Abstract
The electronic structure of the anomalous $\ensuremath{\delta}$ phase of Pu is analyzed by a general and exact reformulation of the exchange energy of the $f$ shell. It is found that the dominating contribution to the exchange energy is a polarization of orbital spin-currents that preserves the time-reversal symmetry; hence a nonmagnetic solution in accordance with experiments. The analysis brings a unifying picture of the role of exchange in the $5f$ shell with its relatively strong spin-orbit coupling. The results are in good accordance with recent measurements of the branching ratio for the $d$ to $f$ transition in the actinides.
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