Start with the macro backdrop, then compare absolute price direction with benchmark outperformance. A fund can rise while lagging its benchmark, or fall while outperforming it. Market Structure adds U.S. breadth and size checks alongside international market and factor comparisons. Factor-fund participation remains separate from country participation.
The readout treats at least 60% of comparable instruments in uptrend as widespread, and fewer than 40% as limited. Trend counts include the published benchmark and reference funds; relative-leadership counts exclude benchmark references. Each universe counts once. Unavailable or stale universes are excluded from current interpretations.
The return lookback changes the hero’s relative-leadership interpretation and the comparisons below. Latest trend changes and the current macro backdrop retain their observation dates. Across horizons compares the same instruments at the same close: 1M uses the longest available comparison, while longer windows use the shortest available comparison. Differences between these return periods are not changes between observation dates.
The hero connects these readings rather than repeating the tables. Its evidence disclosures show the dates and figures behind each interpretation. Current trend participation and the selected leadership window measure different time horizons. Benchmark gains alongside limited participation do not establish a cause or forecast a reversal.
Macro scores strictly between −0.20 and +0.20 supply no strong directional tilt in this comparison. A neutral composite can still contain positive and negative pillar readings. U.S. structure is connected to trend participation only when their source-close dates match.
Changes compare instruments usable on both dates. New history and unavailable comparisons do not count as gains or losses of leadership. Cross-market changes are compared only over the same endpoints. Price returns exclude distributions; brief gaps may use a prior close under the dashboards’ existing data policy.
These are descriptive research signals, not forecasts or instructions to change an allocation. Use the portfolio mandates and rebalancing rules alongside the evidence.
