Methodology & Updates
A transparency log of changes to signal logic, data coverage, and features. Signal methodology changes are noted with their rationale and any impact on existing ratings.
May 22, 2026
Mixed Signals Section
Added a new Mixed Signals section for stocks where 3+ funds are buying and 3+ funds are reducing or exiting — divergent conviction within the tracked universe. These stocks previously appeared in both Long and Short sections simultaneously, which was misleading. They are now moved out of the individual directional sections and shown together under Mixed Signals, positioned between Long Ideas — Already Moved and Short Ideas. The section replaces the combined conviction score with a Buyers / Sellers split column showing fund counts and conviction scores per side. Stock detail pages for mixed stocks now display both a Funds Buying table and a Funds Reducing / Exiting table, and the header shows both LONG and SHORT direction badges.
Affects existing ratings: 11 stocks moved out of Long and Short sections into Mixed Signals: GOOGL, AMZN, DIS, CPNG, DASH, MELI, RKT, UNH, BE, MSFT, Q. Signal counts in Long Ideas, Long Ideas — Already Moved, Short Ideas, and Short Ideas — Already Moved are each reduced accordingly.
May 21, 2026
Short Signal Fix & Short Ideas — Already Moved
Short signal detection had a significant bug: funds that completely exited a position have no Q1 holdings row in the 13F filing, making full exits invisible to the pipeline. Only partial reductions (where a fund still holds some shares) were being captured — which is why only MSFT and DIS appeared as short signals. The fix cross-references Q4 holdings against Q1 to detect complete exits as 100% reductions, bringing total short signals to 22 (11 passing the price filter). A new Short Ideas — Already Moved section was also added — the mirror image of Long Ideas — Already Moved, showing stocks where the exit thesis has already played out (stock down more than 10% vs SPY since quarter-end). News sentiment and insider activity are now enriched across all four signal sections: Long Ideas, Long Ideas — Already Moved, Short Ideas, and Short Ideas — Already Moved.
Affects existing ratings: Short Ideas now correctly reflects exits by 3+ funds. Previously missed signals include: Flutter Entertainment (5 funds), American Airlines, DoorDash (4 funds each), Shopify, Chipotle, Philip Morris, UnitedHealth, Synopsys, and others. MSFT updated from 3 to 5 funds; DIS from 3 to 4 funds.
May 21, 2026
Fund Universe Expanded to 27 Funds
Added two funds to the tracked universe: Himalaya Capital Management (Li Lu, ~$3.2B AUM) and TCI Fund Management (Chris Hohn, ~$45B AUM), both verified via SEC EDGAR with Q1 2026 13F-HR filings dated May 15, 2026. TCI's holdings notably boosted Visa to 8-fund convergence and introduced new signals in Moody's, S&P Global, and Canadian National Railway. We also completed a data quality pass on CUSIP-to-ticker resolution: the pipeline was generating spurious duplicate signals where unresolved CUSIP codes (9-character identifiers like 30303M102) appeared as tickers alongside the correct resolved symbols. All 213 duplicate rows were removed; the underlying pipeline fix ensures this cannot recur on future quarterly re-runs.
Affects existing ratings: Signal counts and conviction scores for several stocks increased as TCI and Himalaya holdings were incorporated into the 27-fund convergence calculation.
May 20, 2026
News Sentiment Recalibrated
The sentiment classifier was treating 'Neutral' as 'mixed news' — stocks with significant earnings misses, revenue declines, guidance cuts, or multiple red flags were being rated Neutral when the weight of evidence warranted Negative. We updated the classification logic with explicit definitions: Negative now applies to any material earnings miss (>10% below consensus), revenue decline, guidance cut, significant legal or leadership issue, or 3+ material red flags even when partially offset by positives. Neutral is reserved for genuinely unremarkable periods. All summaries have been re-generated with the updated logic.
Affects existing ratings: Stocks previously rated Neutral with notable headwinds may now appear Negative. The intent is that Neutral should mean 'nothing significant to flag' — not 'some bad news balanced by some good news.'
May 20, 2026
Long Ideas — Already Moved: Insider & News Coverage Added
Insider activity and news sentiment were previously only tracked for stocks passing the price filter (Long Ideas and Short Ideas). Stocks in the Long Ideas — Already Moved section — high-conviction buys that have outperformed SPY by more than 10% since quarter-end — now receive the same enrichment. This is particularly relevant for investors considering a momentum or re-entry play, where insider buying or a positive news backdrop may support further upside despite the stock having already moved.
May 20, 2026
Re-entry Signal (↩)
Long Ideas now display an amber ↩ badge next to the ticker when a stock previously appeared in Long Ideas — Already Moved and has since pulled back into range — meaning it outperformed SPY by more than 10% at some point since quarter-end, then gave back enough to re-enter the price filter. Re-entries may be worth additional attention: the institutional thesis played out once (funds were right), the price has since reverted to a more attractive level, and the underlying conviction from multiple hedge funds remains unchanged. The badge is a one-way flag — it persists even if the stock moves in and out of range multiple times.
May 20, 2026
Sortable Columns
All signal tables (Long Ideas, Long Ideas — Already Moved, Short Ideas, Short Ideas — Already Moved) now support sorting by clicking any column header. Sortable columns: Ticker (A–Z), Company (A–Z), Funds (most to fewest), Score (highest conviction first), Return (vs. SPY), Insider activity (Buy → Buy+Sell → Sell → None), and News sentiment (Positive → Neutral → Negative). The default sort remains conviction score descending, consistent with prior behavior. Clicking a column once sorts descending; clicking again toggles to ascending.