Portfolio

Historical Performance

Annual Returns
Year	portfolio
2007	14.62%
2008	14.54%
2009	-5.16%
2010	14.06%
2011	9.38%
2012	0.03%
2013	16.10%
2014	6.43%
2015	-3.94%
2016	17.56%
2017	13.12%
2018	2.28%
2019	11.45%
2020	4.74%
2021	22.58%
2022	3.78%
2023	4.78%
2024	22.82%
2025	7.22%

Performance and Risk Summary

Risk-Return Summary
Period	Return	Volatility	MaxDD
YTD	7.22%	6.55%	-0.20%
1y	17.17%	8.45%	-3.84%
3y	9.03%	8.95%	-6.31%
5y	13.08%	9.24%	-8.03%
10y	10.24%	8.41%	-8.03%
Inception	9.24%	8.78%	-12.09%

Portfolio Risk
Risk Measure	Monthly Risk
VaR [95%]	1.98%
VaR [99%]	3.14%
ES [95%]	2.91%
CF_VaR [95%]	2.53%

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	27.75%	0.32%
IEI	US	iShares 3-7 Year Treasury Bond ETF	US4642886612	26.93%	-0.73%
GLD	US	SPDR Gold Trust	US78463V1070	24.66%	-0.06%
GOVT	US	iShares Trust - iShares U.S. Treasury Bond ETF	US46429B2676	7.80%	-1.11%
XLV	US	Health Care Select Sector SPDR Fund	US81369Y2090	2.80%	-5.57%