NAV per share: 1.0114
Performance since inception: 0.41%


We’ve resumed investing today. I’ve shifted the portfolio from a risk-parity framework to a more discretionary allocation framework. As mentioned in the previous post, a risk-parity framework overweighted lower-risk assets and required higher leverage to hit our target volatility. To reduce borrowing costs, we’ll overweight higher-volatility assets instead.

To further reduce costs, I’ve also decided to rebalance every two weeks instead of weekly. We will be long-only, rather than able to short as before.

This week, we are fully allocated to U.S. small caps and Europe + UK, with no allocation to cryptocurrencies and U.S. bonds.