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no fraction is selected using evaluation returns (Figure 9 note, p. 45).","intervals":"The full-hedge changes at the original tilt carry pointwise 95% intervals (1,999 paired twelve-month calendar-block draws); they are not members of the paper's simultaneous-inference families (Table IA.48, p. 118).","missing_stops":"The paper's five-fraction experiment also includes 25% and 75% (Figure 9, p. 45); those two policies are not in the paper's data tables.","turnover":"Turnover refers to the unit-gross holdings only (Table VII note, p. 46).","two_costs":"Two possible costs of hedging: under unit gross, less of the original tilt may remain; at the fixed original tilt, gross holdings may have to increase (p. 46)."},"pipeline_version":"1.0.0","sample":{"formation_months":225,"return_months":216,"turnover_months":219},"source_files":["partial_hedging.csv","partial_intervals.csv"],"source_release":"The Ruler Matters: Factor Exposures, Attribution, and Portfolio Risk (October 2026), paper tables","units":{"change_bp":"full hedge at the original tilt minus the unhedged portfolio, volatility in bp per month","exposure_retained_pct":"signed tilt as % of the unhedged unit-gross portfolio's tilt","hedge_pct":"% of the loading-space projection removed before unit-gross normalisation","matched_gross":"gross holdings / NAV after restoring the original positive tilt","matched_vol_bp":"volatility after restoring the original positive tilt, bp per month","turnover_pct":"one-way turnover of the unit-gross holdings, % of NAV per month","vol_bp":"volatility at unit gross, bp per month"}},"rows":[{"exposure_retained_pct":99.99999999999996,"hedge_pct":0,"matched_gross":1.0000000000000002,"matched_vol_bp":191.9831601714375,"printed":{"exposure_retained_pct":"100.00","matched_gross":"1.00","matched_vol_bp":"191.98","turnover_pct":"10.92","vol_bp":"191.98"},"target":"bm","turnover_pct":10.919048905381407,"vol_bp":191.9831601714375},{"exposure_retained_pct":94.62022450793025,"hedge_pct":50,"matched_gross":1.0569878634989034,"matched_vol_bp":152.46965195973198,"printed":{"exposure_retained_pct":"94.62","matched_gross":"1.06","matched_vol_bp":"152.47","turnover_pct":"12.95","vol_bp":"143.32"},"target":"bm","turnover_pct":12.946531596120977,"vol_bp":143.3180045524442},{"exposure_retained_pct":75.8008441068637,"hedge_pct":100,"matched_gross":1.3231388243441642,"matched_vol_bp":112.4675901519234,"printed":{"exposure_retained_pct":"75.80","matched_gross":"1.32","matched_vol_bp":"112.47","turnover_pct":"18.40","vol_bp":"83.09"},"target":"bm","turnover_pct":18.39785596093712,"vol_bp":83.08961673370248},{"exposure_retained_pct":100.00000000000004,"hedge_pct":0,"matched_gross":0.9999999999999994,"matched_vol_bp":262.0509066735384,"printed":{"exposure_retained_pct":"100.00","matched_gross":"1.00","matched_vol_bp":"262.05","turnover_pct":"21.04","vol_bp":"262.05"},"target":"mom","turnover_pct":21.038840409093957,"vol_bp":262.05090667353875},{"exposure_retained_pct":93.5380648628815,"hedge_pct":50,"matched_gross":1.0691694799781362,"matched_vol_bp":218.63807198706587,"printed":{"exposure_retained_pct":"93.54","matched_gross":"1.07","matched_vol_bp":"218.64","turnover_pct":"25.74","vol_bp":"205.60"},"target":"mom","turnover_pct":25.743938969933648,"vol_bp":205.59621380796588},{"exposure_retained_pct":62.051572050517656,"hedge_pct":100,"matched_gross":1.6197337008009935,"matched_vol_bp":151.25437561474345,"printed":{"exposure_retained_pct":"62.05","matched_gross":"1.62","matched_vol_bp":"151.25","turnover_pct":"35.71","vol_bp":"93.30"},"target":"mom","turnover_pct":35.71412527256009,"vol_bp":93.29823514322923},{"exposure_retained_pct":100.0,"hedge_pct":0,"matched_gross":1.0,"matched_vol_bp":231.4116894427721,"printed":{"exposure_retained_pct":"100.00","matched_gross":"1.00","matched_vol_bp":"231.41","turnover_pct":"7.73","vol_bp":"231.41"},"target":"size","turnover_pct":7.729145287180328,"vol_bp":231.41168944277211},{"exposure_retained_pct":95.6149508151778,"hedge_pct":50,"matched_gross":1.0459044250065117,"matched_vol_bp":195.34434826738143,"printed":{"exposure_retained_pct":"95.61","matched_gross":"1.05","matched_vol_bp":"195.34","turnover_pct":"12.28","vol_bp":"186.43"},"target":"size","turnover_pct":12.281025127764812,"vol_bp":186.42976746012087},{"exposure_retained_pct":52.34449860128693,"hedge_pct":100,"matched_gross":1.922989967251518,"matched_vol_bp":152.1221123483387,"printed":{"exposure_retained_pct":"52.34","matched_gross":"1.92","matched_vol_bp":"152.12","turnover_pct":"26.52","vol_bp":"79.99"},"target":"size","turnover_pct":26.52186014851779,"vol_bp":79.99173205283994}],"targets":[{"id":"bm","label":"Book-to-market","label_zh":"\u8d26\u9762\u5e02\u503c\u6bd4"},{"id":"mom","label":"Momentum","label_zh":"\u52a8\u91cf"},{"id":"size","label":"Larger-firm size","label_zh":"\u5e02\u503c\uff08\u5927\u516c\u53f8\u65b9\u5411\uff09"}]}