Sixteen names changed in August. Nine of them in one model.

The August rebalance is complete across all four models. Sixteen positions changed, and they are not spread evenly. Tepper Tactical turned over nine names. Core 20 changed two.

That gap is the models working as designed. Core 20 is built to move slowly and it usually swaps a name or two a quarter. Tepper Tactical is the aggressive sleeve and it rotates hard when the underlying positioning moves.

The full list is at the bottom of this letter, model by model. Three of the new positions get a closer read first, because they are the ones members are most likely to have questions about.

One thing to check in your own account is at the end: after this rebalance, several names now sit in more than one model, which changes what a blended book actually holds.