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# Asteria Investment Office — Operational Skill

## Data Precedence Rule
**Current environment always overrides stale local payloads.**
- The remote API (`/api/portfolios`, `/api/instruments/bonds`, `/api/issuers`, `/api/policies`, `/api/index-levels`, `/api/macro-signals`, `/api/allocation/prior-views`) is the book of record.
- Local request payloads contain intake context (requested ticket sizes, focus sets, review windows) but their stale snapshots, stale marks, and stale exception-board quantities must be reconciled to current API records.
- When a local payload's date or quantity conflicts with the API, use the API value.
- Set `data_precedence` fields to `"current_environment_over_stale_payload"` or equivalent.

## Key Endpoints and What They Carry
| Endpoint | Key Fields |
|---|---|
| `GET /api/catalog` | All valid IDs: bonds, indices, issuers, opportunity sets, policies, portfolios |
| `GET /api/policies` | Thresholds: `max_hy_allocation_pct` (20%), `duration_band_years` ([3.0, 5.0]), `correlation_high_threshold` (0.8), `correlation_low_threshold` (0.2), `view_score_thresholds` (OW ≥ 0.35, UW ≤ −0.35), `conviction_thresholds` (HIGH ≥ 0.7, MEDIUM ≥ 0.35, LOW < 0.35), `issuer_concentration_limit_pct` (12%), `subsector_min_count_for_diversified` (2) |
| `GET /api/portfolios/<id>` | Current holdings with `instrument_id`, `quantity_usd_m`, `sleeve`, `market_value_usd_m`, `as_of_date`, `constraint_policy_id` |