Honest Board: Trade archive 2021-Sep 2023

Sep 15, 2023

Apparently this archive is getting too big so this is everything up to September 2023, and more recent stuff is in the active archive location.

The tables below contain only closed trades. For open trades please see our Honest Board weekly roundup, published on Fridays after the close.

Medium term portfolio (The Money Game)

Closed trades since inception: 16

Closed trades which made money: 6

Closed trades which lost money: 6

Closed trades which broke even: 4

Ticker	Date entered	Date exited	Entry	Exit
PFE	4th Oct 21	14th Nov 21	42	50
Short IWM	4th Oct 21	7th Nov 21	220	232
Short CFR.SW	4th Oct 21	17th Oct 21	99.4	105
VXX	1st Nov 21	26th Nov 21	21.25	24.50
10y real yields	1st Nov 21	27th Dec 21	-1.03	-1.03
XOM	24th Oct 21	31st Jan 22	64	75
Short EURUSD	3rd Oct 21	31st Jan 22	1.16	1.1160
Long TBF	26th Dec 21	24th Feb 22	16	17.17
DIS	26th Dec 21	3rd Mar 22	152	146.2
CCL	26th Dec 21	3rd Mar 22	20.25	18.34
CNYB	3rd Jan 22	20th Mar 22	5.60	5.62
KWEB	3rd Jan 22	20th Mar 22	36.54	29.50
SPXU	28th Feb 22	4th May 22	15.85	16.81
IEF	4th Apr 22 / 24th Apr 22	28th Jul 22	105.14 (avg)	105.10
ERUS	22nd Feb 22	-	33	0
BNTX	29th Nov 22	28th Dec 22	161.70	162

Short term portfolio (More Buyers or Sellers)

Closed trades since inception: 53

Closed trades which made money: 19

Closed trades which lost money: 27

Closed trades which broke even: 7

Ticker	Date entered	Date exited	Entry	Exit
GPS	1st Nov 21	3rd Nov 21	23.08	24.86
DKNG	8th Nov 21	9th Nov 21	44	42.84
MMP	8th Nov 21	11th Nov 21	47.92 (avg)	48.35
LVS	15th Nov 21	15th Nov 21	39.95	41.25
SE	15th Nov 21	15th Nov 21	340.02	339.5
UPS	22nd Nov 21	26th Nov 21	208.75	206
ZNGA	6th Dec 21	8th Dec 21/7th Jan 22	6.015	6.665 / 6.01
VOD	13th Dec 21	3rd Jan 22	15.11	15.22
TLRY	22nd Nov 21	3rd Jan 21	11.06	7.19
SNOW	4th Jan 22	4th Jan 22	321.75	309.96
KWEB	3rd Jan 22	20th Jan 22	35.77	39.40
GPRO	18th Jan 22	19th Jan 22	10.42	9.88
SPOT	24th Jan 22	24th Jan 22	187.41	178.90
ASHR	22nd Feb 22	24th Feb 22	36.40	35.55
GDXJ	28th Feb 22	4th Mar 22	43.44	45.6
CVNA	31st Jan 22	18th Mar 22	147.80	144.00
OPEN	14th Feb 22	18th Mar 22	10.11	8.29
BLNK	14th Mar 22	18th Mar 22	22.81	25.21
AAL	7th Feb 22	14th Apr 22	16.70	19.00

RBLX	11th Apr 22	14th Apr 22	41.20	44.50
GS/XLF	7th Mar 22	21st Apr 22	326.82/36.89	347.11/38.20
FUBO	4th Apr 22	21st Apr 22	6.65	5.40
GDX	2nd May 22	4th May 22	34.03	34.47 (avg)
DWAC	9th May 22	12th May 22	43.90	37.70
JPM	16th May 22	24th May 22	17.57	26.10
DOW	6th Jun 22	10th Jun 22	66.95	64.20
AUY	27th Jun 22	5th Jul 22	4.96	4.60
CHPT	11th Jul 22	22nd Jul 22	13.01	13.96
NCLH	1st Aug 22	8th Aug 22/ 17th Aug 22	11.59	13.60 / 13.75
TLRY	15th Aug 22	22nd Aug 22	3.99	3.57
LAZR	22nd Aug 22	26th Aug 22	9.09	9.17
AA	29th Aug 22	1st Sep 22	55.04	47.57
GOOGL	4th Nov 22	15th Nov 22	86.89	98.70
DIS	14th Nov 22	29th Nov 22	94.70	94.50
AMZN	21st Nov 22	6th Dec 22	93.88	88.90
LAZR	6th Dec 22	19th Dec 22	7.74	6.26
CVS	17th Jan 23	25th Jan 23	90.26 cum div	84.93 Ex Div
U	12th Sep 22	2nd Feb 23	40.10	40.70
SE	11th Oct 22	2nd Feb 23	57.80	73.30

EWZ	23rd Jan 23	3rd Feb 23	29.08	29.07
CNC	13th Feb 23	1st Mar 23	72.99	68.38
INDA	7th Mar 23	13th Mar 23	39.91	38.78
VOD	13th Mar 23	17th Mar 23	11.65	11.05
TWLO	28th Mar 23	5th Mar 23	61.47	61
PYPL	19th Apr 23	25th Apr 23	75	72.98
OXY	24th Apr 23	26th Apr 23	61.80	60.45
GE (s)	1st May 23	18th May 23	99.90	102.89
DASH (s)	8th May 23	7th Jun 23	65	71.42
BAC	5th Jun 23	23rd Jun 23	28.40	27.70
CRM (s)	10th July 23	12th Jul 23	211.34	222.06
ETSY	3rd Jul 23	21st Jul 23	84.32	100.00
DIS	26th Jun 23	7th Aug 23	87.89	86.66
U	12th Jun 23	14th Aug 23	36.20	35.88
UAL (s)	17th Jul 23	28th Aug 23	53.75	49.06
MA (s)	31st Jul 23	29th Aug 23	395.05	407.42

Equity portfolio

In our equity portfolio, we enter our active portfolio on the open on Monday, and exit on the Friday close (holidays permitting). The return in the table below is calculated from these values.

Some methodology is described here and here.

Cumulative performance relative to SPY since inception: 216bps

Week	Active portfolio	Return relative to SPY
22nd Nov 21	Short 2.7% XLE, 2.1% XLU, long 3.7% XLI	-13.5bps
29th Nov 21	Short 13.6% XLF, long 11% XLK	19.1bps
6th Dec 21	Short 6% XLF	-6bps
13th Dec 21	Short 2.7% XLE, long 2.7% XLK	0bps
3rd Jan 22	Short 8% XLP, long 3% SPY	-14bps
10th Jan 22	Short 10.8% XLV, long 5% SPY	-1bps
18th Jan 22	Short 12.6% XLY, long 12.6% XLP	77.5bps
24th Jan 22	Short 8.6% XLP, long 3% SPY	7bps
31st Jan 22	Short 2.5% XLB, long 2.5% XLK	1.5bps
7th Feb 22	Short 8.3% XLP, long 8.3% XLY	-10bps
22nd Feb 22	Short 7% XLI, 7% XLF, long 14% XLU	16bps
28th Feb 22	Short 14.4% XLF, long 14.4% XLB	35bps
7th Mar 22	Short 8.7% XLP	46bps
14th Mar 22	Short 4% XLE	7bps
21st Mar 22	Short 12% XLY, long 12% XLK	22bps
28th Mar 22	Short 4% XLE	0bps
4th Apr 22	Short 4% XLE, short 6% XLP	-28bps
11th Apr 22	Short 4% XLE	-5bps
18th Apr 22	Short 2% XLU	5bps
25th Apr 22	Short 2% XLU, short 10% XLV, long 4% EFA	24bps
2nd May 22	Short 9% XLP, short 2% XLV, long 6% XLU	22bps
9th May 22	Short 5% XLI, long 4% SPY	3bps
16th May 22	Short 4% XLE	-3bps
23rd May 22	Short 2% XLE, Short 2% XLU, long 2% XLV	-17bps
31st May 22	Short 8% XLP, short 2% XLU, long 6% XLF	2bps
6th Jun 22	Short 8% XLP, long 5% XLF	-12bps
13th Jun 22	Short 2.6% XLU	21bps
21st Jun 22	Short 8.2% XLI, long 5% XLY	9bps
27th Jun 22	Short 10% XLK, long 5% XLY, long 5% XLF	12bps
5th Jul 22	Short 10% XLK, long 5% XLY, long 5% XLF	-16bps
11th Jul 22	Short 2.6% XLU, long 2.6% XLP	0bps
18th Jul 22	Short 7% XLY, long 7% EFA	-25bps

25th Jul 22	Short 12.2% XLV, long 7% SPY	6bps
1st Aug 22	Short 10% XLK, long 10% SPY	-18bps
8th Aug 22	Short 2.5% XLU	-6bps
15th Aug 22	Short 10% XLV, long 10% EFA	-18bps
22nd Aug 22	Short 8% XLY, short 2.6% XLU, long 10.6% SPY	1bp
29th Aug 22	Short 8.3% XLI, long 8.3% XLB	-8bps
6th Sep 22	Short 8.3% XLI, long 8.3% EEM	-20bps
12th Sep 22	Short 8.9% XLP, long 5% XLF	11bps
19th Sep 22	Short 13.6% XLF, long 12% SPY	15bps
26th Sep 22	Short 7% XLF, long 5% XLK	-9bps
3rd Oct 22	Short 5% XLY, long 3% XLP, 2% XLI	6bps
10th Oct 22	Short 5% XLV, long 5% XLU	-17bps
17th Oct 22	Short 5% XLK, long 5% SPY	-5bps
24th Oct 22	Short 5% XLK, long 5% SPY	-2bps
31st Oct 22	Short 5% XLY, long 5% XLU	22bps
7th Nov 22	Short 8% XLV, long 5% XLF	12bps
14th Nov 22	Short 2.4% XLU, long 2.4% XLY	-7bps
21st Nov 22	Short 7% XLF, long 7% XLV	-1bp
28th Nov 22	Short 3% XLE, long 3% XLB	3bps
5th Dec 22	Short 10% XLF, long 10% SPY	5bps
12th Dec 22	Short 6% XLK. long 6% IWM	4bps
3rd Jan 23	Short 7% XLP, long 3% XLY	-6bps
9th Jan 23	Short 8% XLV, long 4% XLY	20bps
17th Jan 23	Short 2.5% XLU, long 2.5% XLP	0bps
23rd Jan 23	Short 7% XLK, Long 7% IWM	-10bps
30th Jan 23	Short 8% XLK, Long 8% SPY	-20bps
6th Feb 23	Short 8.7% XLP, Long 5% XLF	5bps
13th Feb 23	Short 10% XLF, Long 10% XLI	10bps
21st Feb 23	Short 8.8% XLP, long 7% XLV	-5bps
27th Feb 23	Short 8% XLF, long 4% XLE	12bps
6th Mar 23	Short 6% XLP, long 3% XLY	-7bps
13th Mar 23	Short 3% XLI, 2.6% XLB, long 5.6% XLU	33bps
20th Mar 23	Short 8.6% XLI, long 8% SPY	8bps

27th Mar 23	Short 5% XLY, long 2% XLU, 3% XLF	-12bps
3rd Apr 23	Short 8.8% XLP, long 5% XLU	11bps
10th Apr 23	Short 3% XLI, 2% XLE, long 5% XLF	4bps
17th Apr 23	Short 8.5% XLI, long 7% XLF	3bps
24th Apr 23	Short 5% XLI, long 3% XLU	1bp
1st May 23	Short 8% XLV, long 2.5% XLB, 2.5% SPY	-4bps
8th May 23	Short 9.1% XLP. long 4% XLY	-2bps
15th May 23	Short 5% XLY, long 5% XLB	-11bps
22nd May 23	Short 8.8% XLP, long 6.5% XLV	7bps
30th May 23	Short 8.4% XLP, long 6.2% XLV	10bps
5th Jun 23	Short 2.3% XLB, long 2.3% XLF	2bps
12th Jun 23	Short 8% XLF, long 8% XLB	17bps
20th Jun 23	Short 5% XLP, long 3% IWM	-6bps
26th Jun 23	Short 5% XLK, long 5% XLB	4bps
3rd Jul 23	Short 8.1% XLP, long 7% XLV	-11bps
10th Jul 23	Short 5% XLP, long 4% XLE	0bps
17th Jul 23	Short 8% XLP, long 6% XLV	5bps
24th Jul 23	Short 6% XLY, long 6% XLK	-4bps
31st Jul 23	Short 6% XLI, long 6% XLV	0bps
7th Aug 23	Short 8.1% XLP, long 6% XLV	13bps
14th Aug 23	Short 7% XLI, long 7% XLV	6bps
21st Aug 23	Short 8.5% XLI, long 7% EFA	0bps
28th Aug 23	Short 7% XLK, long 7% XLY	-7bps
5th Sep 23	Short 8% XLF, long 8% XLB	-11bps

Global Asset Allocation portfolio

Our Balanced portfolio is benchmarked to 60% MSCI ACWI and 40% Bloomberg Global Agg, rebalanced weekly. As of 10th July 23 we can take views in growth, value, and international allocations, as well as whether to hedge our currency exposure on the equity component.

Returns in the table below are calculated using the Monday open to Friday close on any weight adjustments.

Cumulative return relative to benchmark since inception: 2bps.

Week	Portfolio	Return to benchmark
10th Jan 22	45% ACWI, 25% Agg, 30% Cash	-13bps
18th Jan 22	45% ACWI, 30% Agg, 25% Cash	74bps
23rd Jan 22	60% ACWI, 40% Agg, 0% Cash	24bps
30th Jan 22	60% ACWI, 40% Agg, 0% Cash	0bps
6th Feb 22	60% ACWI, 25% AGG, 15% Cash	6bps
13th Feb 22	60% ACWI, 25% AGG, 15% Cash	3bps
20th Feb 22	60% ACWI, 25% AGG, 15% Cash	4bps
27th Feb 22	60% ACWI, 40% Agg, 0% Cash	-6bps
6th Mar 22	60% ACWI, 40% Agg, 0% Cash	0bps
13th Mar 22	45% ACWI, 40% Agg, 15% Cash	-92bps
20th Mar 22	45% ACWI, 40% Agg, 15% Cash	-16bps
27 Mar 22	45% ACWI, 40% Agg, 15% Cash	-7bps
3rd Apr 22	45% ACWI, 50% Agg, 5% Cash	3bps
10th Apr 22	45% ACWI, 50% Agg, 5% Cash	20bps
18th Apr 22	45% ACWI, 50% Agg, 5% Cash	32bps
24th Apr 22	45% ACWI, 50% Agg, 5% Cash	41bps
1st May 22	50% ACWI, 50% Agg	1bp
8th May 22	45% ACWI, 40% Agg	17bps
16th May 22	52.5% ACWI, 32.5% Agg, 15% Cash	10bps
23rd May 22	52.5% ACWI, 32.5% Agg, 15% Cash	-46bps
31st May 22	52.5% ACWI, 25% AGG, 22.5% Cash	19bps
6th Jun 22	52.5% ACWI, 25% AGG, 22.5% Cash	59bps
13th Jun 22	52.5% ACWI, 32.5% AGG, 15% Cash	58bps
21st Jun 22	60% ACWI, 32.5% AGG, 7.5% Cash	-18bps
27th Jun 22	60% ACWI, 40% AGG, 0% Cash	3bps
5th Jul 22	60% ACWI, 40% AGG, 0% Cash	0bps
11th Jul 22	52.5% ACWI, 40% AGG, 7.5% Cash	4bps
18th Jul 22	52.5% ACWI, 40% AGG, 7.5% Cash	-21bps
25th Jul 22	52.5% ACWI, 32.5% Agg, 15% Cash	-37bps
1st Aug 22	52.5% ACWI, 32.5% Agg, 15% Cash	9bps
8th Aug 22	52.5% ACWI, 32.5% Agg, 15% Cash	-26bps
15th Aug 22	75% ACWI, 32.5% Agg, -7.5% Cash	-9bps

22nd Aug 22	52.5% ACWI, 25% AGG, 22.5% Cash	5bps
29th Aug 22	52.5% ACWI, 25% AGG, 22.5% Cash	43bps
6th Sep 22	45% ACWI, 32.5% AGG, 22.5% Cash	-40bps
12th Sep 22	45% ACWI, 32.5% AGG, 22.5% Cash	73bps
19th Sep 22	45% ACWI, 40% AGG, 15% Cash	80bps
26th Sep 22	52.5% ACWI, 40% AGG, 7.5% Cash	24bps
3rd Oct 22	52.5% ACWI, 40% AGG, 7.5% Cash	-12bps
10th Oct 22	52.5% ACWI, 40% AGG, 7.5% Cash	14bps
17th Oct 22	52.5% ACWI, 40% AGG, 7.5% Cash	-31bps
24th Oct 22	52.5% ACWI, 40% AGG, 7.5% Cash	-23bps
31st Oct 22	52.5% ACWI, 40% AGG, 7.5% Cash	9bps
7th Nov 22	52.5% ACWI, 40% AGG, 7.5% Cash	-48bps
14th Nov 22	52.5% ACWI, 32.5% AGG, 15% Cash	2bps
21st Nov 22	52.5% ACWI, 32.5% AGG, 15% Cash	-19bps
28th Nov 22	52.5% ACWI, 32.5% AGG, 15% Cash	-23bps
5th Dec 22	52.5% ACWI, 32.5% AGG, 15% Cash	25bps
12th Dec 22	52.5% ACWI, 32.5% AGG, 15% Cash	11bps
19th Dec 22	45% ACWI, 40% AGG, 15% Cash	3bps
26th Dec 22	45% ACWI, 40% AGG, 15% Cash	4bps
3rd Jan 23	52.5% ACWI, 32.5% AGG, 15% Cash	-33bps
9th Jan 23	52.5% ACWI, 32.5% AGG, 15% Cash	-28bps
17th Jan 23	52.5% ACWI, 32.5% AGG, 15% Cash	0bps
23rd Jan 23	52.5% ACWI, 32.5% AGG, 15% Cash	-13bps
30th Jan 23	52.5% ACWI, 32.5% AGG, 15% Cash	-3bps
6th Feb 23	52.5% ACWI, 25% AGG, 22.5% Cash	28bps
13th Feb 23	52.5% ACWI, 25% AGG, 22.5% Cash	9bps
21st Feb 23	52.5% ACWI, 25% AGG, 22.5% Cash	37bps
27th Feb 23	52.5% ACWI, 25% AGG, 22.5% Cash	-18bps
6th Mar 23	60% ACWI, 25% AGG, 15% Cash	-15bps
13th Mar 23	60% ACWI, 25% AGG, 15% Cash	-20bps
20th Mar 23	60% ACWI, 25% AGG, 15% Cash	-8bps
27th Mar 23	45% ACWI, 25% AGG, 30% Cash	-35bps
3rd Apr 23	45% ACWI, 25% AGG, 30% Cash	-15bps

10th Apr 23	45% ACWI, 25% AGG, 30% Cash	2bps
17th Apr 23	45% ACWI, 25% AGG, 30% Cash	9bps
24th Apr 23	45% ACWI, 25% AGG, 30% Cash	-16bps
1st May 23	45% ACWI, 40% AGG, 15% Cash	11bps
8th May 23	45% ACWI, 40% AGG, 15% Cash	12bps
15th May 23	45% ACWI, 40% AGG, 15% Cash	-19bps
22nd May 23	45% ACWI, 40% AGG, 15% Cash	6bps
30th May 23	45% ACWI, 40% AGG, 15% Cash	-22bps
5th May 23	45% ACWI, 25% AGG, 30% Cash	-7bps
12th Jun 23	45% ACWI, 25% AGG, 30% Cash	-39bps
20th Jun 23	45% ACWI, 40% AGG, 15% Cash	34bps
26th Jun 23	45% ACWI, 40% AGG, 15% Cash	-31bps
3rd Jul 23	60% ACWI, 40% AGG, 0% Cash	-1bp
10th Jul 23	-10% IVW, -10% IAGG, 10% AGG, 20.9% UUP	-79bps
17th Jul 23	-10% IVW, -10% IAGG, 10% AGG	5bps
24th Jul 23	-10% IVW, -10% IAGG, -10% ACWX, 10% AGG, 10% IVE	-20bps
31st Jul 23	-10% IVW, -10% IAGG, -10% ACWX, 10% AGG, 10% IVE	45bps
7th Aug 23	-10% IVW, -10% IAGG, -10% ACWX, 10% AGG, 10% IVE	14bps
14th Aug 23	-10% IVW, -10% IAGG, -10% ACWX, 10% AGG, 10% IVE	23bps
21st Aug 23	-10% IVW. 10% AGG	-5bps
28th Aug 23	-10% IVW, 10% AGG, 10% UUP	-26bps
5th Sep 23	-10% IVW, 10% UUP	22bps

Absolute Return Portfolio

Our absolute return portfolio is benchmarked to cash. Positions are generally rebalanced at the close on the specified rebalance dates.

Rebalance Date	Portfolio
3rd Jan 23	6.8% GLD, 11.8% TIP, 7% FXY, 2.7% BOTZ, 5.1% SPHD, 3.5% TDIV, 6.1% INDA, 3.6% LMT,3.4% XLY, 50% Cash
23rd Jan 23	7.0% GLD, 11.8% TIP, 7.1% FXY, 2.8% BOTZ, 3.5% TDIV, 6.1% INDA, 3.5% LMT,3.5% XLY, 4.8% XLU, 49.9% Cash
30th Jan 23	6.9% GLD, 11.8% TIP, 7.0% FXY, 2.9% BOTZ, 3.6% TDIV, 5.3% INDA, 4.3% LMT,3.7% XLY, 4.8% XLU, 49.6% Cash
1st Feb 23	6.9% GLD, 11.8% TIP, 7.0% FXY, 2.9% BOTZ, 3.6% TDIV, 5.3% INDA, 4.3% LMT,3.7% XLY, 4.8% XLU, 40.6% Cash, 9% UVXY
10th Feb 23	6.7% GLD, 11.6% TIP, 6.8% FXY, 3.0% BOTZ, 3.7% TDIV, 5.1% INDA, 4.2% LMT,3.8% XLY, 4.6% XLU, 49.4% Cash, 1.1% UVXY
13th Feb 23	6.7% GLD, 11.5% TIP, 6.8% FXY, 3.0% BOTZ, 3.7% TDIV, 5.1% INDA, 4.3% LMT,9.6% UUP, 4.6% XLU, 43.5% Cash, 1.1% UVXY
21st Feb 23	7.2% GLD, 11.5% TIP, 6.6% FXY, 3.0% BOTZ, 3.1% TDIV, 5.7% INDA, 4.2% LMT,9.7% UUP, 5.2% XLU, 42.8% Cash, 1.0% UVXY
27th Feb 23	7.2% GLD, 11.5% TIP, 3.0% BOTZ, 3.0% TDIV, 5.5% INDA, 4.3% LMT,9.9% UUP, 5.1% XLU, 49.6% Cash, 1.1% UVXY
13th Mar 23	7.4% GLD, 11.6% TIP, 3.0% BOTZ, 2.9% TDIV, 5.5% INDA, 4.2% LMT,9.8% UUP, 4.9% XLU, 50.7% Cash
20th Mar 23	7.0% GLD, 11.6% TIP, 3.0% BOTZ, 5.3% INDA, 4.1% LMT,9.6% UUP, 5.0% XLU, 54.3% Cash
10th Apr 23	7.0% GLD, 11.7% TIP, 3.1% BOTZ, 5.5% INDA, 4.3% LMT, 9.4% UUP, 5.2% XLU, 1.6% SPXU, 52.3% Cash
22nd May 23	6.9% GLD, 11.3% TIP, 3.3% BOTZ, 5.6% INDA, 3.9% LMT, 9.5% UUP, 4.9% XLU, 0.7% UVXY, 54.0% Cash
12th Jun 23	6.8% GLD, 11.3% TIP, 3.5% BOTZ, 5.8% INDA, 4.0% LMT, 9.6% UUP, 4.9% XLU, 0.5% UVXY, 2.1% USO, 51.4% Cash
16th Jun 23	6.8% GLD, 11.3% TIP, 3.7% BOTZ, 5.9% INDA, 4.0% LMT, 9.5% UUP, 5.0% XLU, 0.5% UVXY, 2.1% USO, 4.1% ASHR, 47.2% Cash
20th Jun 23	6.8% GLD, 11.3% TIP, 3.7% BOTZ, 4.0% LMT, 9.5% UUP, 5.0% XLU, 0.5% UVXY, 2.2% USO, 4.1% ASHR, 3.2% EMLC, 49.9% Cash
3rd Jul 23	6.7% GLD, 11.3% TIP, 2.9% BOTZ, 4.0% LMT, 9.6% UUP, 4.8% XLU, 0.4% UVXY, 2.1% USO, 4.0% ASHR, 3.2% EMLC, 50.9% Cash
24th Jul 23	7.7% GLD, 4.7% LMT, 5.7% XLU, 0.4% UVXY, 2.6% USO, 4.5% ASHR, 3.6% EMLC, 1.8% KRE, 69.1% Cash
21st Aug 23	7.4% GLD, 4.6% LMT, 5.3% XLU, 0.7% UVXY, 11.7% TIP, 4.4% ASHR, 3.6% EMLC, 1.8% KRE, 60.7% Cash

Bond portfolio

Our bond portfolio is benchmarked to the ETF AGG. Returns below are calculated as for the sector portfolio.

Some methodology is described here and here.

Cumulative performance relative to AGG since inception: -83bps

Week	Active portfolio	Return relative to AGG
21st Mar 22	-20% AGG, 17% SHY, 3% EMB	15.5bps
28 Mar 22	-15% AGG, 10% TLT, 5% HYG	20.5bps
4th Apr 22	-20% AGG, 15% SHY, 5% TLT	11bps
11th Apr 22	-12% AGG, 9% TLT, 3% EMB	-20bps
18th Apr 22	-20% AGG, 10% TLT, 3% IGOV	7bps
25th Apr 22	-10% IEF, 10% TLT	-9bps
2nd May 22	-15% IEF, 15% IGOV	-6bps
9th May 22	-10% IEF, -10% SHY, 20% MBB	8bps
16th May 22	-10% IEF, 10% LQD	-3bps
23rd May 22	-10% SHY, 5% LQD, 5% EMLC	17bps
31st May 22	-5% IEF, -5% TLT, 10% IGOV	-3bps
6th Jun 22	-10% IEF, 10% HYG	-25bps
13th Jun 22	-20% LQD, 20% MBB	-31bps
21st Jun 22	-15% MBB, 15% IEF	5bps
27th Jun 22	-25% MBB, 15% AGG	-23bps
5th Jul 22	-25% MBB, 15% SHY, 10% IEF	2bps
11th Jul 22	-25% MBB, 15% SHY, 10% IEF	-11bps
18th Jul 22	-15% LQD, 5% TLT	-12bps
25th Jul 22	-15% LQD, 5% IEF	-16bps
1st Aug 22	-15% IEF, 15% SHY	16bps
8th Aug 22	-15% IEF, 5% LQD	8bps
15th Aug 22	-15% IEF, 15% IGOV	-40bps
22nd Aug 22	-10% LQD, 5% TLT	5bps
29th Aug 22	-10% IEF, 5% TLT	-2bps
6th Sep 22	Neutral	0bps
12th Sep 22	-9% LQD, 6% IGOV, 3% EMLC	0bps
19th Sep 22	-5% LQD, 5% TLT	3bps

Discontinued as of 19th Sep 22.