Brass Rat Capital LLC ("BRC") · Palm Beach Gardens, Florida
Holiday edition — U.S. equity markets closed for Juneteenth National Independence Day. No settled prices; the OEF book is carried forward at the June 18 close. Week-in-review. Produced with the Tau Intelligence Engine ("Tau").
Markets closed. The New York Stock Exchange and Nasdaq observed Juneteenth National Independence Day on Friday, June 19, 2026. There were no settled closes; all book marks below are held at the June 18 settled close and carry a zero day-over-day change. The next pricing edition will cover the Monday, June 22 close.Week in Review — A three-day AI-beta round trip
The holiday-shortened week was defined by a violent two-way rotation in the AI-beta complex, and the OEF book's behavior through it is the clearest live demonstration to date of the hedge construction working as designed. The sequence: a ceasefire-driven semiconductor selloff on Tuesday and Wednesday, then a sharp snapback Thursday, with the book net range-bound across all three sessions.
Tuesday, June 16 — The prior session's ceasefire euphoria reversed hard. Semis and AI-memory led lower (Micron "MU" −6.2%, Corning "GLW" −5.6%, Intel "INTC" −8.5%), the leveraged-inverse SOXS snapped back, and the book finished essentially flat (+$1.4K) as the structural shorts offset the legacy longs giving back. Book unrealized: +$236.5K.
Wednesday, June 17 — The unwind broadened into megacap tech (Microsoft "MSFT", Meta "META" lower). The book gave back a contained −$5.6K, with the GOES and chokepoint shorts (notably P27 PKX/MT on ArcelorMittal's decline) cushioning the move. Book unrealized: +$231.0K.
Thursday, June 18 — The mirror image: a sharp semi rebound (GLW +11% to $194.92, MU to $1,134, INTC to $134, SOXS collapsing to $3.59). The legacy AI longs led (P1 GLW/MSFT +$24.2K, P28 MU/DELL +$24.0K on the day) while the SOXS-long shorts gave back (P37 −$43.1K, P35 −$25.8K). Net +$8.1K. Book unrealized: +$239.1K.
The three-day net change in unrealized P&L was approximately +$4K on swings that exceeded $40K at the individual-pair level — the shorts carried the down-semi days, the longs carried the up-semi day, and the construction neutralized the rotation. This is the entire point of the book: not to profit from the direction of the AI-beta complex, but to stay solvent and range-bound through its volatility while the structural theses (GOES bottleneck, chokepoint, paper-versus-physical) play out on their own timeline.
Crude and the Macro Backdrop
The week's most durable development was the continued collapse of the crude war premium. With the ceasefire holding and a Strait of Hormuz reopening increasingly priced, West Texas Intermediate spent the week grinding lower toward the mid-$70s. The Paper-versus-Physical ("PvP") thesis is now substantially resolved at the front of the curve — the conflict-closure premium has been wrung out, and crude is once again trading on supply-demand fundamentals rather than geopolitical tail risk. Bonds caught a bid mid-week on the tech growth scare and the oil-driven disinflation impulse.
OEF Pairs Book — Held at June 18 Close
Marks carried forward from the June 18 settled close (markets closed June 19). 34 active pairs (P1–P6, P8–P19, P21, P23–P37; closed P7/P20/P22 excluded). Realized P&L (frozen): −$82,538. "Day Δ" is zero by definition — no trading session. P27 (PKX/MT) is a continuous active position; no P38.
Pair Tr L / S June 18 closes (held) Unrl P&L P1 T1 GLW/MSFT $194.92 / $379.40 +$169,095 P2 T1 GNRC/NVDA $279.15 / $210.69 +$52,476 P3 T2 PHO/BEDZ $67.36 / $37.31 −$19,493 P4 T2 XYL/RONB $111.42 / $25.00 −$16,117 P5 T2 ERII/MCR $9.42 / $5.94 −$4,474 P6 T2 GLW/META $194.92 / $577.22 +$38,603 P8 T2 APO/GSIB $137.50 / $60.94 +$2,263 P9 T2 BX/KBWB $123.79 / $92.64 +$6,512 P10 T2 BLK/XLF $1050.09 / $53.57 +$3,199 P11 T2 BRK-B/MURGY $489.46 / $10.59 +$16,603 P12 T2 MET/CVS $85.58 / $98.32 −$13,952 P13 T2 GLW/MSFT $194.92 / $379.40 +$45,933 P14 T2 GNRC/NVDA $279.15 / $210.69 +$22,965 P15 T3 FCX/APTV $68.68 / $63.68 −$5,604 P16 T3 AA/BA $59.37 / $222.72 −$17,584 P17 T3 SBSW/HMC $9.67 / $26.26 −$7,444 P18 T3 GTLB/TEAM $26.56 / $82.72 −$2,138 P19 T3 AMD/EWY $537.37 / $219.20 +$67,329 P21 T4 GLW/INTC $194.92 / $133.99 −$49,575 P23 T4 DAL/CRWV $84.18 / $117.95 +$15,098 P24 T4 GOOGL/JBLU $368.03 / $5.68 −$1,407 P25 T5 CLF/NUE $12.28 / $243.83 +$10,424 P26 T5 GEV/XLE $1109.73 / $53.77 +$11,931 P27 T5 PKX/MT $60.69 / $63.41 −$39,399 P28 T6 MU/DELL $1133.99 / $409.50 +$43,866 P29 T6 CENX/BA $51.71 / $222.72 −$17,968 P30 T6 SCCO/TECK $192.93 / $64.36 +$3,572 P31 T6 XME/DAL $117.02 / $84.18 −$8,604 P32 T6 CVX/AXP $173.63 / $338.00 −$11,664 P33 T7 STNG/ICAGY $80.58 / $12.28 −$2,296 P34 T6 GNRC/DELL $279.15 / $409.50 +$32,498 P35 T8 SOXS/INTC $3.59 / $133.99 −$65,842 P36 T7 CVX/AVGO $173.63 / $411.35 +$5,713 P37 T7 SOXS/AVGO $3.59 / $411.35 −$25,462 TOTAL UNREALIZED — 34 pairs (held) +$239,056Tranche attribution (held at June 18 close)
Tranche Net unrealized T1 Legacy +$221,571 T2 Core +$82,042 T3 +$34,559 T4 −$35,884 T5 GOES −$17,045 T6 Cleanup +$41,700 T7 Chokepoint −$22,045 T8 Semi-short −$65,842Book summary (held at June 18 close): Active unrealized +$239,056 across 34 pairs. Realized (frozen): −$82,538. Inception-to-date: +$156,518. Unchanged on the holiday. The book enters the week of June 22 having absorbed a full two-way AI-beta rotation with net P&L intact — the structural shorts and legacy longs continuing to offset one another through volatility while the GOES, chokepoint, and paper-versus-physical theses remain the primary sources of intended directional exposure.
Holiday edition — no settled prices (Juneteenth). Marks held at the June 18 close, verified via two-source settled-close agreement to the cent (Yahoo batch OHLC via yfinance, unadjusted close + Yahoo v8 chart); GSIB three-source; thin ADRs (MURGY, ICAGY) two-source. Produced with the Tau Intelligence Engine ("Tau"). EDMA/OMG Voluntary Consensus Standards Body ("VCSB") governance notice stands.