XLV — long thesis
Thesis
XLV residual wind-down — EXIT-ONLY record. The Aug 18 exit completing the managed wind-down open since June 19 (thesis #58: ETF wrapper redundant to higher-conviction LLY/MRK/ABBV/XLP defensive coverage) was executed but left a residual fractional position with no thesis attached. Healthcare is leading today (+3.5%), which makes this a favorable exit tape for the residual; the redundancy rationale is unchanged — defensive coverage is retained via the single names.
Triggers
Entry: Already held — adopted into thesis management
Exit: Exit the full residual at the next liquid session. Only a Rule #21 spread violation (>5%) may defer, in which case retry next session.
Invalidation: Not applicable — sleeve wind-down already resolved per thesis #58's terms. This is a cleanup record, not a live long thesis.