Pre-reg: 99-name universe (101 minus 2 cache gaps), proxy resid top-8/H21, earnings avoid (actuals caveat), 10%x0.98 sizing, DD-5% latch + day-1% freeze (amended: -10%/-3% unreachable on a 10% sleeve), costs 10/25bps. Split IS<2016/OOS>=2016. Bars on NO-KILLS pair (latch reported separately). Says nothing about Gemma ranking (forward harness covers the judge).
Scoreboard
| Arm | IS Sharpe | OOS Sharpe | OOS Ret | OOS MaxDD | Net25 | Turn/yr |
|---|---|---|---|---|---|---|
| FULL proxy+avoid+kills | -0.33 | 0.00 | +0.00% | 0.00% | 0.00 | 0.04 |
| NO-AVOID proxy+kills | -0.33 | 0.00 | +0.00% | 0.00% | 0.00 | 0.04 |
| NO-KILLS proxy+avoid | 0.77 | 1.21 | +34.97% | -3.40% | 1.14 | 0.89 |
| NO-KILLS-NO-AVOID | 0.77 | 1.21 | +34.55% | -3.40% | 1.15 | 0.80 |
| EW-101 buy-and-hold | 0.81 | 1.06 | +496.31% | -35.07% | - | - |
Avoid-veto verdict: DROP (avoid lift +0.00 (need >=+0.10); p 0.4146 (need <0.05); resid +0.08 (need >0); maxDD cut +0.00% (need >=0); IS lift +0.00 (need same sign); DSR(K=4) 0.93; OOS latch: latched)
Time 32s.