Every answer cited. Every action audited. Nothing leaves the building.
Forward-deployed AI analyst tooling for asset managers — every claim cited and verified, every action in a tamper-evident audit chain, deployable to zero egress on your own infrastructure.
Instruments marked live run the workbench's own TypeScript in your browser. Replays and illustrative fixtures say so.
Stay in command
Analyst
drawn into your context
- your research notes
- your data connectors
- your house metrics
- prior IC views
Coembark
every claim cited · every action in the audit chain
You, in command
01 │ Verify
Answers that prove themselves.
Every claim is cited to its source and adversarially checked against the evidence registry — claims that fail are revised or struck, and the memo carries its support rate. Where the evidence is silent you see NOT FOUND, never a guess.
AstraZeneca PLC · Health care · Pharmaceuticals
Channel check — transcript excerptp.1
[S1] Respiratory demand remained strong in the US and Europe. [S2] Management flagged gross margin pressure from launch costs. [S3] The oncology pipeline readout is expected in the second half. [S4] Free cash flow conversion should improve after working-capital normalisation.
Source registry S1–S4 · no other ids exist
Verification
0/5 checkedSummary
Constructive demand, tempered by launch-cost margin pressure, with a second-half catalyst.
- Queued
Thesis
Respiratory demand remains supportive.S1
- Queued
Risk
Launch costs pressure gross margin.S2
- Queued
Question
Confirm the H2 oncology readout is on schedule.S3
- Queued
Driver
Cash conversion — positive.S4
- Queued
Driver
FY27 margin guidance +150bps.S9
The verification stamp issues when the run completes.
The same discipline at scale — documents × prompts, every cell cited or honestly empty.
| Document | Management fee | Side letters? | Key-person clause | Liquidity terms |
|---|---|---|---|---|
| Q3 manager report.pdf | ||||
| IMA — Global Value.docx | ||||
| DDQ response.xlsx |
Q3 manager report.pdf
- Management fee
- Side letters?
- Key-person clause
- Liquidity terms
IMA — Global Value.docx
- Management fee
- Side letters?
- Key-person clause
- Liquidity terms
DDQ response.xlsx
- Management fee
- Side letters?
- Key-person clause
- Liquidity terms
02 │ Comply
Evidence engines for UK conduct rules.
Financial promotions screened against named FCA COBS 4 and FINRA 2210 rules, with suggested rewrites. Board reports where unevidenced assertions land in a gaps block, never in the prose. Built against hard regulatory dates.
draft-promotion.txt
lints on every keystroke
Findings
Blocked · 3 errors5findings
error: “guaranteed returns” Promissory language: investment returns cannot be guaranteed.
FCA COBS 4.2.1R; FINRA 2210(d)(1)(B)Rewrite: Replace with capability/aim language, e.g. "aims to deliver" or "targets", and state that capital is at risk.
error: “will outperform” Predictive certainty about relative performance.
FINRA 2210(d)(1)(F); FCA COBS 4.5ARewrite: Use "seeks to outperform" or cite the historical record with the required past-performance warning.
warning: “best fund” Superlative claim that requires substantiation and sourcing.
FINRA 2210(d)(1)(B); FCA COBS 4.2Rewrite: Substantiate with a named source/date (e.g. ranking provider) or remove the superlative.
error: Performance figures appear without the past-performance warning.
FCA COBS 4.6.2R; SEC Rule 482Rewrite: Add: "Past performance is not a reliable indicator of future results."
warning: Investment promotion lacks a capital-at-risk statement.
FCA COBS 4.2 (fair, clear, not misleading)Rewrite: Add: "Capital is at risk; the value of investments can fall as well as rise."
And the board report that survives review — unevidenced assertions land in the gaps block, never in the prose.
Assertions
click an evidence link to cycle it
Products & servicesDistribution remains within the target market.
Price & valueFair value reassessed across the shelf.
Consumer understandingCustomers understand exit costs.
Consumer supportSupport journeys meet the needs of vulnerable customers.
Evidence register
[E1] Complaints MI pack Q4 p.3 — mi · 22 Jan 2026 · Complaints down 12% YoY[E2] Consumer testing wave 3 — survey · 9 Mar 2026 · 8 of 10 located the exit cost unaided[E3] Board minutes 14 May — minutes · 14 May 2026 · Challenge recorded on fair-value outliers
Report prose
evidenced assertions only
Distribution remains within the target market.[E1] Fair value reassessed across the shelf.[E3] Customers understand exit costs.[E2] Support journeys meet the needs of vulnerable customers.[E1]
0Gaps requiring attention
None. Every assertion resolves against the register.
1evidencedvulnerable customers not delineated
Products & services
1evidencedvulnerable customers not delineated
Price & value
1evidencedvulnerable customers delineated
Consumer understanding
1evidencedvulnerable customers delineated
Consumer support
EU AI Act Article 50
AI-transparency disclosure · in force 2 Aug 2026 UTC
—d —:—:—
CCI product summaries
FCA PS25/20 · all UK retail products · 8 Jun 2027
—d —:—:—
Targeted support
In forceFCA PS25/22 regime · live since 6 Apr 2026
—d —:—:—
03 │ Quantify
Statistics that survive scepticism.
A mined signal must beat the best of every trial you ran — deflated Sharpe, multiple-testing haircuts, a trials ledger that counts every candidate examined. And a covenant screen that names its precedents: J.Crew, Serta. Where the document is silent, the screen says insufficient — never a false alert.
Every candidate examined counts, not just the survivors
Deflated Sharpe ratio
DSR ≥ 0.95 survives
Bonferroni-adjusted p 0.0000Haircut Sharpe 0.569
The covenant screen names its precedents — and abstains where the document is silent.
Extracted deal terms
omitted fields stay omitted
J.Crew blocker
Subordination vote
Open-market repurchases
MFN protection
Portability
5flagged0clear1insufficient
- alertAsset stripping via unrestricted subsidiaries (J.Crew)
No J.Crew blocker is present and the document provides material capacity to invest in unrestricted subsidiaries. Material assets (including IP) can be transferred to an unrestricted subsidiary outside the covenant and collateral net, then used to raise structurally senior financing — the J.Crew playbook.
Derived from: jcrew-blocker-present · unsub-investment-capacity
- alertUptiering / priming via majority amendment (Serta)
Payment or lien subordination can be approved by 50.1% of lenders rather than each affected lender. A majority group can therefore exchange into new super-priority debt and subordinate the remainder — the Serta uptiering pattern.
Derived from: subordination-vote-threshold-pct · serta-protection-present
- warnNon-pro-rata open-market repurchases
The borrower or its affiliates may repurchase loans through non-pro-rata open-market purchases. That gives the sponsor liability-management leverage: favoured lenders can be taken out at a premium (or rolled into priority tranches) while others are left behind, instead of pro-rata treatment via Dutch auction.
Derived from: open-market-purchases-permitted
- alertPriming debt through weak MFN + incremental capacity
Weak MFN protection (the MFN protection sunsets after only 6 months) combined with a large free-and-clear incremental basket (300 against a facility of 500) lets the borrower raise substantial new pari passu debt at wider pricing without repricing existing lenders — effectively priming them on economics and diluting recoveries.
Derived from: mfn-protection-present · mfn-sunset-months · incremental-free-and-clear · facility-size
- infoChange-of-control portability
The facility is portable: a qualifying change of control does not trigger mandatory prepayment or put rights (conditions: Total net leverage at or below 5.0x and a qualifying acquirer). Lenders lose the usual repricing/exit moment on a sale of the business — a weakening of change-of-control protection rather than an LME vector per se.
Derived from: portability-present · portability-conditions
Insufficient data — honest abstention
Guarantee stripping on disposition
Missing: guarantee-auto-release-on-disposition
Undecidable rules return insufficient — never a false alert
Substrate — the bespoke suite we built forward-deployed for a global value fund, shown with illustrative figures
ABN AMRO · ROE vs European financials
72nd percentile
72%
Above median
41%
Above 75th
14%
Above 90th
13.8
Wtd P/E
16.2
Wtd CAPE
3.4%
Div yield
14.1%
Wtd ROE
Sector exposure · active vs benchmark
- Financials26%+4
- Industrials19%+2
- Cons. Disc.16%-3
- Health care13%-1
- Staples11%+1
| Position | Current | New | Δ |
|---|---|---|---|
| VOD Vodafone | 1.95% | 1.00% | -0.95 |
| ADEN Adecco | 2.11% | 3.00% | +0.89 |
| AIBG AIB Group | 2.33% | 2.00% | -0.33 |
| ABF Assoc. British Foods | 1.99% | 2.60% | +0.61 |
Top 10%
34.1 → 35.8
Wtd P/E
13.8 → 13.4
HHI
241 → 247
| VOD | 1.00 | 0.18 | 0.34 | 0.22 | 0.27 |
| ABN | 0.18 | 1.00 | 0.41 | 0.63 | 0.15 |
| ADEN | 0.34 | 0.41 | 1.00 | 0.38 | 0.29 |
| AIBG | 0.22 | 0.63 | 0.38 | 1.00 | 0.19 |
| ABF | 0.27 | 0.15 | 0.29 | 0.19 | 1.00 |
0.31
Mean ρ
0.62
Diversification
32
Independent bets
Global Value Fund
03 Jun 2026
54
Holdings
34.1%
Top 10
13.8
Wtd P/E
3.4%
Div yield
By sector
- Financials26%
- Industrials19%
- Cons. Disc.16%
04 │ Deploy
Sovereign by construction.
The full stack runs on your infrastructure, with local models if you choose. Zero egress is verified at boot — denied connections land in the audit chain — not asserted in a policy memo. Exit: stop the sidecar, keep the files.
- Can your Claude call us? Yes. Can you leave? Yes.
- Exit = stop the sidecar, keep the files. No proprietary cloud, no data to return — it never left.
05 │ Engage — who this is for
Professional trustee firms
Dozens of quarterly manager reports per scheme, hundreds of schemes. The evidence pack you show TPR is generated, not assembled after the fact.
Investment consultants & OCIOs
Systematic, cited manager review on your own infrastructure — deployed with local models, confidential manager data never transits a third-party model API.
Boutique managers
An integrated, audit-gated, local-first workbench for the mid-market the giants structurally cannot serve.
