Fiduciary-Grade AI Autonomy · User-Signed Risk Envelope · Multi-LLM Orchestration · High-Water Mark Fee · Kill Switch
A Mandate is a legally binding, user-signed document that defines the exact boundaries within which PG-AI's AI agents may operate on the user's behalf. It is the user's constitution — every AI skill invocation must pass through the mandate's rules before execution.
Mandate（授权）是一份具有法律约束力的、由用户签署的文件，定义了 PG-AI 的 AI Agent 可以代表用户操作的精确边界。它是用户的「宪法」——每一次 Skill 调用都必须通过 Mandate 的规则审核方可执行。
Core rule: No skill runs without mandate approval. No trade executes outside mandate parameters. No exception.
Each user defines the following parameters when signing their mandate:
| Parameter | Description | Example |
|---|---|---|
| Max Drawdown | Maximum permissible portfolio decline from peak before AI halts all trading | 5% / 10% / 15% |
| Asset Whitelist | Specific asset classes the AI may invest in | UST, IG Credit, Gold, S&P 500 |
| Asset Blacklist | Asset classes explicitly prohibited | Commodities futures, leveraged ETFs |
| Rebalance Cadence | How often the AI may rebalance the portfolio | Weekly / Monthly / Threshold-only |
| Offensive Cap | Maximum allocation to the offensive engine | 0% / 10% / 25% |
| Investment Horizon | Minimum holding period before the AI may liquidate | 30 days / 90 days / 1 year |
| Geographic Scope | Permitted investment geographies | US only / US + EU / Global |
| ESG Filter | Environmental, social, governance constraints | None / Exclusion / Full ESG |
每位用户签署 Mandate 时定义以上参数：最大回撤、资产白名单/黑名单、再平衡频率、进攻仓位上限、投资期限、地理范围、ESG 筛选。所有 AI 操作必须在这些参数内。
The mandate governs the invocation of all eight core skills. Each skill call is pre-checked against the mandate's parameters by the Compliance skill (Skill 03) before execution.
Reads macro, earnings, yield curves. Maps into regime signal: expansion, contraction, crisis, recovery.
Enforces max drawdown, VaR limits, and concentration caps per the user's mandate.
Pre-checks every skill invocation against mandate parameters, jurisdictional rules, and suitability.
Lot selection, wash-sale avoidance, residency-aware yield routing per mandate's tax jurisdiction.
Drift correction bounded by mandate's rebalance cadence and offensive cap.
Streams signed holdings from 5 banks every 3 seconds. Verifies assets match liabilities.
Monitors macro events. Triggers defensive mode based on mandate's risk tolerance.
Builds target allocation across defensive and offensive engines within mandate bounds.
Trigger: VIX > 30, yield-curve inversion, geopolitical crisis, or Event Watch regime-shift signal.
Action: Portfolio Construction rotates up to 100% of assets into US Treasuries and allocated gold. All offensive positions are unwound. Rebalancing frequency increases to daily.
触发：VIX > 30、曲线倒挂、地缘危机或事件研判变盘信号。行动：组合 100% 转入美债 + 黄金，进攻仓位全部清退。
Trigger: Market Intel confirms expansion regime + earnings-beat cluster detected + Risk Guardrails confirms budget available.
Action: Portfolio Construction allocates up to the mandate's offensive cap (default 25%) into growth equities, Apollo private credit, and infrastructure RWA. Tax Optimization selects the most efficient entry points.
触发：市场情报确认扩张期 + 财报集群 + 风险预算充足。行动：组合最多配置 25%（按 Mandate 上限）至成长股 + 私募信贷 + 基建 RWA。
Every skill invocation produces a signed Explainability Log entry containing:
All logs are available to the user in real time via the PG-AI dashboard. Regulators (SEC, MAS) have full read access per their respective oversight agreements.
每次 Skill 调用都生成签名决策日志：时间戳、Skill ID、使用的 LLM、输入状态、推理链、输出结果、Mandate 授权依据、多签签名。用户可实时查看，监管机构有完全只读权限。
Management fee: 0%. PG-AI charges zero recurring management fee under any circumstances.
Performance fee: 20%. Calculated only on net new gains above the investor's historical high-water mark (HWM). If the portfolio declines and later recovers, the fee applies only to returns above the previous peak — never on recovered losses.
Crystallization: Quarterly. Accrued daily, settled at quarter-end.
Hurdle rate: None. The HWM mechanism itself ensures PG-AI only earns when the investor reaches new peaks.
管理费：0%。绩效费：20%，仅对超越历史高水位的净新收益计提。如果组合先跌后涨，仅对超过前一峰值的部分收费，永远不对回本部分收费。按季度结算。
At any time, the user can activate the Kill Switch — a one-tap control that immediately freezes all AI skill invocations and places the portfolio in custody-only mode.
用户随时可以激活一键停摆：所有 8 项 Skill 在 1 秒内停止执行，组合进入纯托管模式。资产安全地留在银行，无交易、无调仓。可随时重新激活或申请全额提取。
I, the undersigned, hereby authorize PG-AI Inc. and its regulated SPV (PG-AI Custody Holdings Pte. Ltd.) to manage my assets within the parameters defined in this Mandate. I understand that:
(a) All AI operations are bounded by the parameters I have set above;
(b) I may modify these parameters at any time with 24-hour notice;
(c) I may activate the Kill Switch at any time to freeze all operations;
(d) My assets are held at custodian banks, not by PG-AI;
(e) PG-AI charges 0% management fee and 20% performance fee above HWM only;
(f) This mandate is governed by the laws of the State of Delaware (US) and the Republic of Singapore.
本人授权 PG-AI 在本 Mandate 定义的参数范围内管理本人资产。本人理解：所有 AI 操作受本人设定的参数约束；可随时修改参数（24 小时生效）；可随时激活一键停摆；资产由托管行持有而非 PG-AI；管理费 0%，绩效费仅对超越高水位部分的 20%。