Portfolio

Historical Performance

Annual Returns
Year	portfolio
2007	13.66%
2008	12.13%
2009	-4.33%
2010	29.51%
2011	6.41%
2012	1.28%
2013	16.17%
2014	6.13%
2015	-2.51%
2016	14.14%
2017	12.19%
2018	1.01%
2019	12.79%
2020	5.08%
2021	21.22%
2022	3.14%
2023	4.03%
2024	19.12%
2025	17.85%

Performance and Risk Summary

Risk-Return Summary
Period	Return	Volatility	MaxDD
YTD	17.85%	8.68%	-1.89%
1y	14.16%	9.50%	-1.89%
3y	12.91%	8.43%	-5.50%
5y	13.51%	8.27%	-7.33%
10y	10.77%	7.46%	-7.33%
Inception	9.59%	8.12%	-10.55%

Portfolio Risk
Risk Measure	Monthly Risk
VaR [95%]	3.94%
VaR [99%]	7.02%
ES [95%]	6.77%
CF_VaR [95%]	5.46%

Return and Volatility are in annualized terms except YTD Return
ES [95%] is the Expected Shortfall, i.e., the mean of losses exceeding the 95% quantile level
CF-VaR [95%] is the Cornish-Fischer VaR at the 95% quantile level, taking into account skewness and kurtosis of the P&L distribution

Portfolio Holdings - Top Five

Select Date

Ticker	Exchange	Name	ISIN	Weights	Return
GLD	US	SPDR Gold Trust	US78463V1070	17.94%	1.69%
XLY	US	Consumer Discretionary Select Sector SPDR Fund	US81369Y4070	13.23%	-6.43%
XLK	US	Technology Select Sector SPDR Fund	US81369Y8030	13.23%	-7.20%
SHV	US	iShares Short Treasury Bond ETF	US4642886794	10.00%	0.18%
XLC	US	Communication Services Select Sector SPDR Fund	US81369Y8527	8.82%	-2.61%