The coverage problem: a missing identifier is still missing

01 · Computed evidence

The July marks

The 5 highest-ranked withheld records show where the gap appears near the top of the cohort. Rank comes from the versioned cohort; each portfolio date comes from its N-PORT filing.

02 · Method

How the figure was made

The run compared long common-equity holdings with 8 US benchmark proxies. A mark publishes only when at least 70% of the best comparison can be matched through filed identifiers.

03 · Finding

International security lines do not behave like US ticker lists

The affected records start with VGTSX, VEA, IEFA, VWO, and IEMG. Their filings contain foreign security lines that cannot always be joined to the US benchmark holdings through the identifiers available in the filing. The registry does not treat the unmatched weight as cash or as a zero-weight position.

04 · Finding

Pooled vehicles break a direct-holdings comparison

Balanced, global-account, and allocation records can contain pooled vehicles beside direct securities. A wrapper identifier does not reveal the underlying stocks. Expanding it without a dated, filed look-through would manufacture precision, so the July mark stays withheld.

05 · Finding

Specialty portfolios expose a benchmark limit

Semiconductor, real-estate, gold-miner, long-short, and small-cap portfolios also appear among the 74 withheld records. Some use security types or identifiers the July matcher did not resolve. Others sit far from the 8 broad US comparison portfolios. The failure is a limit of this measurement, not evidence that the fund is bad or unusually active.

06 · Finding

What an investor can verify

The filing, portfolio date, cohort rank, and withheld status remain public. The active-share number does not. That line matters: an unverifiable comparison should not look like a measured one.

The registry run finished on July 26, 2026. Its record is append-only. If identifier coverage improves, a later run can add a dated mark for these funds without rewriting the withheld July observation.