TL;DR
May allocation SOXX 38% · XLV 33% · ITA 29% returned +7.15% with alpha +4.0%p vs SPY. Hit ✅. But we trimmed SOXX -2pp going in — SOXX then ran +12% more. Outcome bias caution.
What we did right
Defensive sector mix (XLV + ITA) at 62% of book caught the macro fear pivot in late May.
What we under-allocated
SOXX trim was -2pp (38% vs 40% prior month). With hindsight, NO trim would have added another ~1pp to portfolio return. Documented as Round 4 dissent that we should have weighted higher.
Not investment advice.