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	14.43%

Performance and Risk Summary

Risk-Return Summary
Period	Return	Volatility	MaxDD
YTD	14.43%	10.79%	-5.78%
1y	17.37%	9.79%	-5.78%
3y	20.59%	8.16%	-5.78%
5y	13.61%	8.35%	-6.95%
10y	12.58%	7.63%	-6.95%
Inception	9.87%	7.52%	-8.72%

Portfolio Risk
Risk Measure	Monthly Risk
VaR [95%]	7.52%
VaR [99%]	11.39%
ES [95%]	11.45%
CF_VaR [95%]	8.44%

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
DBC	US	Invesco DB Commodity Index Tracking Fund	US73935S1050	13.71%	3.99%
XLE	US	Energy Select Sector SPDR Fund	US81369Y5069	13.40%	13.85%
XLV	US	Health Care Select Sector SPDR Fund	US81369Y2090	13.40%	9.77%
XLF	US	Financial Select Sector SPDR Fund	US81369Y6059	13.40%	5.82%
DBE	US	Invesco DB Energy Fund	US73936B1017	8.65%	11.17%