Industrials Led. Software Lagged.

Crypto took the week outright. Industrials gained +4.2%, and the average crypto complex +0.4% against -0.9% for the average equity complex, across 27 tracked complexes of which 10 advanced. Uranium was the week's worst price performer at -8.2%, narrowly below Software at -3.6%. But Software also collapsed from rotation rank 4 to 5, giving its weakness confirmation across both price and relative leadership.

2 deteriorated in every one of them (Defense and Mid Caps). Persistence across 4 consecutive daily reads separates sustained evidence from a one-session observation.

Underneath the returns the ranking re-ordered: climbed into the leadership tercile: Insurance (17→9); 13 held their place in it. A complex can rise in price and still lose rank if others rose faster.

Polaris revised its daily verdict on 4 of 4 sessions, tracking breadth and sector damage day by day — yet no single session named the Industrials advance as the story. That is what the weekly horizon adds.

Preseason standings through 2026-09-11. The official Horse Race begins 2026-10-01, when all five indexes start at 100.00.

1. KB Active Fund — week -2.77% · preseason +1.08% · vs S&P +0.76% · vs gold +0.80% 2. KB Forever Fund — week -1.49% · preseason +0.93% · vs S&P +0.61% · vs gold +0.65% 3. S&P 500 Benchmark — week -1.16% · preseason +0.32% · vs S&P +0.00% · vs gold +0.04% 4. Gold Benchmark — week -2.28% · preseason +0.28% · vs S&P -0.04% · vs gold +0.00% [STALE] 5. Polaris Dynamic Fund — week +0.16% · preseason +0.16% · vs S&P +0.93% · vs gold +1.30%

KB Active Fund leads at +1.08%. KB Forever Fund is 0.15 points back. Best week: Polaris Dynamic Fund +0.16%. Weakest: KB Active Fund -2.77%. 2 of the three funds are ahead of both benchmarks.

Polaris Dynamic held GDX 60%, PDBC 30%, XLE 10%. That allocation returned +0.16% over the holding period, +1.31% against the S&P 500 and +2.43% against gold. Friday decision: 2026-09-11.

Systematic screening results · not portfolio recommendations. MOMENTUM & VOLUME Stocks currently passing the Polaris momentum and volume criteria. DELL — 52 / 100 (NEW) ATH + 52W Growth · 21d +17.1% · Volume 1.2x normal VALUE Stocks currently passing the Polaris value criteria. TROW — 93 / 100 P/E 10.7x · FCF yield 8.9% · Quality 94 ACGL — 91 / 100 P/E 7.5x · FCF yield 13.1% · Quality 76 GL — 89 / 100 P/E 11.4x · FCF yield 8.9% · Quality 87 MO — 88 / 100 P/E 14.5x · FCF yield 7.8% · Quality 74 CINF — 88 / 100 P/E 8.0x · FCF yield 11.5% · Quality 94 FSLR — 88 / 100 P/E 12.9x · FCF yield 7.1% · Quality 92 FIS — 86 / 100 P/E 5.9x · FCF yield 13.5% · Quality 61 LULU — 86 / 100 P/E 8.1x · FCF yield 10.5% · Quality 75 ALL — 84 / 100 P/E 5.1x · FCF yield 23.6% · Quality 92 APA — 84 / 100 P/E 9.4x · FCF yield 13.7% · Quality 89

The advance was concentrated in Industrials (+4.2%), Commodities Broad (+3.9%) and Tier 2: ETH (+3.4%); against it, Uranium (-8.2%), Software (-3.6%) and Tier 1: BTC (-3.2%). All measured close to close over the week, not single-session pops.

By rotation rank, held the leadership tercile all week: Software, Energy, Commodities Broad, Gold Miners, Silver Miners and Emerging Markets; climbed into it: Insurance (17→9).

New this week: Emerging Markets (from 2026-09-09, 3/4 sessions) and Insurance (from 2026-09-10, 2/4 sessions). Fewer than a full week of evidence — candidates, not conclusions.

Measured damage: Uranium -8.2%, Software -3.6% and Tier 1: BTC -3.2%.

Slipped but still leading: Silver Miners (5→7), Theme: ISO / Settlement Networks (2→4), Software (4→5) and Commodities Broad (1→2) — still inside the leadership tercile. A shuffle among leaders is a different event from leaving it.

Already weak and still weak: Defense (20→20) — bottom tercile throughout. A marginal rank gain here is not a recovery, only a less weak position among the weak.

Convictions still calling deterioration at the close: Defense (4/4) and Mid Caps (4/4).

Dropped during the week: Pipelines (last held 2026-09-10), Semiconductors (last held 2026-09-09), Commodities Broad (last held 2026-09-08) and Materials (last held 2026-09-08) — no longer seen, not reversed.

3 risk conditions were active in every one of the 4 sessions this week: Leadership concentration, Thesis invalidation and Market Stress — LOW. A risk that stays lit for a full week of sessions is not an alert; it is the current environment.

The AI complex over the week: Semiconductors +1.0%, Software -3.6%, Mag 7 +0.8% — an average of -0.6%.

That is 0.3 points of relative outperformance against an equity complex averaging -0.9%. Continued outperformance next week would strengthen the case that leadership is consolidating in the complex.

AI-related convictions: Semiconductors (faded), Semiconductors (faded), Mag 7 (emerged), Software (single_session), Mag 7 (emerged).

Crypto has clearly separated from the other major complexes. Within the metals, the miners are moving considerably faster than the metals themselves. Broad equities and Gold and Silver are declining. Inside AI / Hyperscalers, leadership is splitting rather than moving together. Current ordering: Crypto → AI / Hyperscalers → Broad equities → Gold → Silver.

Rotation Pulse kept Software, Energy, Commodities Broad and Gold Miners inside the leadership tercile over the same interval — the shift at the top did not displace them.

Methodology note: Wen Moon reports measured direction only. It does not classify these complexes as ranging, building or breaking out — that classifier is not validated.

Confirm or discard: Emerging Markets, Insurance and Uranium — each with fewer than a full week of evidence behind it.

Asserted once and not repeated: Industrials (2026-09-10), Market Stress — ELEVATED (2026-09-10) and Software (2026-09-09) — a single session that does not recur was a day, not a trend.

The specific test: whether equities retains relative leadership after this week's repricing. 7 equities complexes currently sit in the leadership tercile, Industrials at rank 16. Continued strength, consolidation while holding leadership, or broadening participation would reinforce the move; a sharp reversal and loss of relative rank would weaken it.

Watch for re-emergence: Pipelines, Semiconductors, Commodities Broad and Materials.

Industrials Led. Software Lagged.

Industrials +4.2% against Uranium -8.2% over 2026-09-04→2026-09-11; crypto average +0.4% vs equity average -0.9%; 6 subjects held all 4 sessions.

If you wanted to know what happened this week, what is leading, and what matters next week — you have it. That was the publication.

What follows is the working: the full measured table for every tracked complex, the complete conviction ledger showing which calls Polaris held and which it dropped on which day, and the provenance record identifying exactly which intelligence runs and which daily editions this week was built from. It is here so the conclusions above can be checked rather than trusted.

Every tracked complex, measured close-to-close from 2026-09-04 to 2026-09-11, followed by every conviction Polaris carried during the week and the provenance record for the five daily editions this week was built from.