Portfolio

Historical Performance

Annual Returns
Year	portfolio
2007	14.72%
2008	14.20%
2009	-5.20%
2010	13.92%
2011	9.21%
2012	0.12%
2013	15.95%
2014	6.27%
2015	-3.92%
2016	16.67%
2017	13.39%
2018	2.42%
2019	11.45%
2020	4.48%
2021	22.45%
2022	5.00%
2023	8.76%
2024	24.17%
2025	25.33%
2026	17.65%

Performance and Risk Summary

Risk-Return Summary
Period	Return	Volatility	MaxDD
YTD	17.65%	11.74%	-6.29%
1y	19.86%	10.68%	-6.29%
3y	23.81%	9.00%	-6.29%
5y	15.70%	9.22%	-7.54%
10y	14.05%	8.71%	-7.60%
Inception	10.54%	8.88%	-12.06%

Portfolio Risk
Risk Measure	Monthly Risk
VaR [95%]	8.28%
VaR [99%]	12.01%
ES [95%]	12.26%
CF_VaR [95%]	9.13%

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
XLF	US	Financial Select Sector SPDR Fund	US81369Y6059	19.15%	5.82%
XLE	US	Energy Select Sector SPDR Fund	US81369Y5069	19.15%	13.85%
XLV	US	Health Care Select Sector SPDR Fund	US81369Y2090	19.15%	9.77%
DBC	US	Invesco DB Commodity Index Tracking Fund	US73935S1050	18.09%	3.99%
DBE	US	Invesco DB Energy Fund	US73936B1017	11.41%	11.17%