·STRAY NARRATIVES·

The Record

Every trade named in a published issue, at its published entry price, winners and losers alike.

Anyone can publish a view; the receipts decide which were worth reading. Each position below entered the record in print, at the price published at the time, and stays on it until closed in print. The positions are ours, tracked so readers can audit the judgement behind them; nothing on this page is a recommendation to buy or sell anything. Read the research →

Open positions · marks as of 2026-07-05

SOFR Mar-27 96.50/97.00 call spread

n/a

Named in print: Issue 03 · 2026-03-21

published debit 0.15 pts · unquoted; no public option feed

Market mispricing the 1973 stagflation map; both tails resolve into cuts

The exit we published: Fed cuts by Mar-27 (either tail: recession or inflation-fade)

TLT Feb-27 85/100 call spread

n/a

Named in print: Issue 03 · 2026-03-21

published debit 4.18 USD · unquoted; no public option feed (underlying TLT 85.51)

Wrong Map rates leg; mechanism updated in the Right Trade re-underwrite (v5)

The exit we published: Duration rallies on demand destruction

Sprott Physical Uranium Trust

-1.7%

Named in print: Issue 08 · 2026-04-24

published entry 27.83 CAD · last close 27.35 CAD

Uranium deficit; own the commodity at NAV, not the equities

Magnum Ice Cream (spin)

+43.2%

Named in print: Issue 09 · 2026-05-04

published entry 13.07 USD · last close 18.72 USD

Post-spin forced selling done; index inclusion + margin bridge to Froneri

Xunlei

-10.9%

Named in print: Issue 11 · 2026-05-14 · position update

published entry 6.33 USD · last close 5.64 USD

Deep-discount holding: net cash + trough ops cover the market cap 2.3x; original four-week thesis dead, scored MISS (F2)

The exit we published: Re-underwritten, no clock (Issue 19, 2026-07-05): acquisition-shaped capital move = exit; Insta360 below 130 yuan = public re-underwrite

KraneShares CSI China Internet

-6.0%

Named in print: Issue 13 · 2026-05-29

published entry 26.58 USD · last close 24.99 USD

41% multiple gap to the S&P closes

iShares MSCI China

-7.5%

Named in print: Issue 13 · 2026-05-29

published entry 55.03 USD · last close 50.91 USD

Same as KWEB; broader wrapper

Select Harvests

-6.4%

Named in print: Issue 16 · 2026-06-19

published entry 3.93 AUD · last close 3.68 AUD

Almond supply cycle broken; replacement-cost floor A$3.30-3.50; buyback at the trough

Medtech 10-name EW basket

-0.2%

Named in print: Issue 18 · 2026-06-26

equal weight, 10 names, entered at the published closes · marked name by name, daily

First discount to the S&P since 2008; GLP-1 fear backwards; data-moat option

RMD +4.7%MDT +2.7%ABT +1.4%GEHC -0.3%BSX +2.1%SYK -1.9%ZBH -6.0%BDX +1.4%GMED -7.1%DXCM +1.6%

Closed in print

Tanker basket (Wrong Map)

+30.0% total return

Named in print: Issue 03 · 2026-03-21 · position update · closed in print 2026-06-22

Hormuz war premium via ton-miles; sold when the premium deflated on the US-Iran MOU

Calls we have scored against ourselves

Published	The claim, as published	Score	What happened
2026-03-21	Tanker basket rises on Hormuz disruption ton-miles	HIT	+30% TR in 3 months
2026-05-14	XNET NAV discount (~78%) closes materially on the 11-Jun Insta360 lock-up expiry; title claimed four weeks; base case 55-75% pa over 18mo	MISS	Discount ~75% seven weeks on

Marks from end-of-day data, updated regularly; options carry no public feed and are shown at their published debit until marked. Entry basis is the published price on the day each piece named the trade. This page is generated from the same register that drives our internal ledger; the two cannot disagree. Full disclaimer. © Stray Narratives.