NAV: 384540.45
Total Shares Outstanding: 363418
NAV per share: 1.0581
Performance since inception: 5.05%

No rebalancing this week with a quick performance update. Our Silver position got stopped out this week as precious metal traded sideways with high volatility. South Korea and U.S. Energy continues to trend upwards. U.S. Headline CPI came in at 2.4% YoY, well below the consensus expectation of 2.7%. Despite the cooler inflation reading, the market is still pricing in a no-cut this March. Minutes from the January FOMC meeting this week highlighted divisions among policymakers, with some officials indicating openness to additional rate cuts should inflation continue to moderate, while others maintained a more hawkish stance. Investors continue to grapple with the recent AI-disruption narrative this week as S&P500 ended the week flattish.