Portfolio

Historical Performance

Annual Returns
Year	portfolio
2007	13.64%
2008	10.95%
2009	-1.91%
2010	15.96%
2011	6.57%
2012	1.52%
2013	15.97%
2014	6.11%
2015	-2.41%
2016	13.61%
2017	12.50%
2018	1.29%
2019	12.71%
2020	4.78%
2021	20.87%
2022	4.13%
2023	6.98%
2024	20.19%
2025	24.29%
2026	7.56%

Performance and Risk Summary

Risk-Return Summary
Period	Return	Volatility	MaxDD
YTD	7.56%	10.70%	-5.78%
1y	21.40%	10.69%	-5.78%
3y	16.81%	8.46%	-5.78%
5y	12.67%	8.25%	-6.95%
10y	11.79%	7.54%	-6.95%
Inception	9.62%	7.47%	-8.72%

Portfolio Risk
Risk Measure	Monthly Risk
VaR [95%]	6.80%
VaR [99%]	10.44%
ES [95%]	9.91%
CF_VaR [95%]	7.60%

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
XLK	US	Technology Select Sector SPDR Fund	US81369Y8030	13.06%	5.86%
XLI	US	Industrial Select Sector SPDR Fund	US81369Y7040	13.06%	2.07%
XLY	US	Consumer Discretionary Select Sector SPDR Fund	US81369Y4070	13.06%	0.23%
DBC	US	Invesco DB Commodity Index Tracking Fund	US73935S1050	12.79%	3.50%
EXS3	XETRA	iShares MDAX UCITS ETF (DE)	DE0005933923	8.36%	-0.48%