When smart money walked away

Exits treated as -100% cuts, trims ≥15% counted

• 1. Action filter. Only trim and exit actions count. New buys and adds live on /biggest-buys.
• 2. Trim floor. Trims under 15% are dropped — tax-lot rebalancing noise. Above 15% the manager is actively reducing conviction, not rebalancing.
• 3. Exits as -100%. A full exit is the loudest possible sell signal, so every exit is mapped to a -100% magnitude and bubbles to the top alongside deep trims.
• 4. Ranking. Most-negative magnitude first, tiebroken by manager quality and remaining book weight.

Paired with /biggest-buys, this gives the complete picture: where capital flowed in, and where it bled out. Together they reveal what the smartest managers believe right now — and what they no longer believe.