics.

Applies to: cross-asset allocation top layer, meta-scenario analysis, Applications exit.

Does not apply to: numerical optimization, single asset, minute-level.

Known limitations

See frontmatter. Six items: regime weights hard-coded / 15% tilt cap / 4-asset fixed / not CVaR / US-only calibration / no rebalancing logic.

References

• Black-Litterman (1992) FAJ — cross-asset allocation
• Faber (2007) — Tactical allocation
• Pangura META_REGIME_WEIGHTS (2026-03)

Golden Test

Planned — Tier 2 TS golden in backlog (lock matrix + tilt formula + risk multiplier).

Changelog

• 1.0.0 (2026-04-21) — First Active