NAV per share: 1.0076
Performance since inception: 0.03%


International bonds were stopped out last Friday, presumably after the BOJ’s rate hike, which sent JGB yields across the curve higher.

There are quite a few more short positions this week, including international bonds, U.S. long-term Treasuries, and cryptocurrencies.

Commodities like gold, silver, and copper continue to be in full swing. In addition, U.S. small caps and European equities continue their positive momentum.

Starting next year, we will do our weekly rebalancing on Friday instead of Monday to align with schedules.

We will also implement risk budgets for each asset class to (hopefully) achieve higher average returns while using less leverage.