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	18.26%

Performance and Risk Summary

Risk-Return Summary
Period	Return	Volatility	MaxDD
YTD	18.26%	9.47%	-2.46%
1y	13.72%	10.54%	-2.46%
3y	14.38%	9.47%	-6.31%
5y	14.85%	9.37%	-8.03%
10y	11.85%	8.57%	-8.03%
Inception	9.54%	8.86%	-12.09%

Portfolio Risk
Risk Measure	Monthly Risk
VaR [95%]	4.75%
VaR [99%]	7.77%
ES [95%]	7.56%
CF_VaR [95%]	6.20%

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	24.26%	1.69%
XLY	US	Consumer Discretionary Select Sector SPDR Fund	US81369Y4070	18.90%	-6.43%
XLK	US	Technology Select Sector SPDR Fund	US81369Y8030	18.90%	-7.20%
SHV	US	iShares Short Treasury Bond ETF	US4642886794	12.74%	0.18%
XLC	US	Communication Services Select Sector SPDR Fund	US81369Y8527	12.60%	-2.61%