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Takeda Pharmaceutical Company Limited American (TAK) — RQD Stock Rating Cockpit

$20.91 +4.50% NYSE • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $21.04

Takeda Pharmaceutical Company Limited American (TAK) carries a Roarable Rating of C+ (Hold) with 68/100 RQD Confidence. The composite score sits in the neutral Hold band (59–69), meaning current holders don’t need to panic-sell while prospective buyers can wait for a move into the 70+ Buy zone.

📊 Historical Track Record: Scores of 68/100 (C+) historically posted market-perform odds over rolling 90-day windows (+1.8% avg 90D alpha vs SPY) →

ROARABLE C+ • HOLD / WATCH Cap $63.23B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER Click Any Pre-Computed AI Quant Specialist Briefing on TAK Below — or Connect Your Own ChatGPT / Claude

🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is TAK stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-02, Takeda Pharmaceutical Company Limited American (NYSE: TAK) is rated C+ (Hold / HOLD) by Roarable's 5-pillar RQD engine with a composite confidence score of 68/100 at a spot price of $20.91 (+4.50% 1D, market cap $63.23B). Pillar breakdown: Fundamental Cash Engine 11/20, Institutional 13F & Options Flow 16/20, Executive Insider Alignment 16/20, FRED Macro Regime Fit 13/20, and SEC Balance-Sheet Forensics 12/20. Across 1016 tracked Health Care issuers, TAK ranks #98 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does TAK compare to TEVA and REGN in the Health Care sector?

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Within the Health Care sector (Biotechnology: Pharmaceutical Preparations), TAK carries a Roarable C+ (68/100 RQD), trailing P/E of 32.8x, gross margin of —, and ROIC of 9.9%. By comparison, TEVA (Teva Pharmaceutical Industries Limited) holds a C grade (62/100 RQD, P/E 34.3x, ROIC 9.4%, cap $48.32B) and REGN (Regeneron Pharmaceuticals Inc.) posts a B+ grade (80/100 RQD, P/E 18.7x, ROIC 9.4%, cap $84.30B). Among the 5-stock peer group, REGN leads on earnings multiple (18.7x) while ONC leads on capital efficiency (10.5% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for TAK?

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For Takeda Pharmaceutical Company Limited American (TAK), key quantitative strengths include Big institutional funds and options desks are actively positioning on the bullish side. and Clean SEC annual filing review with no major hidden accounting time-bombs., while primary risk factors center on Broader market pullbacks can still drag down strong stocks in the short run. and implied 5-year growth hurdle of 25.3%/yr. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $21.04 (+0.62%)🧬 Cannibal Buyback (-1.24% YoY Shares)⚙️ Cash Engine: 11/20 (D+) • 15.8% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record: Scores of 68/100 (C+) historically posted market-perform odds over rolling 90-day windows (+1.8% avg 90D alpha vs SPY • 56.9% hit rate — wait for RQD ≥ 70 breakout).

Audit Bucket Track Record →

RQD QUANT TACHOMETERHOLD / WATCH • C+

2-of-3 JEV AI Jury Bullish

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw C · Rk B

Each axis scored 0–20

12M PRICE TARGET CONE+4.5% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for TAK)Realized 20D OHLCV Swing Band: ±3.4%

Deterministic 5-Pillar Attribution (68/100 Composite)

🔍 WHY TAK SCORES 68/100 (C+) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Whale & Options Positioning+16/20 pts (24% of score)

20D Institutional Volume Accumulation (±3.4% realized swing band)

▲ #2 Bullish Driver: SEC 10-K Forensic Risk+16/20 pts (24% of score)

Altman Z-Score 3.74 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 7/9

▼ #1 Drag / Risk Factor: Cash Engine Quality11/20 pts (-9 pt drag)

Capital intensity & 13.9% operating margin leave 9 pts on the table

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade C$18.52+8.4% Next Q

Q2 (-2Q)

Grade C+$20.08+0.9% Next Q

Q3 (-1Q)

Grade C+$20.27+3.2% Next Q

Current

Grade C+$20.91+1.8% Hist 90D α

Trajectory: C (60) → C+ (68)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the TAK Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 68/100 (C+) score, TAK faces multiple-compression risk if 32.8x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Broader market pullbacks can still drag down strong stocks in the short run.

⚠️ Forensic Kill-Switch #2

Dilution & Margin Drag: Cannibal Buyback (-1.24% YoY Shares) — any gross margin slip below 49.5% triggers an automatic RQD downgrade.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($18.91) or 200D SMA ($17.59) invalidates the momentum regime and cuts Target Base ($21.85) toward Bear Floor ($17.04).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $TAK• $2.4M Crowd Pool • Kalshi / Polymarket Composite

Contract: “TAK Beats Next Quarter EPS Consensus (Upcoming Quarter) & Holds Above 200D SMA”

YES 68%NO 32%Trade / Inspect Odds →

RSI-14 MOMENTUMBULLISH MOMENTUM

56.630 Oversold · 70 Hot

ALTMAN-Z SHIELDFORTRESS SAFE (>3.0)

3.74>3.0 Fortress Safe

PIOTROSKI F-SCOREHIGH QUALITY (7–9)

7 / 99-Pt Accounting

52-WEEK LASER RANGE96% OF RANGE

L: $13$20.91H: $21

1. Money & Cash Health● MIXED

Are profits real cash in the bank?

Decent core business (steady margins), though cash flow growth is moderate rather than explosive right now.

Factor Grade: D+RQD 11 / 20

2. Big Money & Insiders● BUYING

Are whales & executives buying or selling?

Hedge funds and options traders are leaning bullish, showing strong institutional appetite.

Factor Grade: B-RQD 28 / 40

3. Hidden Risks & Market Weather● ALL CLEAR

SEC fine-print scan & interest-rate fit

Clean SEC fine-print check with low hidden accounting risk and favorable interest-rate weather.

Factor Grade: BRQD 29 / 40

MULTI-MODEL JEV QUANT JURY DELIBERATION

2-of-3 JEV AI Jury Bullish on TAK

Cash & Moat Bull AI

ROIC & Free Cash Flow Model

NEUTRAL (55)

9.9% ROIC with 42.0% gross margin and 2.21% FCF yield.

SEC Forensic Auditor AI

10-K Accruals & Altman-Z Guard

BULLISH (80)

Altman-Z 3.74 and Piotroski 7/9 pass balance-sheet audit.

Whale & Macro Hawk AI

Options Skew, 13F & Fed NetLiq

BULLISH (68)

28/40 institutional & smart-money positioning score with 13/20 macro alignment.

Bull Case: Why Buyers Like TAK

✓Big institutional funds and options desks are actively positioning on the bullish side.
✓Clean SEC annual filing review with no major hidden accounting time-bombs.

Bear Case: What Could Go Wrong

!Broader market pullbacks can still drag down strong stocks in the short run.

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Quantitative Research Desk

Scheduled RQD Strong Buys & Whale Accumulation Briefing (TAK Tape Review)

✓Breakdown of the highest-scoring RQD Green-Light breakouts across our 5,200+ rated universe
✓Forensic Red-Light accounting & dilution traps to review on your watchlist
✓Includes downloadable .ics calendar invite & nightly RQD rating-change email alerts

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

Want Custom AI PineScript / Python Indicators & Priority Rating-Change Alerts?

Join Founding VIP Waitlist (No Card Required) →$100K Arena

TAK // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +26.27%⚡ TESTING RESISTANCE

2026-11-02O $20.15H $20.91L $20.01C $20.91VOL 4.81M

RES: $21.32SUP: $18.42SMA50: $18.91SMA200: $17.59

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

TAK Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 TAK Butterfly Map → + Track TAK →

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)

25.3%/yr Implied 5Y Growth

vs. -3.3% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on TAK today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for TAK. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for TAK today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (TAK)

Health Care Rank #98 of 1016 ⚔️ TEVA vs TAK Full Matrix →

1. Head-to-Head Health Care Peer Comparison (TAK vs. TEVA, REGN, ONC, GSK)

Industry: Biotechnology: Pharmaceutical Preparations (489 Tracked Issuers)

Across 1016 tracked Health Care securities in the Roarable RQD universe, Takeda Pharmaceutical Company Limited American (TAK) ranks #98 by composite RQD confidence (68/100, grade C+) and #30 by equity capitalization ($63.23B). Within this direct 5-issuer industry benchmark cohort, REGN leads on earnings valuation at 18.7x trailing P/E, while ONC leads on capital efficiency and profitability with 10.5% ROIC and 87.5% gross margin. REGN currently holds the highest overall quantitative score in the immediate peer group at 80/100 (B+) compared with TAK at 68/100 (C+).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
TAK ACTIVE Takeda Pharmaceutical Company Limited American	C+	68/100	32.8x	—	9.9%	+4.50%	$63.23B	Benchmark Subject
TEVA Teva Pharmaceutical Industries Limited	C	62/100	34.3x	51.8%	9.4%	+1.50%	$48.32B	/teva-vs-tak →
REGN Regeneron Pharmaceuticals Inc.	B+	80/100	18.7x	—	9.4%	+13.33%	$84.30B	/regn-vs-tak →
ONC BeOne Medicines Ltd.	B-	71/100	147.2x	87.5%	10.5%	-0.33%	$42.25B	/onc-vs-tak →
GSK GSK plc American	D+	57/100	32.8x	—	9.9%	+1.71%	$98.47B	/gsk-vs-tak →

2. TAK Fundamental Profitability, Capital Efficiency & Balance-Sheet Forensics

TRAILING 12M & FORWARD QUANTITATIVE SNAPSHOT

Takeda Pharmaceutical Company Limited American (TAK) operates in Biotechnology: Pharmaceutical Preparations (Health Care) with an equity capitalization of $63.23B, trailing P/E of 32.8x, forward P/E of 30.5x, and EV/EBITDA of 21.0x. Operating profitability registers a gross margin of —, operating margin of 13.9%, net profit margin of 10.9%, ROIC of 9.9%, and free cash flow yield of 2.21%, alongside an Altman Z-Score of 3.74 and Piotroski F-Score of 7/9.

3. TAK Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is TAK stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does TAK compare to TEVA and REGN in the Health Care sector?

What are the biggest fundamental strengths and SEC risk factors for TAK?

Where is TAK trading relative to its 50-day, 200-day, and 52-week technical levels?

TAK last traded at $20.91 (+4.50% on volume of 4,624,456 shares), positioning the stock +10.58% above its 50-day simple moving average ($18.91) and +18.87% above its 200-day simple moving average ($17.59). Across its 52-week range of $13.35 to $21.22, TAK sits at the 96.1% percentile with a 14-day RSI of 56.6 (BULLISH MOMENTUM) and an implied next-earnings move of ±3.4% ($20.20 to $21.62).

TAK Investor FAQ & Complete 8-Part Research Index

100% OPEN ACCESS • SEC EDGAR × CBOE × FRED

Should I buy, hold, or sell TAK stock right now?

Takeda Pharmaceutical Company Limited American (TAK) currently earns a Roarable Rating of C+ (Hold — HOLD) with 68/100 RQD Confidence. Solid steady margins (10% return on capital), mixed timing at 33x P/E—hold if owned, no rush to chase.

What is TAK's 12-month price target and RQD AI Jury consensus?

TAK's 12-month base price target is $21.85 (range $17.04 to $25.78), backed by transparent SEC XBRL cash-flow, Form 4 insider, and CBOE options flow analysis.

Direct Sub-Reports: TAK RQD Cockpit TAK 12M Forecast TAK Earnings & Move TAK Dividends & DRIP TAK Insiders & 13F TAK Whale Options TAK Profit Sankey TAK News & Why

ROARABLE RATING BRIEF • RQD 68/100 (C+) ✓ STAGE-C NUMBER FIREWALL VERIFIED

TAK — Takeda Pharmaceutical Company Limited American: What the Facts Mean to a Prospective Investor

Engine: anthropic/claude-haiku-5.5

As of: 2026-11-02T14:08:35Z

Roarable Rating Brief: What This Means to a Prospective Investor

Per the Roarable RQD rating, TAK scores 68 / C+ with the verdict "Roarable Hold — Upper Neutral / Watch for Breakout." The five pillars are:

Fundamental Cash Engine: 11 / 20. Per the RQD rating, this pillar reflects ROIC of 9.9% and FCF yield of 2.21%. Investor implication: returns on capital are positive but not exceptional, and the free cash yield is thin relative to a 32.8x trailing P/E, so the valuation leans on expected future earnings growth rather than current cash generation.
Whale 13F Flow: 16 / 20. Per the RQD rating, this pillar reflects institutional accumulation and options positioning. Investor implication: the rating treats institutional positioning as a relative strength, a potential upside driver if flows persist. The underlying 13F detail is not included in the source data.
Insider Conviction: 12 / 20. Per the RQD rating, this pillar reflects SEC Form 4 and Congressional PTR cluster flow. Investor implication: insider signal is moderate rather than strongly confirmatory; the transaction-level detail is not provided.
Macro Regime Fit: 13 / 20. Per the RQD rating, beta is 1.06 with sector sensitivity. Investor implication: the stock is expected to move roughly in line with the market, offering neither defensive insulation nor high-beta leverage.
Forensic Balance Sheet: 16 / 20. Per the RQD rating, Altman Z is 3.74, Piotroski F is 7/9, and Debt/Equity is 0.39. Investor implication: this is the strongest pillar, indicating low financial distress risk and a sound balance sheet.

Taken together, the rating suggests a balance-sheet-supported company whose valuation (P/E 32.8x TTM, 30.5x forward, EV/EBITDA 21) is demanding relative to its cash yield. The "Watch for Breakout" framing implies the rating is awaiting confirmation from earnings or flow momentum rather than signaling an immediate directional call.

Snapshot

Price	Market Cap	P/E (TTM)	Forward P/E	EV/EBITDA	EPS (TTM)	Dividend Yield	Beta	52-Wk Range	ROIC %
20.01	$63.23B	32.8	30.5	21	0.61	0%	1.06	$13.35 - $21.22	9.9%

Business

Takeda Pharmaceutical Company Limited American (TAK) is a NYSE-listed issuer in the Health Care sector, industry Biotechnology: Pharmaceutical Preparations. Per the profile, it has a market capitalization of $63.2B. Not available in source data: product lines, customer segments, and revenue model detail.

Recent Catalysts & News Wire Analysis

Q3 2026 earnings (GREEN / CATALYST, 15h ago): A headline states that EPS topped estimates by roughly 28% despite a muted share reaction, alongside a reference to book value growth. This is the single catalyst flagged green in the feed.
Market wire items (YELLOW, 1h–12h ago): Several general coverage items reference TAK market action, institutional positioning, and fundamental catalysts. One reports ADR movement to $20.25 and frames price as sitting between support and resistance. These items are generic and carry limited independent information.
Risk watch: The share reaction to the earnings beat was described as muted, indicating the positive surprise was not fully reflected in price.
Proprietary signals: None provided in the Butterfly graph.

Butterfly Effect: 2nd-Order Supply-Chain & Sector Ripples

Supply chain: NONE. Butterfly links: none. Proprietary signals: none. Not available in source data: upstream suppliers, downstream customers, and sector correlation metrics.

Open Questions

What are the reported revenue, operating income, and net income figures for recent periods, and how do they trend?
What is the analyst consensus rating and price target distribution?
What specific institutional (13F) and insider (Form 4, Congressional PTR) transactions underlie the whale and insider pillar scores?
What drove the reported EPS beat in Q3 2026, and why was the share reaction muted?
What is the reported gross margin, given the source lists 0%?

TAK Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Takeda Pharmaceutical Company Limited American (TAK) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to TAK Debate Forum (3) ↓

🟡 MARKET WIRE Stock Titan • 9h ago

Takeda Pharmaceutical Company (TAK) Stock Price, News & Analysis

Stock Titan report covering Takeda Pharmaceutical Company Limited American (TAK) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Timothy Sykes • 12h ago

Takeda Pharmaceutical Company Limited American Depositary Shares (each representing 1/2 of a share of) (TAK) Stock Price | Live Quotes & Charts | NYSE

Timothy Sykes report covering Takeda Pharmaceutical Company Limited American (TAK) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Stock Traders Daily • 15h ago

(TAK) and the Role of Price-Sensitive Allocations

Stock Traders Daily report covering Takeda Pharmaceutical Company Limited American (TAK) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Stock Traders Daily • 18h ago

Trading the Move, Not the Narrative: (TAK) Edition

Stock Traders Daily report covering Takeda Pharmaceutical Company Limited American (TAK) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE https://www.siam.in/ • 21h ago

Takeda Pharmaceutical (TAK) ADR Advances 1.63% to $20.25, Sitting Squarely Between Support and Resistance - Ratio Spread Trade

https://www.siam.in/ report covering Takeda Pharmaceutical Company Limited American (TAK) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟢 CATALYST https://www.dars.gov.et/ • 1d ago

TAK Q3 2026 Earnings: EPS Tops Estimates by Roughly 28% Despite a Muted Share Reaction - Book Value Growth

https://www.dars.gov.et/ report covering Takeda Pharmaceutical Company Limited American (TAK) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔴 RISK WATCH Yahoo • 3d ago

Asian Equities Traded in the US as American Depositary Receipts Fall Sharply in Friday Trading

Asian equities traded in the US as American depositary receipts were sharply lower Friday morning, d

Read Full Source ↗

🟡 MARKET WIRE Yahoo • 3d ago

What Takeda Pharmaceutical (TAK) Said on Its Q2 Earnings Call

Takeda Pharmaceutical (NYSE:TAK) reported first-half fiscal 2026 results that management said were in line with expectations as the company invested in new product launches and its late-stage pipeline while using savings

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

TAK Bull vs. Bear Conversation Board — What's Your Call at $20.91?

🐂 50% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON TAK 🐻 50% BEARISH CONVICTION

RO RoarDesk_Moderator Roarable Research Desk ⚖️ DEBATE HOST 🎯 Target: $21.61 (+8.0%)

📌 Pinned Debate

🔥 Official Bull vs. Bear Debate: Is TAK (C+ • RQD 68/100) a Buy at $20.01?

Welcome to the TAK (Takeda Pharmaceutical Company Limited American) Roar Pit. Current RQD Composite is 68/100 (Roarable Hold — Upper Neutral / Watch for Breakout) in Biotechnology: Pharmaceutical Preparations. Bulls point to operating leverage and sector positioning, while bears focus on valuation multiple compression (32.8x trailing P/E). Pick your side (🐂 Bull or 🐻 Bear) and drop your price target below.

FO ForensicBear Forensic Accounting Watch 🐻 BEARISH 🎯 Target: $15.81 (-21.0%)

Spot @ $20.01

Pump the brakes on TAK — check the valuation vs. margin headwinds

Everyone in here is repeating the bull case on TAK, but look at what you are paying: 32.8x trailing P/E with tightening sector spreads. Unless Takeda Pharmaceutical Company Limited American expands free cash flow yield next quarter, I would rather wait for a pullback closer to the 200-day moving average before touching this.

MA MacroHawk_NYC Verified K Arena Trader 🐂 BULLISH 🎯 Target: $24.81 (+24.0%)

Spot @ $20.01

TAK cash flow & RQD setup is being underpriced by the Street here

Looking at the 5-pillar RQD breakdown on TAK, the market is fixating on short-term headline noise in Biotechnology: Pharmaceutical Preparations and ignoring the balance sheet and cash flow trajectory. At $20.01 (52-wk range $13.35 - $21.22), any beat on forward guidance forces shorts and underweight funds to chase.