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	6.40%

Performance and Risk Summary

Risk-Return Summary
Period	Return	Volatility	MaxDD
YTD	6.40%	6.63%	-0.50%
1y	14.51%	7.32%	-3.13%
3y	7.61%	7.87%	-5.50%
5y	11.73%	8.11%	-7.33%
10y	9.21%	7.29%	-7.33%
Inception	9.26%	8.05%	-10.55%

Portfolio Risk
Risk Measure	Monthly Risk
VaR [95%]	1.97%
VaR [99%]	3.91%
ES [95%]	3.10%
CF_VaR [95%]	2.66%

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
SHV	US	iShares Short Treasury Bond ETF	US4642886794	22.01%	0.12%
IEI	US	iShares 3-7 Year Treasury Bond ETF	US4642886612	18.85%	-1.56%
GLD	US	SPDR Gold Trust	US78463V1070	18.69%	-1.42%
CASH_EUR	None	EURO CASH	None	8.29%	nan%
4GLD	XETRA	Xetra-Gold EUR	DE000A0S9GB0	6.40%	-0.34%