SELL12MRNA@$175.00

Notional

$2,100.05

Cost basis

$705.99

Realized

$1,394.00

Realized %

+197.45%

Held for

90 days

Trimming the largest position back under the cap after a 12.9% session with nothing dated behind it. Moderna went to 12.3% of book today, through the 12% single-name limit this basket runs, and the tape offers no company catalyst for the move: the newest items are comparison listicles plus a GSK mRNA flu program advancing to Phase III, which is competition rather than a Moderna readout. That makes today multiple expansion on sector flow, and flow reverses faster than data does. Selling 12 of 85 shares takes it to about 10.5% and books part of a 165% gain. The position stays large because the cancer-vaccine thesis is intact; it just stops being the thing that decides the book.