contract_version: portfolio_policy_draft_v2
draft_id: sprint9-policy-draft-a-v1
status: inactive_pending_explicit_confirmation
effective_from: '2026-07-25'
scope:
  policy_scope: global_investable_portfolio
  included_domains:
  - postfinance_self_directed
  - truewealth_robo
  - crypto
  evaluation_scope_rule: Only domains with confirmed identity, positions, prices and FX are evaluated. Until TrueWealth and
    Crypto are fully integrated, global compliance and ADD/HOLD/TRIM output are prohibited and status is coverage_incomplete.
  postfinance: Included after confirmed 2026-05-14 baseline and complete mapping.
  truewealth: Policy-in-scope but excluded from compliance calculations until Sprint 10 integration and ETF look-through are
    complete.
  crypto: Policy-in-scope; only confirmed holdings are eligible. Incomplete integration forces coverage_incomplete.
objective: Long-term capital growth with high risk tolerance, controlled concentration and no automated execution.
horizon: 10+ years
base_currency: CHF
liquidity_reserve:
  target_chf: null
  location: outside_investment_portfolio
  treatment: Excluded from investable allocation and benchmark comparison until explicitly quantified. The 5% cash target
    below is tactical portfolio cash, not the external emergency reserve.
monthly_contribution_chf: null
allocations:
- asset_class: equity
  target_pct: '75'
  lower_pct: '65'
  upper_pct: '85'
- asset_class: crypto
  target_pct: '20'
  lower_pct: '10'
  upper_pct: '25'
- asset_class: cash
  target_pct: '5'
  lower_pct: '3'
  upper_pct: '10'
- asset_class: other
  target_pct: '0'
  lower_pct: '0'
  upper_pct: '5'
allocation_total_pct: '100'
concentration_limits:
  max_single_stock_pct: '15'
  max_single_etf_pct: '25'
  max_theme_or_sector_pct: '25'
  crypto_target_pct: '20'
  crypto_max_pct: '25'
  max_single_crypto_asset_pct: '15'
rebalancing:
  trigger: Review when an asset class breaches its band; no action solely because it differs from target while inside the
    band.
  contribution_first: true
  sequence:
  - Direct confirmed new contributions to underweight asset classes first.
  - Use existing tactical cash second.
  - Consider sales only if contribution-based rebalancing cannot restore the policy band in a reasonable period.
  sales_require_explicit_confirmation: true
  minimum_trade_chf: '500'
  review_rhythm: quarterly and after a material portfolio, policy or data-coverage change
benchmark:
  role: primary
  name: Vanguard FTSE All-World UCITS ETF USD Distributing - SIX CHF line
  ticker: VWRL.SW
  isin: IE00B3RBWM25
  venue: SIX
  trading_currency: CHF
  provider: fmp
  provider_availability: confirmed instrument profile and historical price path; missing observations remain fail-closed
  return_type: ETF proxy - unadjusted price return
  chf_conversion: none for the CHF trading line
  limitation: Distributions are not reinvested by the current unadjusted-close benchmark engine, so this is not a net or gross
    total-return index.
coverage_rules:
  required_for_global_compliance:
  - confirmed positions for PostFinance, TrueWealth and Crypto
  - unique canonical identity coverage
  - eligible market-price coverage
  - required FX coverage
  - TrueWealth ETF look-through
  incomplete_status: coverage_incomplete
  incomplete_behavior: Report descriptive captured-scope allocation and separate coverage metrics only; do not report global
    policy breaches or ADD/HOLD/TRIM actions.
  partial_provider_data: Remain fail-closed with explicit reason codes; identity coverage must never be presented as price
    or valuation coverage.
exclusions:
- automatic orders or autonomous trade execution
- performance before the confirmed 2026-05-14 baseline
- unconfirmed mappings or positions
- invented prices, FX, cost basis, dividends or transactions
- tax or gain/loss recommendations that require unknown cost basis
- illiquid or private assets unless explicitly admitted by a later policy version
automatic_orders: prohibited
engine_payload_v1:
  base_currency: CHF
  effective_from: '2026-07-25'
  horizon: 10+ years
  objective: Long-term capital growth with high risk tolerance, controlled concentration and no automated execution.
  liquidity_reserve: null
  monthly_contribution: null
  max_single_position_pct: '15'
  max_crypto_pct: '25'
  rebalance_tolerance_pct: '5'
  min_transaction_amount: '500'
  benchmarks:
  - reference: VWRL.SW / IE00B3RBWM25 / SIX / CHF / FMP / ETF proxy unadjusted price return
  restrictions:
  - External liquidity reserve is outside the investable portfolio and remains unquantified.
  - Contribution-based rebalancing precedes sales; every sale requires explicit confirmation.
  - TrueWealth and incomplete Crypto data force coverage_incomplete and prohibit global breach or ADD/HOLD/TRIM output.
  - Maximum single ETF 25%; maximum theme/sector 25%; maximum single stock 15%; maximum single crypto asset 15%.
  - Automatic orders are prohibited.
  allocations:
  - asset_class: equity
    target_pct: '75'
    lower_pct: '65'
    upper_pct: '85'
  - asset_class: crypto
    target_pct: '20'
    lower_pct: '10'
    upper_pct: '25'
  - asset_class: cash
    target_pct: '5'
    lower_pct: '3'
    upper_pct: '10'
  - asset_class: other
    target_pct: '0'
    lower_pct: '0'
    upper_pct: '5'
