The position layer
Value Aligned Research Advisors
Sixteen filings, from a $221m long-only book to $20.7bn across 107 positions. It picked stocks for two years and then changed shape. Over half the reported value is now option underlying, which is not the same thing as money.
The manager behind VAR AI Fund, LP and VAR AI Offshore Fund, Ltd. It files from Princeton, New Jersey, reports no other included managers, and its filings are signed by its COO/CCO. We do not name a portfolio manager because the filings do not, and neither should we.
This is the closest public book to the argument this site makes: semicap, memory, optics, power generation, the datacenter build, and the miners that turned into neoclouds. That makes it useful in a way a fund page usually is not — its wins and its drawdowns are evidence about the thesis, not only about the fund.
READ THE OPTION LINES BEFORE QUOTING A SIZE. In the March 2026 book, 54% of the $20.7bn sits in call rows, where a 13F reports the value of the UNDERLYING and not the premium paid. The capital actually at risk is smaller than the headline by an amount the filing does not disclose, and no arithmetic here can recover it.
The first seven filings cannot be priced and never will be. Our point-in-time archive begins 2024-07-29, the provider sells a rolling window, and a session that ages out cannot be bought back. So the book before Q3 2024 is shown as filed, with no forward marks, rather than priced against a restated series that would look better and mean less.
The book, filing by filing
Each book is priced held unchanged from its report date, marked at every quarter-end since. The large figure is the move over that leg alone; the small one is cumulative from the report date. Long is capital at risk. Put and call lines are the notional value of the underlying, which is not money anyone put up — so the three are never added.
| Side | At report | Names | Marked forward |
|---|---|---|---|
| 2022-12-31 filed 2023-01-30 24 positions · $221m gross | |||
| long | $221m | 24 (0 priced) |
2023-03-31
no price
cum
2023-06-30
no price
cum
2023-09-30
no price
cum
2023-12-31
no price
cum
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+89% cum
2024-12-31
-14.0%
+63% cum
2025-03-31
-11.7%
+44% cum
2025-06-30
no price
+90% cum
2025-09-30
+23.3%
+134% cum
2025-12-31
+16.4%
+172% cum
2026-03-31
+4.3%
+184% cum
2026-06-30
+61.3%
+358% cum
2026-08-03
-14.9%
+290% cum
|
| 2023-03-31 filed 2023-04-24 19 positions · $282m gross | |||
| long | $282m | 19 (0 priced) |
2023-06-30
no price
cum
2023-09-30
no price
cum
2023-12-31
no price
cum
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+36% cum
2024-12-31
-12.6%
+19% cum
2025-03-31
-12.0%
+4% cum
2025-06-30
no price
+47% cum
2025-09-30
+21.9%
+79% cum
2025-12-31
+14.1%
+104% cum
2026-03-31
+3.3%
+111% cum
2026-06-30
+57.3%
+231% cum
2026-08-03
-13.9%
+185% cum
|
| 2023-06-30 filed 2023-08-03 16 positions · $320m gross | |||
| long | $320m | 16 (0 priced) |
2023-09-30
no price
cum
2023-12-31
no price
cum
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+44% cum
2024-12-31
-39.5%
-13% cum
2025-03-31
-14.5%
-25% cum
2025-06-30
no price
+12% cum
2025-09-30
+21.7%
+36% cum
2025-12-31
+22.0%
+66% cum
2026-03-31
+12.6%
+87% cum
2026-06-30
+127.0%
+325% cum
2026-08-03
-25.5%
+217% cum
|
| 2023-09-30 filed 2023-11-08 19 positions · $317m gross | |||
| long | $317m | 19 (0 priced) |
2023-12-31
no price
cum
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+49% cum
2024-12-31
-39.2%
-10% cum
2025-03-31
-21.2%
-29% cum
2025-06-30
no price
+12% cum
2025-09-30
+19.4%
+34% cum
2025-12-31
+14.2%
+53% cum
2026-03-31
+13.1%
+73% cum
2026-06-30
+91.7%
+232% cum
2026-08-03
-23.8%
+153% cum
|
| 2023-12-31 filed 2024-01-19 19 positions · $396m gross | |||
| long | $396m | 19 (0 priced) |
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+19% cum
2024-12-31
-40.7%
-30% cum
2025-03-31
-21.8%
-45% cum
2025-06-30
no price
-12% cum
2025-09-30
+18.4%
+4% cum
2025-12-31
+14.2%
+19% cum
2026-03-31
+14.5%
+36% cum
2026-06-30
+96.9%
+169% cum
2026-08-03
-24.3%
+103% cum
|
| 2024-03-31 filed 2024-04-26 19 positions · $507m gross | |||
| long | $507m | 19 (0 priced) |
2024-06-30
no price
cum
2024-09-30
no price
-12% cum
2024-12-31
-31.8%
-40% cum
2025-03-31
-22.5%
-54% cum
2025-06-30
no price
-27% cum
2025-09-30
+17.8%
-14% cum
2025-12-31
+15.6%
-0% cum
2026-03-31
+14.3%
+14% cum
2026-06-30
+101.9%
+130% cum
2026-08-03
-24.8%
+73% cum
|
| 2024-06-30 filed 2024-08-09 31 positions · $457m gross | |||
| long | $456m | 20 (17 priced) |
2024-09-30
-6.3%
-6% cum
2024-12-31
-11.8%
-17% cum
2025-03-31
-31.0%
-43% cum
2025-06-30
no price
-22% cum
2025-09-30
+24.0%
-3% cum
2025-12-31
+14.6%
+11% cum
2026-03-31
+20.2%
+34% cum
2026-06-30
+100.9%
+169% cum
2026-08-03
-27.9%
+94% cum
|
| call | $0m | 11 (10 priced) |
2024-09-30
+1336.6%
+1337% cum
2024-12-31
-1.4%
+1316% cum
2025-03-31
-15.6%
+1095% cum
2025-06-30
no price
+1501% cum
2025-09-30
+14.1%
+1727% cum
2025-12-31
+2.8%
+1779% cum
2026-03-31
-5.5%
+1676% cum
2026-06-30
+36.6%
+2326% cum
2026-08-03
-4.4%
+2220% cum
|
| 2024-09-30 filed 2024-11-08 21 positions · $385m gross | |||
| long | $384m | 20 (16 priced) |
2024-12-31
-15.7%
-16% cum
2025-03-31
-29.6%
-41% cum
2025-06-30
no price
-16% cum
2025-09-30
+16.7%
-2% cum
2025-12-31
+15.2%
+13% cum
2026-03-31
+24.6%
+41% cum
2026-06-30
+77.3%
+149% cum
2026-08-03
-27.3%
+81% cum
|
| 2024-12-31 filed 2025-02-13 47 positions · $366m gross | |||
| long | $339m | 26 (22 priced) |
2025-03-31
-22.2%
-22% cum
2025-06-30
no price
+20% cum
2025-09-30
+47.4%
+77% cum
2025-12-31
+2.9%
+83% cum
2026-03-31
+22.9%
+124% cum
2026-06-30
+109.8%
+371% cum
2026-08-03
-25.2%
+252% cum
|
| call | $8m | 20 (18 priced) |
2025-03-31
+900.0%
+900% cum
2025-06-30
no price
+1409% cum
2025-09-30
+22.0%
+1742% cum
2025-12-31
+9.3%
+1913% cum
2026-03-31
+3.1%
+1974% cum
2026-06-30
+55.5%
+3125% cum
2026-08-03
-12.3%
+2729% cum
|
| 2025-03-31 filed 2025-05-15 61 positions · $1.37bn gross | |||
| long | $1.23bn | 33 |
2025-06-30
+64.2%
+64% cum
2025-09-30
+34.3%
+121% cum
2025-12-31
+4.2%
+130% cum
2026-03-31
+10.6%
+154% cum
2026-06-30
+97.8%
+403% cum
2026-08-03
-22.5%
+290% cum
|
| call | $141m | 28 |
2025-06-30
+45.8%
+46% cum
2025-09-30
+23.2%
+80% cum
2025-12-31
+8.4%
+95% cum
2026-03-31
+2.4%
+99% cum
2026-06-30
+66.6%
+232% cum
2026-08-03
-14.6%
+183% cum
|
| 2025-06-30 filed 2025-08-14 72 positions · $4.73bn gross | |||
| long | $2.24bn | 35 |
2025-09-30
+41.1%
+41% cum
2025-12-31
+5.5%
+49% cum
2026-03-31
+11.4%
+66% cum
2026-06-30
+94.3%
+222% cum
2026-08-03
-21.8%
+152% cum
|
| puta rise is against the holder | $443m | 15 |
2025-09-30
+18.5%
+19% cum
2025-12-31
+4.8%
+24% cum
2026-03-31
+1.9%
+26% cum
2026-06-30
+35.7%
+72% cum
2026-08-03
-10.1%
+54% cum
|
| call | $2.05bn | 22 |
2025-09-30
+23.0%
+23% cum
2025-12-31
+9.5%
+35% cum
2026-03-31
+1.7%
+37% cum
2026-06-30
+83.8%
+152% cum
2026-08-03
-16.8%
+109% cum
|
| 2025-09-30 filed 2025-11-14 80 positions · $6.83bn gross | |||
| long | $2.97bn | 41 |
2025-12-31
-1.2%
-1% cum
2026-03-31
+8.3%
+7% cum
2026-06-30
+75.0%
+87% cum
2026-08-03
-19.1%
+51% cum
|
| puta rise is against the holder | $806m | 15 |
2025-12-31
-99.0%
-99% cum
2026-03-31
+0.1%
-99% cum
2026-06-30
+33.0%
-99% cum
2026-08-03
-8.6%
-99% cum
|
| call | $3.05bn | 24 |
2025-12-31
-98.9%
-99% cum
2026-03-31
+1.0%
-99% cum
2026-06-30
+75.3%
-98% cum
2026-08-03
-15.1%
-98% cum
|
| 2025-09-30 filed 2025-12-03 81 positions · $8.19bn gross | |||
| long | $4.33bn | 42 |
2025-12-31
-0.8%
-1% cum
2026-03-31
+9.5%
+9% cum
2026-06-30
+80.7%
+96% cum
2026-08-03
-20.0%
+57% cum
|
| puta rise is against the holder | $806m | 15 |
2025-12-31
+4.5%
+4% cum
2026-03-31
+0.1%
+5% cum
2026-06-30
+33.0%
+39% cum
2026-08-03
-8.6%
+27% cum
|
| call | $3.05bn | 24 |
2025-12-31
+8.2%
+8% cum
2026-03-31
+1.0%
+9% cum
2026-06-30
+75.3%
+92% cum
2026-08-03
-15.1%
+63% cum
|
| 2025-12-31 filed 2026-02-17 86 positions · $9.94bn gross | |||
| long | $4.88bn | 47 |
2026-03-31
+20.1%
+20% cum
2026-06-30
+64.0%
+97% cum
2026-08-03
-17.8%
+62% cum
|
| puta rise is against the holder | $907m | 14 |
2026-03-31
+0.8%
+1% cum
2026-06-30
+33.5%
+35% cum
2026-08-03
-8.8%
+23% cum
|
| call | $4.16bn | 25 |
2026-03-31
-0.8%
-1% cum
2026-06-30
+63.2%
+62% cum
2026-08-03
-12.1%
+42% cum
|
| 2026-03-31 filed 2026-05-18 107 positions · $20.71bn gross | |||
| long | $8.44bn | 53 |
2026-06-30
+69.3%
+69% cum
2026-08-03
-18.8%
+37% cum
|
| puta rise is against the holder | $1.01bn | 12 |
2026-06-30
+36.2%
+36% cum
2026-08-03
-10.5%
+22% cum
|
| call | $11.26bn | 42 |
2026-06-30
+38.6%
+39% cum
2026-08-03
-4.0%
+33% cum
|
The latest book, position by position
Filed 2026-05-18 for the quarter ended 2026-03-31 — a snapshot up to 45 days old on the day it became public. Prices are as-traded closes from our own point-in-time sessions.
| Name | Side | Value | At report | 2026-06-30 | 2026-08-03 |
|---|---|---|---|---|---|
| NVDA dossier | call | $3.04bn notional | 174.40 | +14.7% +15% cum | +3.3% +18% cum |
| GOOG tracked | call | $2.30bn notional | 287.56 | +22.9% +23% cum | +5.4% +30% cum |
| AMZN dossier | call | $2.06bn notional | 208.27 | +14.4% +14% cum | +19.2% +36% cum |
| TSM dossier | call | $930m notional | 337.95 | +41.3% +41% cum | -15.0% +20% cum |
| LITE tracked | long | $743m | 702.76 | +22.1% +22% cum | -9.1% +11% cum |
| CRWV dossier | long | $642m | 77.47 | +28.5% +28% cum | -13.8% +11% cum |
| TSM dossier | put | $636m notional | 337.95 | +41.3% +41% cum | -15.0% +20% cum |
| BE dossier | long | $621m | 135.49 | +123.4% +123% cum | -27.9% +61% cum |
| NBIS dossier | long | $603m | 103.76 | +166.2% +166% cum | -23.0% +105% cum |
| INTC dossier | call | $558m notional | 44.13 | +216.4% +216% cum | -34.8% +106% cum |
| VRT tracked | long | $486m | 250.58 | +33.6% +34% cum | -21.4% +5% cum |
| CLS tracked | long | $420m | 281.68 | +29.5% +30% cum | -6.3% +21% cum |
| STX tracked | long | $358m | 391.76 | +146.3% +146% cum | -20.8% +95% cum |
| WDC tracked | long | $350m | 270.49 | +136.1% +136% cum | -17.5% +95% cum |
| ORCL dossier | call | $335m notional | 147.11 | -0.4% -0% cum | -3.2% -4% cum |
| COHR tracked | long | $306m | 238.21 | +65.6% +66% cum | -27.0% +21% cum |
| FIX tracked | long | $295m | 1378.99 | +43.7% +44% cum | -10.6% +28% cum |
| AVGO tracked | call | $284m notional | 309.51 | +22.0% +22% cum | +3.8% +27% cum |
| ASML dossier | call | $276m notional | 1320.83 | +50.6% +51% cum | -17.4% +24% cum |
| EQT not covered | long | $267m | 63.64 | -16.5% -16% cum | -1.1% -17% cum |
| FTAI not covered | long | $262m | 245.00 | +10.4% +10% cum | -16.8% -8% cum |
| FCX not covered | long | $260m | 58.78 | +7.0% +7% cum | +1.2% +8% cum |
| AMAT tracked | long | $250m | 341.79 | +111.5% +112% cum | -28.3% +52% cum |
| MU dossier | call | $243m notional | 337.84 | +241.7% +242% cum | -28.1% +146% cum |
| LRCX tracked | long | $235m | 213.66 | +102.8% +103% cum | -32.0% +38% cum |
| KLAC tracked | long | $211m | 1472.41 | -79.5% -80% cum | -39.4% -88% cum |
| NVDA dossier | put | $175m notional | 174.40 | +14.7% +15% cum | +3.3% +18% cum |
| MSFT dossier | call | $168m notional | 370.17 | +0.8% +1% cum | +30.7% +32% cum |
| EME tracked | long | $165m | 738.31 | +12.4% +12% cum | -1.5% +11% cum |
| IREN dossier | long | $163m | 34.28 | +33.4% +33% cum | -13.1% +16% cum |
| APLD dossier | long | $158m | 23.74 | +57.1% +57% cum | -20.9% +24% cum |
| AMD dossier | call | $155m notional | 203.43 | +185.6% +186% cum | -16.6% +138% cum |
| NVDA dossier | long | $149m | 174.40 | +14.7% +15% cum | +3.3% +18% cum |
| CIFR tracked | long | $142m | 12.87 | +90.4% +90% cum | -1.4% +88% cum |
| HUT tracked | long | $135m | 46.91 | +146.1% +146% cum | -2.9% +139% cum |
| VRT tracked | call | $124m notional | 250.58 | +33.6% +34% cum | -21.4% +5% cum |
| CRWV dossier | call | $116m notional | 77.47 | +28.5% +28% cum | -13.8% +11% cum |
| CORZ tracked | long | $115m | 14.96 | +71.1% +71% cum | -10.8% +53% cum |
| WULF dossier | long | $113m | 14.43 | +71.2% +71% cum | -23.8% +30% cum |
| AAOI tracked | long | $107m | 84.59 | +75.2% +75% cum | -25.6% +30% cum |
| FCX not covered | call | $102m notional | 58.78 | +7.0% +7% cum | +1.2% +8% cum |
| ASML dossier | long | $93m | 1320.83 | +50.6% +51% cum | -17.4% +24% cum |
| AVGO tracked | put | $90m notional | 309.51 | +22.0% +22% cum | +3.8% +27% cum |
| ZM not covered | call | $89m notional | 80.39 | +7.4% +7% cum | +13.8% +22% cum |
| EQT not covered | call | $83m notional | 63.64 | -16.5% -16% cum | -1.1% -17% cum |
| MU dossier | long | $74m | 337.84 | +241.7% +242% cum | -28.1% +146% cum |
| SNOW tracked | long | $73m | 150.82 | +68.7% +69% cum | +20.8% +104% cum |
| SNDK dossier | long | $67m | 635.34 | +257.9% +258% cum | -43.4% +103% cum |
| RIOT tracked | long | $64m | 12.36 | +121.5% +122% cum | -21.8% +73% cum |
| ALAB dossier | long | $62m | 109.60 | +340.7% +341% cum | -33.5% +193% cum |
| AMAT tracked | call | $52m notional | 341.79 | +111.5% +112% cum | -28.3% +52% cum |
| SEI not covered | long | $51m | 56.51 | +42.4% +42% cum | -46.0% -23% cum |
| TSEM tracked | long | $47m | 175.48 | +48.5% +49% cum | -10.1% +34% cum |
| NBIS dossier | call | $44m notional | 103.76 | +166.2% +166% cum | -23.0% +105% cum |
| LRCX tracked | call | $44m notional | 213.66 | +102.8% +103% cum | -32.0% +38% cum |
| GEV tracked | long | $39m | 872.90 | +34.6% +35% cum | -14.3% +15% cum |
| ACMR not covered | long | $38m | 39.35 | +222.5% +222% cum | -38.0% +100% cum |
| STRL tracked | long | $36m | 407.27 | +106.1% +106% cum | -27.2% +50% cum |
| LBRT not covered | long | $36m | 28.80 | -9.1% -9% cum | -34.7% -41% cum |
| SNDK dossier | call | $36m notional | 635.34 | +257.9% +258% cum | -43.4% +103% cum |
| BTDR tracked | long | $35m | 8.65 | +83.5% +83% cum | -28.4% +31% cum |
| TAC not covered | long | $34m | 13.15 | +5.2% +5% cum | -10.8% -6% cum |
| GEV tracked | call | $31m notional | 872.90 | +34.6% +35% cum | -14.3% +15% cum |
| KLAC tracked | call | $27m notional | 1472.41 | -79.5% -80% cum | -39.4% -88% cum |
| TLN tracked | long | $22m | 319.23 | +20.4% +20% cum | -10.3% +8% cum |
| INTC dossier | long | $22m | 44.13 | +216.4% +216% cum | -34.8% +106% cum |
| QCOM tracked | put | $22m notional | 128.78 | +43.5% +43% cum | -18.0% +18% cum |
| IREN dossier | call | $21m notional | 34.28 | +33.4% +33% cum | -13.1% +16% cum |
| VST tracked | call | $20m notional | 150.33 | +5.5% +6% cum | -1.7% +4% cum |
| SNOW tracked | call | $20m notional | 150.82 | +68.7% +69% cum | +20.8% +104% cum |
| CEG dossier | call | $19m notional | 279.25 | -11.1% -11% cum | +10.2% -2% cum |
| WULF dossier | call | $18m notional | 14.43 | +71.2% +71% cum | -23.8% +30% cum |
| LGN not covered | long | $17m | 56.46 | +51.0% +51% cum | -23.4% +16% cum |
| ORCL dossier | long | $17m | 147.11 | -0.4% -0% cum | -3.2% -4% cum |
| AMZN dossier | put | $16m notional | 208.27 | +14.4% +14% cum | +19.2% +36% cum |
| MU dossier | put | $15m notional | 337.84 | +241.7% +242% cum | -28.1% +146% cum |
| BITF not covered | long | $15m | 1.95 | -32.3% -32% cum | +0.0% -32% cum |
| AVGO tracked | long | $15m | 309.51 | +22.0% +22% cum | +3.8% +27% cum |
| AAPL tracked | put | $14m notional | 253.79 | +14.0% +14% cum | +4.9% +20% cum |
| EEM not covered sector ETF — not a company view | put | $13m notional | 56.79 | +20.5% +20% cum | -6.0% +13% cum |
| FTAI not covered | call | $12m notional | 245.00 | +10.4% +10% cum | -16.8% -8% cum |
| ORCL dossier | put | $11m notional | 147.11 | -0.4% -0% cum | -3.2% -4% cum |
| VRT tracked | put | $11m notional | 250.58 | +33.6% +34% cum | -21.4% +5% cum |
| HUT tracked | call | $11m notional | 46.91 | +146.1% +146% cum | -2.9% +139% cum |
| BKV not covered | long | $9m | 28.52 | -4.1% -4% cum | -10.7% -14% cum |
| TSEM tracked | call | $7m notional | 175.48 | +48.5% +49% cum | -10.1% +34% cum |
| APLD dossier | call | $6m notional | 23.74 | +57.1% +57% cum | -20.9% +24% cum |
| TSSI not covered | long | $6m | 13.01 | -5.5% -5% cum | -12.8% -18% cum |
| CIFR tracked | call | $6m notional | 12.87 | +90.4% +90% cum | -1.4% +88% cum |
| HNRG not covered | long | $5m | 16.28 | +6.8% +7% cum | -14.1% -8% cum |
| CLS tracked | call | $4m notional | 281.68 | +29.5% +30% cum | -6.3% +21% cum |
| CEG dossier | put | $4m notional | 279.25 | -11.1% -11% cum | +10.2% -2% cum |
| VST tracked | put | $4m notional | 150.33 | +5.5% +6% cum | -1.7% +4% cum |
| GOOG tracked | long | $3m | 287.56 | +22.9% +23% cum | +5.4% +30% cum |
| BE dossier | call | $2m notional | 135.49 | +123.4% +123% cum | -27.9% +61% cum |
| AAOI tracked | call | $2m notional | 84.59 | +75.2% +75% cum | -25.6% +30% cum |
| COHR tracked | call | $2m notional | 238.21 | +65.6% +66% cum | -27.0% +21% cum |
| GOOGL dossier | long | $1m | 286.86 | +24.6% +25% cum | +4.5% +30% cum |
| AMZN dossier | long | $1m | 208.27 | +14.4% +14% cum | +19.2% +36% cum |
| NRG tracked | call | $0m notional | 146.14 | -0.1% -0% cum | -5.2% -5% cum |
| BITF not covered | call | $0m notional | 1.95 | -32.3% -32% cum | +0.0% -32% cum |
| LBRT not covered | call | $0m notional | 28.80 | -9.1% -9% cum | -34.7% -41% cum |
| TSM dossier | long | $0m | 337.95 | +41.3% +41% cum | -15.0% +20% cum |
| MSFT dossier | long | $0m | 370.17 | +0.8% +1% cum | +30.7% +32% cum |
| STX tracked | call | $0m notional | 391.76 | +146.3% +146% cum | -20.8% +95% cum |
| ACMR not covered | call | $0m notional | 39.35 | +222.5% +222% cum | -38.0% +100% cum |
| BTDR tracked | call | $0m notional | 8.65 | +83.5% +83% cum | -28.4% +31% cum |
What a 13F cannot say
- Each book is priced held UNCHANGED from its report date. These are counterfactuals — what that filing would have done — never the manager's realised P&L, which depends on trades no outsider can see.
- An option line reports the value of the UNDERLYING, not the premium paid. There is no dollar profit or loss on an option in a 13F, so none is stated here.
- A rise in a put's underlying is a move AGAINST the holder. A put may be an outright bet or a hedge and the filing cannot say which.
- Ordinary short stock is not reported in a 13F at all. An absence is not evidence.
- A 13F is a snapshot filed up to 45 days after the quarter it describes.
- An index or sector ETF line is a view on a sector, never on a company.
Read alongside
- Situational Awareness LP — The other AI book we page. Concentrated where this one is broad, and it did not survive the rout.
- The Power Wall — The generation and grid names are the largest single layer in this book.
- The Memory Wall — SanDisk, Micron, Western Digital and Seagate, held together and hedged apart.