ADA-USD: 60-day history, VaR(99%)=-0.1230, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0036, std=0.0356, worst_day=-0.1409
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to ADA-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8130

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1230 (i.e., a 12.30% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1230 = 0.8130, capped at 1.0.
Maximum position size = 0.8130 (81.3% of portfolio).


IWM: 60-day history, VaR(99%)=-0.0343, max drawdown threshold=10%.

Question:
Asset: IWM
Daily returns (past 60 days): mean=0.0015, std=0.0156, worst_day=-0.0360
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-08-30] wmt-20240731 0000104169 1/31 2025 Q2 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:order wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-07-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-07-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-07-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-07-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-07-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-07-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-07-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-07-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-07-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-07-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-07-31 0000104169 2024-08-28 0000104169 2024-05-01 2024-07-31 0000104169 2023-05-01 2023-07-31 0000104169 2023-02-01 2023-07-31 0000104169 2024-07-31 0000104169 2024-01-31 0000104169 2023-07-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 us-gaap:CommonStockMember 2023-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-31 0000104169 us-gaap:ParentMember 2023-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-01-31 0000104169 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-02-01 2023-04-30 0000104169 us-gaap:ParentMember 2023-02-01 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-02-01 2023-04-30 0000104169 2023-02-01 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-02-01 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-30 0000104169 us-gaap:ParentMember 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-04-30 0000104169 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-05-01 2023-07-31 0000104169 us-gaap:ParentMember 2023-05-01 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-05-01 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-05-01 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-31 0000104169 us-gaap:ParentMember 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-07-31 0000104169 2024-02-23 2024-02-23 0000104169 2024-02-23 0000104169 srt:MinimumMember 2024-07-31 0000104169 srt:MaximumMember 2024-07-31 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-31 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-31 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2024-04-30 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-04-30 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2024-07-31 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-07-31 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2023-01-31 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-01-31 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2023-02-01 2023-04-30 0000104169 us [...TRUNCATED...] acts, assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 34 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended July 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 35 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: August 30, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: August 30, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: August 30, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 36

Determine the maximum fraction of total portfolio capital that should be allocated to IWM, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0343 (i.e., a 3.43% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0343 = 2.9181, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLV: 60-day history, VaR(99%)=-0.0175, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=-0.0014, std=0.0079, worst_day=-0.0185
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-03-02] ["Here's Why Microsoft Isn't Sweating a Looming Recession Though nobody can say with certainty whether we'll be entering a recession in 2023, enough signs are pointing that way to cause both people and businesses to begin preparing accordingly. For investors, this could mean rough times ahead for many of their investments. Big tech has had its fair share of humble pie in the past 12 months, and with a looming recession in 2023, it might get worse before it gets better. However, of all big tech companies, none may be more recession-resistant than Microsoft (NASDAQ: MSFT). Microsoft is dividing and conquering One thing differentiating Microsoft from many competitors is just how diverse its revenue streams are. Its ecosystem of products and services all do a good job of pulling in their fair share of the revenue load. Having this many income streams isn't exclusive to Microsoft, but the difference is how spread out the revenue is among them. Of the $52.75 billion Microsoft made in the second quarter of its fiscal 2023, no segment accounted for more than 38%. For perspective, just the iPhone itself accounts for more than half of Apple's revenue, and Google advertising accounts for over 80% of Alphabet's revenue. Having diverse revenue streams ensures the business isn't too affected if one segment is hit hard by economic conditions. For example, spending on gaming may slow during a recession, but luckily, that represents less than 10% of Microsoft's revenue. It's the type of customers that benefit Microsoft Aside from the many different ways Microsoft makes money, what makes it more recession-resistant than its competitors is just who its customers are: other companies. There are countless companies in the world that rely on Microsoft products and services to run their business. Plenty of companies use Windows PCs for daily work. Industries like finance would go into a frenzy without Excel. Cloud services have increasingly become a necessity, especially for companies operating online. It's hard to imagine job recruiting and searching without LinkedIn. The list goes on of ways Microsoft is intertwined with many companies' daily operations. If a recession does occur, there's a good chance that consumers will slow down their spending, especially on consumer discretionary products and services. Microsoft's corporate clients, however, likely won't be going anywhere or drastically decreasing how much they spend with the company. It's easy for a consumer to forgo the latest iPhone when money is tight and the economy is less than ideal; it's much harder for a company to go from using cloud storage back to in-house storage. Services allow for a higher margin Since a lot of Microsoft's revenue comes from its services and software, it's able to operate with a higher gross profit margin than many other big tech companies that rely on hardware sales. Once most software is made, you can ship as much of it as you like without incurring too much extra cost (aside fro

Determine the maximum fraction of total portfolio capital that should be allocated to XLV, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0175 (i.e., a 1.75% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0175 = 5.6992, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MATIC-USD: 60-day history, VaR(99%)=-0.0968, max drawdown threshold=10%.

Question:
Asset: MATIC-USD
Daily returns (past 60 days): mean=0.0025, std=0.0444, worst_day=-0.0987
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to MATIC-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0968 (i.e., a 9.68% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0968 = 1.0333, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IWM: 60-day history, VaR(99%)=-0.0241, max drawdown threshold=10%.

Question:
Asset: IWM
Daily returns (past 60 days): mean=0.0014, std=0.0122, worst_day=-0.0311
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q CVX 2024-11-07] cvx-20240930 0000093410 12/31 2024 Q3 false 102 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:State cvx:tribe cvx:parish 0000093410 2024-01-01 2024-09-30 0000093410 2024-09-30 0000093410 2024-07-01 2024-09-30 0000093410 2023-07-01 2023-09-30 0000093410 2023-01-01 2023-09-30 0000093410 2023-12-31 0000093410 2022-12-31 0000093410 2023-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-06-30 0000093410 us-gaap:RetainedEarningsMember 2023-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2023-06-30 0000093410 us-gaap:ParentMember 2023-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2023-06-30 0000093410 2023-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0000093410 us-gaap:ParentMember 2023-07-01 2023-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2023-07-01 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us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-07-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-07-01 2024-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-07-01 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-09-30 0000093410 us-gaap:ParentMember 2024-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-12-31 0000093410 us-gaap:RetainedEarningsMember 2022-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2022-12-31 0000093410 us-gaap:ParentMember 2022-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2022-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-01-01 2023-09-30 0000093410 us-gaap:ParentMember 2023-01-01 2023-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-09-30 0000093410 us-gaap:RetainedEarningsMember 2023-01-01 2023-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 0000093410 us-gaap:RetainedEarningsMember 2023-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2023-12-31 0000093410 us-gaap:ParentMember 2023-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2023-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-01-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-01-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-01-01 2024-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2022-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2022-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-01-01 2023-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-01-01 2023-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-01-01 2023-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-01-01 2023-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-09-30 000009 [...TRUNCATED...] ATION ISSUER PURCHASES OF EQUITY SECURITIES   Period Total Number of Shares Purchased (*) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet Be Purchased Under the 2023 Program (*) (Billions of dollars) July 1 - July 31, 2024 7,923,000  $156.56 7,923,000  $56.6 August 1 - August 31, 2024 12,057,000  $146.20 12,057,000  $54.8 September 1 - September 30, 2024 12,229,398  $142.84 12,229,398  $53.1 Total 32,209,398   $147.47 32,209,398   (*) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program. Item 5. Other Information Rule 10b5-1 Plan Elections A. Nigel Hearne , Executive Vice President, Senior Advisor , entered into a pre-arranged stock trading plan on August 19, 2024 . Mr. Hearne’s plan provides for the potential exercise of vested stock options and the associated sale of up to 60,468 shares of Chevron common stock between November 18, 2024, and February 28, 2025 . The trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and Chevron’s policies regarding transactions in Chevron securities. 44 Table of Contents Item 6. Exhibits Exhibit Index Exhibit Number Description 10.1+* Chevron Incentive Plan, amended and restated effective October 2, 2023 (refi l ed to correct formatting in the previo usly filed version) . 10.2+* Chevron Corporation Retirement Restoration Plan, amended and restated effective August 1, 2024. 10.3+* Chevron Corporation ESIP Restoration Plan, amended and restated effective August 1, 2024. 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer 32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer 32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer 101* Interactive data files (formatted as Inline XBRL) 104* Cover Page Interactive Data File (contained in Exhibit 101) ____________________________________________ +     Indicates a management contract or compensatory plan or arrangement. *    Filed herewith. **     Furnished herewith. 45 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   C HEVRON C ORPORATION (R EGISTRANT ) / S /   A LANA K. K NOWLES Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) Date: November 7, 2024 46

Determine the maximum fraction of total portfolio capital that should be allocated to IWM, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0241 (i.e., a 2.41% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0241 = 4.1561, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VEA: 60-day history, VaR(99%)=-0.0185, max drawdown threshold=10%.

Question:
Asset: VEA
Daily returns (past 60 days): mean=-0.0006, std=0.0082, worst_day=-0.0195
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-09-13] ["US presses on with fight against Google's search and advertising clout By Diane Bartz WASHINGTON, Sept 13 (Reuters) - The Justice Department questioned a former Google executive about billion-dollar deals with mobile carriers and others that helped make Google the default search engine, in the second day of a once-in-a-generation antitrust trial on Wednesday. Chris Barton, who was at Google from 2004 to 2011, said the company was quick to see the advantage of people using Google search on handheld devices and early versions of smartphones, spurring dramatic growth in the number of Google executives working on deals to win default status with mobile carriers. Google's clout in search, the government argues, has helped Google, a $1 trillion company, build monopolies in some aspects of online search advertising. Since search is free, Google makes its money through advertising. The government says the Alphabet IncGOOGL.Ounit paid $10 billion annually to wireless companies like AT&T T.N, device makers like Apple AAPL.O and browser makers like Mozilla to fend off rivals and keep its search engine's market share at around 90%. Barton testified that in negotiating revenue-sharing deals with mobile carriers and Android smartphone makers, Google pressed for its search to be the default and to be exclusive. If Microsoft's search engine Bing was the default on an Android phone, Barton said, then users would have a \"difficult time finding or changing to Google.\" Barton said on his LinkedIn profile that he was responsible for leading Google's partnerships with mobile carriers like Verizon and AT&T, estimating that the deals \"drive hundreds of millions in revenue.\" Google attorney John Schmidtlein said in opening arguments on Tuesday that the government was wrong to say that Google broke the law to hold onto its massive market share, noting its search engine was wildly popular because of its quality and that the payments were fair compensation for partners. The fight has major implications for Big Tech, which has been accused of buying or strangling small rivals but has defended itself by pointing out that its services are free, as in the case of Google, or inexpensive, as in the case of Amazon.com AMZN.O. Previous major antitrust trials include Microsoft, filed in 1998, and AT&T, filed in 1974. The AT&T breakup in 1982 is credited with paving the way for the modern cell phone industry, while the fight with Microsoft is credited with opening space for Google and others on the internet. The government's first witness Tuesday was Google economist Hal Varian, who was asked about discussions inside the company about the importance of scale and of Google becoming the default on home pages. If Google is found to have broken the law, Judge Amit Mehta, who is deciding the case, will then decide how best to resolve it. He may decide simply to order Google to stop practices he has found to be illegal or he may order Google to sell assets. EXPLAINER-Why is the US su

Determine the maximum fraction of total portfolio capital that should be allocated to VEA, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0185 (i.e., a 1.85% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0185 = 5.3949, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ACWI: 60-day history, VaR(99%)=-0.0204, max drawdown threshold=10%.

Question:
Asset: ACWI
Daily returns (past 60 days): mean=-0.0001, std=0.0096, worst_day=-0.0249
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-02-28] ["The Zacks Analyst Blog Highlights Apple, Linde, Marsh & McLennan Companies, GSK and Expedia For Immediate Release Chicago, IL \u2013 February 28, 2023 \u2013 Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Apple Inc. AAPL, Linde plc LIN, Marsh & McLennan Companies, Inc. MMC, GSK plc GSK and Expedia Group, Inc. EXPE. Here are highlights from Monday\u2019s Analyst Blog: Top Analyst Reports from Apple, Linde and Marsh & McLennan The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Apple Inc., Linde plc and Marsh & McLennan Companies, Inc. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. You can see all of today\u2019s research reports here >>> Shares of Apple have roughly matched the broader market over the past year (-10.4% for Apple vs. -10.9% for the S&P 500 index), but handily outperformed the Zacks Tech sector (down - 19.8%). The Zacks analyst covering Apple expects year-over-year revenue growth to decelerate in the fiscal first quarter compared with the fiscal fourth quarter due to unfavorable forex. Mac revenues are expected to be negatively impacted by forex. Apple expects Mac revenues to decline substantially year over year during the December quarter. Services revenue growth is expected to be negatively impacted by challenging macroeconomic conditions, unfavorable forex, as well as weakness in digital advertising and gaming. Nevertheless, a growing subscriber base in the Services business and a strong liquidity position are key catalysts. (You can read the full research report on Apple here >>>) Linde shares have outperformed the Zacks Chemical - Diversified industry over the past year (+18.6% vs. +10.3%). The company\u2019s wide range of applications for its industrial gases, Linde is making the world more productive by the day. The company\u2019s primary products in industrial gases include oxygen, which is used as life support in hospitals. Its process gas, like hydrogen, is being utilized for clean fuels, while its high-purity and specialty gases are employed to manufacture electronics. Linde has long-term contracts with on-site customers backed by minimum purchase requirements, thereby securing stable cashflows. In the profitable industrial gas market, the merger of Praxair and Linde has created an efficient player with considerable size advantages. However, the cost of sales continues to increase, hurting the firm\u2019s bottom line. The firm has mostly been paying a lower dividend yield than the industry\u2019s composite stocks over the past two years. (You can read the full research report on Linde here >>>) Marsh & McLennan shares have outperformed the Zacks Insurance - Bro

Determine the maximum fraction of total portfolio capital that should be allocated to ACWI, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0204 (i.e., a 2.04% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0204 = 4.9096, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


AVAX-USD: 60-day history, VaR(99%)=-0.0760, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0046, std=0.0427, worst_day=-0.0772
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to AVAX-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0760 (i.e., a 7.60% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0760 = 1.3164, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IGOV: 60-day history, VaR(99%)=-0.0134, max drawdown threshold=10%.

Question:
Asset: IGOV
Daily returns (past 60 days): mean=0.0001, std=0.0057, worst_day=-0.0138
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to IGOV, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0134 (i.e., a 1.34% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0134 = 7.4440, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0358, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0046, std=0.0217, worst_day=-0.0500
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-10-24]

Determine the maximum fraction of total portfolio capital that should be allocated to BTC-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0358 (i.e., a 3.58% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0358 = 2.7928, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNB-USD: 60-day history, VaR(99%)=-0.0695, max drawdown threshold=10%.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=0.0016, std=0.0230, worst_day=-0.1070
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-05]

Determine the maximum fraction of total portfolio capital that should be allocated to BNB-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0695 (i.e., a 6.95% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0695 = 1.4398, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLF: 60-day history, VaR(99%)=-0.0220, max drawdown threshold=10%.

Question:
Asset: XLF
Daily returns (past 60 days): mean=0.0008, std=0.0114, worst_day=-0.0251
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-01-30] ["No Hyperbole: This Really is a Critical Week for Stocks O ne of the dangers for investors of paying attention to financial media, whether it is TV channels such as CNBC or Fox Business, or internet sites that offer commentary and opinion (such as this one), is that it makes you prone to exaggerate the importance of everything that happens. Every writer, presenter, and editor knows that a piece with the words \u201ccrisis,\u201d \u201ccrash,\u201d or \u201cboom\u201d will do better than one that says that nothing much is going to happen, even though nothing much happening is always a far more likely scenario. In the world of financial media, every data release is \u201ccritical,\u201d and every stock is \u201cset to soar\u201d or \u201cabout to collapse.\u201d That is why I am reluctant in some ways to say that this week is \u201ccritical\u201d for stocks. I don\u2019t want to employ the kind of hyperbole that distorts reality, but the more I look at the economic and earnings calendars for the week, the more convinced I am that that is the case. The economic calendar side of that may surprise some people, given that the calendar for this week doesn\u2019t show any major data until the jobs report on Friday, and even then, unemployment has become a much less significant indicator than it once was. What makes this week so important, however, is not new data but the interpretation of existing data. What really matters right now is how central banks interpret that data. If the actual numbers mattered, the Fed would have started to hike rates a lot sooner than they did, and nobody would have uttered the word \u201ctransient,\u201d but that isn\u2019t what happened. Instead, they looked at employment, price, and consumer spending data that screamed \u201cinflation!\u201d and told us that that was misleading, that price rises were driven primarily by supply chain disruptions and would quickly fade away. They delayed raising rates, and inflation is probably worse than it could have been as a result. The data at that time wasn't what mattered; it was the Fed\u2019s interpretation of that data that drove policy. We are in the same place now in terms of whether to pause or even reverse the rising rate policy. The deliberations of the Fed, the ECB and the Bank of England this week are, in many ways, more important than the numbers they will be deliberating. Then there are earnings. It is a huge week for big tech, with Meta (META), Alphabet (GOOG, GOOGL), Apple (AAPL), and Amazon (AMZN) all reporting on either Wednesday or Thursday. This is always a significant part of earnings season, but especially now. These are the names that led the market lower last year but have bounced as optimism increased this month. They have all talked about a tough start to 2023 and, in most cases, have announced cutbacks and layoffs. If it turns out that pessimism was prompted by a bad Q4, and/or if it continues in terms of their outlook for the rest of the year, the midweek bi

Determine the maximum fraction of total portfolio capital that should be allocated to XLF, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0220 (i.e., a 2.20% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0220 = 4.5494, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.1398, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0050, std=0.0610, worst_day=-0.1825
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q NVDA 2024-11-20] nvda-20241027 0001045810 1/26 2025 Q3 FALSE http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent 0 550 456 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure nvda:segment 0001045810 2024-01-29 2024-10-27 0001045810 2024-11-15 0001045810 2024-07-29 2024-10-27 0001045810 2023-07-31 2023-10-29 0001045810 2023-01-30 2023-10-29 0001045810 2024-10-27 0001045810 2024-01-28 0001045810 us-gaap:CommonStockMember 2024-07-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-28 0001045810 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-07-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-29 2024-10-27 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nvda:PubliclyHeldEquitySecuritiesMember 2024-01-28 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasur [...TRUNCATED...]  30, 2024 , Ajay K. Puri , Executive Vice President , Worldwide Field Operations, adopted a Rule 10b5-1 Trading Arrangement for the sale of up to 204,890 shares of our common stock through December 30, 2025 . 40 Item 6. Exhibits Exhibit No.  Exhibit Description 10.1+* Amended and Restated 2007 Equity Incentive Plan – Global Restricted Stock Unit Grant Notice and Global Restricted Stock Unit Agreement (2024) 31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. + Management contract or compensatory plan or arrangement. * Filed herewith. # In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Copies of above exhibits not contained herein are available to any shareholder upon written request to: Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051. 41 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 20, 2024   NVIDIA Corporation  By:    /s/ Colette M. Kress   Colette M. Kress   Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) 42

Determine the maximum fraction of total portfolio capital that should be allocated to ^VIX, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.7156

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1398 (i.e., a 13.98% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1398 = 0.7156, capped at 1.0.
Maximum position size = 0.7156 (71.6% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.0968, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0019, std=0.0508, worst_day=-0.0994
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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2023-03-31 0001364742 us-gaap:EquitySecuritiesMember blk:ConsolidatedVotingRightsEntitiesMember 2024-03-31 0001364742 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-03-31 0001364742 us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2024-03-31 0001364742 us-gaap:ForeignExchangeForwardMember 2023-12-31 0001364742 blk:OnePointNineZeroPercentNotesDueTwoThousandThirtyOneMember 2024-03-31 0001364742 blk:EquityFixedIncomeAndMultiAssetMutualFundsMember us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0001364742 2022-10-01 2022-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2024-03-31 0001364742 blk:AlternativeInvestmentsProductsMember us-gaap:InvestmentPerformanceMember 2024-01-01 2024-03-31 0001364742 srt:AmericasMember 2023-12-31 0001364742 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember blk:InvestmentsRelatedToDeferredCashCompensationPlansMember 2023-12-31 0001364742 us-gaap:CollateralizedLo [...TRUNCATED...] hat the Board of Directors authorized the repurchase of an additional seven million shares under the Company’s existing share repurchase program, for a total of up to approximately 7.9 million shares of BlackRock common stock. 64   Item 6. Exh ibits Exhibit No.   Description       4.1(1)   Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.2(1)   First Supplemental Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.3(1)   Form of Note for the 4.700% Notes due 2029 (included in Exhibit 4.2).       4.4(1)   Form of Note for the 5.000% Notes due 2034 (included in Exhibit 4.2).       4.5(1)   Form of Note for the 5.250% Notes due 2054 (included in Exhibit 4.2).       10.1(2)   Amendment No. 14, dated as of March 12, 2024, by and among BlackRock, Inc., certain of its subsidiaries, Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein.       22.1(3)   Subsidiary Issuer of Guaranteed Securities.       31.1   Section 302 Certification of Chief Executive Officer       31.2   Section 302 Certification of Chief Financial Officer       32.1   Section 906 Certification of Chief Executive Officer and Chief Financial Officer       101.INS   Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document       101.SCH   Inline XBRL Taxonomy Extension Schema with Embedded Linkbases Document       104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)         (1) Incorporated by reference to BlackRock’s Current Report on Form 8-K filed on March 14, 2024. (2) Incorporated by reference to BlackRock's Current Report on Form 8-K filed on March 15, 2024. (3) Incorporated by reference to BlackRock's Registration Statement on Form S-3 (Registration No. 333-278583) filed on April 9, 2024. 65   SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.       BLACKROCK, INC.     (Registrant)             By: /s/ Martin S. Small Date: May 7, 2024        Martin S. Small          Senior Managing Director & Chief Financial Officer    (Principal Financial Officer)   66

Determine the maximum fraction of total portfolio capital that should be allocated to ^VIX, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0968 (i.e., a 9.68% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0968 = 1.0328, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


AVAX-USD: 60-day history, VaR(99%)=-0.0558, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0069, std=0.0200, worst_day=-0.0684
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-09-17]

Determine the maximum fraction of total portfolio capital that should be allocated to AVAX-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0558 (i.e., a 5.58% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0558 = 1.7912, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MTUM: 60-day history, VaR(99%)=-0.0220, max drawdown threshold=10%.

Question:
Asset: MTUM
Daily returns (past 60 days): mean=0.0006, std=0.0110, worst_day=-0.0258
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q BLK 2024-05-07] 10-Q --12-31 Q1 0001364742 false http://fasb.org/us-gaap/2023#OtherAssets http://fasb.org/us-gaap/2023#OtherAssets http://fasb.org/us-gaap/2023#NonoperatingIncomeExpense http://fasb.org/us-gaap/2023#NonoperatingIncomeExpense http://fasb.org/us-gaap/2023#NonoperatingIncomeExpense http://fasb.org/us-gaap/2023#NonoperatingIncomeExpense 2024-06 2024-03 2024-06 2024-03 http://fasb.org/us-gaap/2023#GainLossOnInvestments http://fasb.org/us-gaap/2023#GainLossOnInvestments http://fasb.org/us-gaap/2023#GeneralAndAdministrativeExpense http://fasb.org/us-gaap/2023#GeneralAndAdministrativeExpense 2028-03-31 9 1 1 1 1 9 1 1 1 1 9 1 1 1 1 9 1 1 1 1 1 P2Y 0 years 0 years 2027-05-30 2028-05-30 2029-05-30 2027-05-30 2028-05-30 2029-05-30 0001364742 us-gaap:FairValueInputsLevel1Member us-gaap:PrivateEquityFundsMember us-gaap:FairValueMeasurementsRecurringMember 2024-03-31 0001364742 us-gaap:EquitySecuritiesMember blk:InvestmentInNAVMember 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us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-03-31 0001364742 us-gaap:FairValueInputsLevel2Member us-gaap:PrivateEquityFundsMember us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0001364742 blk:InstitutionalMember blk:RevenueByClientTypeMember 2024-01-01 2024-03-31 0001364742 us-gaap:FixedIncomeFundsMember blk:InvestmentInNAVMember us-gaap:FairValueMeasurementsRecurringMember 2024-03-31 0001364742 blk:TwoThousandTwentyFourRevolvingCreditFacilitiesMember 2024-03-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:EquityMethodInvestmentsMember 2023-01-01 2023-12-31 0001364742 2023-12-31 0001364742 blk:DeferredCashCompensationPlansMember 2024-03-31 0001364742 us-gaap:CorporateDebtSecuritiesMember 2024-03-31 0001364742 srt:EuropeMember 2024-03-31 0001364742 blk:PerformanceBasedStockOptionsMember 2024-01-01 2024-03-31 0001364742 blk:InvestmentInNAVMember us-gaap:FairValueMeasurementsRecurringMember 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2023-03-31 0001364742 us-gaap:EquitySecuritiesMember blk:ConsolidatedVotingRightsEntitiesMember 2024-03-31 0001364742 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-03-31 0001364742 us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2024-03-31 0001364742 us-gaap:ForeignExchangeForwardMember 2023-12-31 0001364742 blk:OnePointNineZeroPercentNotesDueTwoThousandThirtyOneMember 2024-03-31 0001364742 blk:EquityFixedIncomeAndMultiAssetMutualFundsMember us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0001364742 2022-10-01 2022-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2024-03-31 0001364742 blk:AlternativeInvestmentsProductsMember us-gaap:InvestmentPerformanceMember 2024-01-01 2024-03-31 0001364742 srt:AmericasMember 2023-12-31 0001364742 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember blk:InvestmentsRelatedToDeferredCashCompensationPlansMember 2023-12-31 0001364742 us-gaap:CollateralizedLo [...TRUNCATED...] hat the Board of Directors authorized the repurchase of an additional seven million shares under the Company’s existing share repurchase program, for a total of up to approximately 7.9 million shares of BlackRock common stock. 64   Item 6. Exh ibits Exhibit No.   Description       4.1(1)   Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.2(1)   First Supplemental Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.3(1)   Form of Note for the 4.700% Notes due 2029 (included in Exhibit 4.2).       4.4(1)   Form of Note for the 5.000% Notes due 2034 (included in Exhibit 4.2).       4.5(1)   Form of Note for the 5.250% Notes due 2054 (included in Exhibit 4.2).       10.1(2)   Amendment No. 14, dated as of March 12, 2024, by and among BlackRock, Inc., certain of its subsidiaries, Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein.       22.1(3)   Subsidiary Issuer of Guaranteed Securities.       31.1   Section 302 Certification of Chief Executive Officer       31.2   Section 302 Certification of Chief Financial Officer       32.1   Section 906 Certification of Chief Executive Officer and Chief Financial Officer       101.INS   Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document       101.SCH   Inline XBRL Taxonomy Extension Schema with Embedded Linkbases Document       104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)         (1) Incorporated by reference to BlackRock’s Current Report on Form 8-K filed on March 14, 2024. (2) Incorporated by reference to BlackRock's Current Report on Form 8-K filed on March 15, 2024. (3) Incorporated by reference to BlackRock's Registration Statement on Form S-3 (Registration No. 333-278583) filed on April 9, 2024. 65   SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.       BLACKROCK, INC.     (Registrant)             By: /s/ Martin S. Small Date: May 7, 2024        Martin S. Small          Senior Managing Director & Chief Financial Officer    (Principal Financial Officer)   66

Determine the maximum fraction of total portfolio capital that should be allocated to MTUM, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0220 (i.e., a 2.20% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0220 = 4.5524, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.1051, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0050, std=0.0457, worst_day=-0.1133
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q BLK 2024-05-07] 10-Q --12-31 Q1 0001364742 false http://fasb.org/us-gaap/2023#OtherAssets http://fasb.org/us-gaap/2023#OtherAssets http://fasb.org/us-gaap/2023#NonoperatingIncomeExpense http://fasb.org/us-gaap/2023#NonoperatingIncomeExpense http://fasb.org/us-gaap/2023#NonoperatingIncomeExpense http://fasb.org/us-gaap/2023#NonoperatingIncomeExpense 2024-06 2024-03 2024-06 2024-03 http://fasb.org/us-gaap/2023#GainLossOnInvestments http://fasb.org/us-gaap/2023#GainLossOnInvestments http://fasb.org/us-gaap/2023#GeneralAndAdministrativeExpense http://fasb.org/us-gaap/2023#GeneralAndAdministrativeExpense 2028-03-31 9 1 1 1 1 9 1 1 1 1 9 1 1 1 1 9 1 1 1 1 1 P2Y 0 years 0 years 2027-05-30 2028-05-30 2029-05-30 2027-05-30 2028-05-30 2029-05-30 0001364742 us-gaap:FairValueInputsLevel1Member us-gaap:PrivateEquityFundsMember us-gaap:FairValueMeasurementsRecurringMember 2024-03-31 0001364742 us-gaap:EquitySecuritiesMember blk:InvestmentInNAVMember 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blk:InvestmentsRelatedToDeferredCashCompensationPlansMember 2023-12-31 0001364742 us-gaap:CollateralizedLo [...TRUNCATED...] hat the Board of Directors authorized the repurchase of an additional seven million shares under the Company’s existing share repurchase program, for a total of up to approximately 7.9 million shares of BlackRock common stock. 64   Item 6. Exh ibits Exhibit No.   Description       4.1(1)   Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.2(1)   First Supplemental Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.3(1)   Form of Note for the 4.700% Notes due 2029 (included in Exhibit 4.2).       4.4(1)   Form of Note for the 5.000% Notes due 2034 (included in Exhibit 4.2).       4.5(1)   Form of Note for the 5.250% Notes due 2054 (included in Exhibit 4.2).       10.1(2)   Amendment No. 14, dated as of March 12, 2024, by and among BlackRock, Inc., certain of its subsidiaries, Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein.       22.1(3)   Subsidiary Issuer of Guaranteed Securities.       31.1   Section 302 Certification of Chief Executive Officer       31.2   Section 302 Certification of Chief Financial Officer       32.1   Section 906 Certification of Chief Executive Officer and Chief Financial Officer       101.INS   Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document       101.SCH   Inline XBRL Taxonomy Extension Schema with Embedded Linkbases Document       104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)         (1) Incorporated by reference to BlackRock’s Current Report on Form 8-K filed on March 14, 2024. (2) Incorporated by reference to BlackRock's Current Report on Form 8-K filed on March 15, 2024. (3) Incorporated by reference to BlackRock's Registration Statement on Form S-3 (Registration No. 333-278583) filed on April 9, 2024. 65   SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.       BLACKROCK, INC.     (Registrant)             By: /s/ Martin S. Small Date: May 7, 2024        Martin S. Small          Senior Managing Director & Chief Financial Officer    (Principal Financial Officer)   66

Determine the maximum fraction of total portfolio capital that should be allocated to ^VIX, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.9516

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1051 (i.e., a 10.51% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1051 = 0.9516, capped at 1.0.
Maximum position size = 0.9516 (95.2% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.0733, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0038, std=0.0397, worst_day=-0.0785
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to LINK-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0733 (i.e., a 7.33% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0733 = 1.3652, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VNQ: 60-day history, VaR(99%)=-0.0231, max drawdown threshold=10%.

Question:
Asset: VNQ
Daily returns (past 60 days): mean=0.0009, std=0.0101, worst_day=-0.0250
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to VNQ, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0231 (i.e., a 2.31% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0231 = 4.3359, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.0710, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=0.0004, std=0.0436, worst_day=-0.0767
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-03-22]

Determine the maximum fraction of total portfolio capital that should be allocated to DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0710 (i.e., a 7.10% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0710 = 1.4083, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.1191, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0053, std=0.0531, worst_day=-0.1325
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to SOL-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8397

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1191 (i.e., a 11.91% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1191 = 0.8397, capped at 1.0.
Maximum position size = 0.8397 (84.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.0802, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0015, std=0.0437, worst_day=-0.0960
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to LINK-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0802 (i.e., a 8.02% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0802 = 1.2466, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLY: 60-day history, VaR(99%)=-0.0301, max drawdown threshold=10%.

Question:
Asset: XLY
Daily returns (past 60 days): mean=0.0014, std=0.0154, worst_day=-0.0313
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-02-17] ["Zacks Value Trader Highlights: Taiwan Semiconductor, Chevron, US Bancorp, Apple and Amazon For Immediate Release Chicago, IL \u2013 February 17, 2023 \u2013 Zacks Value Trader is a podcast hosted weekly by Zacks Stock Strategist Tracey Ryniec. Every week, Tracey will be joined by guests to discuss the hottest investing topics in stocks, bonds and ETFs and how it impacts your life. To listen to the podcast, click here: https://www.zacks.com/stock/news/2055570/grading-berkshire-hathaways-q4-trades) Grading Berkshire Hathaway's Q4 Trades Welcome to Episode #317 of the Value Investor Podcast. (0:15) - What Can We Learn From Berkshire Hathaways 13F? (4:30) - Breaking Down Q4 Sells and Growing Positions: How Did They Perform? (15:50) - What Was Berkshire Hathaway Buying With Their Cash Reserves? (20:35) - Episode Roundup: TSM, USB, BK, BAC, CVX, AAPL, LPX, PARA Podcast@Zacks.com Every week, Tracey Ryniec, the editor of Zacks Value Investor portfolio, shares some of her top value investing tips and stock picks. The fourth quarter 2022 13-F filings are out and that means value investors get to see what stocks Warren Buffett, and Berkshire Hathaway, are buying, or selling. Many investors follow his trades to a \"t\" even going as far as replicating them. But should you? This filing had some surprising sales and few stock purchases, even though the stock market was still selling off, and many stocks were cheap on a valuation basis, and Berkshire was still sitting on a pile of cash. What is Buffett waiting for? Is his lack of purchases a sign that he thinks stocks have further to sell-off? Or did he \"miss\" the bottom again, like he did in 2020's pandemic sell-off when he also didn't jump in to buy? Let's look at 5 of the key buys and sales in Q4. Berkshire Hathaway's Big Buys, and Sales, in the Fourth Quarter of 2022 1. Taiwan Semiconductor TSM Berkshire Hathaway first bought a position in Taiwan Semiconductor in the third quarter of 2022 to much fanfare. It was a $4.2 billion position and the first semiconductor company to be in the portfolio for years. But in the fourth quarter, just a few months later, Berkshire sold 86% of its Taiwan Semiconductor shares. It went from 60 million shares to just 8.3 million. What happened to the infamous Buffett strategy of the best time to sell is never? Even worse, shares of Taiwan Semiconductor have rallied big in 2023, adding 24.5%. Does this sale of Taiwan Semiconductor make any sense? 2. Chevron CVX Berkshire Hathaway has gone all in on the energy companies over the last 2 years, buying billions of dollars of Chevron and Occidental Petroleum. But in the fourth quarter of 2022, it sold 1%, or 2.4 million shares, of its Chevron position. This was also a head scratcher to many. What's the point of selling such a small position? Is Buffett still a big believer in Chevron? 3. US Bancorp USB Berkshire continues to sell shares of its regional banks. It first bought US Bancorp in the first quarter of 2006. But in the fo

Determine the maximum fraction of total portfolio capital that should be allocated to XLY, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0301 (i.e., a 3.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0301 = 3.3228, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


Question:
Assets: XLY, STIP
XLY: annualized_mean_return=0.2016, daily_std=0.0123
STIP: annualized_mean_return=0.0504, daily_std=0.0021
Minimum required portfolio return (annualized): 0.1224
Market regime: sideways

Compute portfolio weights (w_XLY, w_STIP) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_XLY=X.XXXX, w_STIP=X.XXXX

Answer: w_XLY=0.4762, w_STIP=0.5238

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000004 - -0.000000) / (0.000152 + 0.000004 - -0.000000)
  Unconstrained: w_XLY=0.0279
  After long-only clamp: w_XLY=0.0279, w_STIP=0.9721.


Question:
Assets: XLI, ICSH
XLI: annualized_mean_return=0.4284, daily_std=0.0088
ICSH: annualized_mean_return=0.0756, daily_std=0.0003
Minimum required portfolio return (annualized): 0.3232
Market regime: sideways

Compute portfolio weights (w_XLI, w_ICSH) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_XLI=X.XXXX, w_ICSH=X.XXXX

Answer: w_XLI=0.7018, w_ICSH=0.2982

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000000 - 0.000001) / (0.000077 + 0.000000 - 0.000001)
  Unconstrained: w_XLI=-0.0052
  After long-only clamp: w_XLI=0.0000, w_ICSH=1.0000.


Question:
Assets: VEA, IGOV
VEA: annualized_mean_return=0.1764, daily_std=0.0090
IGOV: annualized_mean_return=0.0000, daily_std=0.0068
Minimum required portfolio return (annualized): 0.0557
Market regime: sideways

Compute portfolio weights (w_VEA, w_IGOV) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_VEA=X.XXXX, w_IGOV=X.XXXX

Answer: w_VEA=0.3530, w_IGOV=0.6470

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000047 - 0.000006) / (0.000081 + 0.000047 - 0.000012)
  Unconstrained: w_VEA=0.3533
  After long-only clamp: w_VEA=0.3533, w_IGOV=0.6467.


Question:
Assets: XLV, ICSH
XLV: annualized_mean_return=-0.0252, daily_std=0.0080
ICSH: annualized_mean_return=0.0504, daily_std=0.0004
Minimum required portfolio return (annualized): 0.0334
Market regime: sideways

Compute portfolio weights (w_XLV, w_ICSH) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_XLV=X.XXXX, w_ICSH=X.XXXX

Answer: w_XLV=0.0178, w_ICSH=0.9822

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000000 - -0.000001) / (0.000064 + 0.000000 - -0.000002)
  Unconstrained: w_XLV=0.0162
  After long-only clamp: w_XLV=0.0162, w_ICSH=0.9838.


AVAX-USD σ=0.0199, TLT σ=0.0096, ρ=0.006. Min-variance weights: AVAX-USD=0.186, TLT=0.814.

Question:
Assets: AVAX-USD, TLT
AVAX-USD: annualized_mean_return=-1.7136, daily_std=0.0199
TLT: annualized_mean_return=-0.4788, daily_std=0.0096
Minimum required portfolio return (annualized): -0.5548
Market regime: sideways

Compute portfolio weights (w_AVAX-USD, w_TLT) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_AVAX-USD=X.XXXX, w_TLT=X.XXXX

Answer: w_AVAX-USD=0.0615, w_TLT=0.9385

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000091 - 0.000001) / (0.000396 + 0.000091 - 0.000002)
  Unconstrained: w_AVAX-USD=0.1858
  After long-only clamp: w_AVAX-USD=0.1858, w_TLT=0.8142.


AVAX-USD σ=0.0388, VNQI σ=0.0092, ρ=0.216. Min-variance weights: AVAX-USD=0.005, VNQI=0.995.

Question:
Assets: AVAX-USD, VNQI
AVAX-USD: annualized_mean_return=-1.0836, daily_std=0.0388
VNQI: annualized_mean_return=-0.1512, daily_std=0.0092
Minimum required portfolio return (annualized): -0.2978
Market regime: bull

Compute portfolio weights (w_AVAX-USD, w_VNQI) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_AVAX-USD=X.XXXX, w_VNQI=X.XXXX

Answer: w_AVAX-USD=0.0047, w_VNQI=0.9953

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000084 - 0.000077) / (0.001509 + 0.000084 - 0.000153)
  Unconstrained: w_AVAX-USD=0.0050
  After long-only clamp: w_AVAX-USD=0.0050, w_VNQI=0.9950.


Question:
Assets: XLF, PDBC
XLF: annualized_mean_return=0.1260, daily_std=0.0090
PDBC: annualized_mean_return=-0.0252, daily_std=0.0099
Minimum required portfolio return (annualized): 0.1001
Market regime: sideways

Compute portfolio weights (w_XLF, w_PDBC) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_XLF=X.XXXX, w_PDBC=X.XXXX

Answer: w_XLF=0.8287, w_PDBC=0.1713

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000098 - -0.000009) / (0.000080 + 0.000098 - -0.000019)
  Unconstrained: w_XLF=0.5438
  After long-only clamp: w_XLF=0.5438, w_PDBC=0.4562.


Question:
Assets: VEA, AVAX-USD
VEA: annualized_mean_return=0.0504, daily_std=0.0089
AVAX-USD: annualized_mean_return=0.3780, daily_std=0.0395
Minimum required portfolio return (annualized): 0.0644
Market regime: sideways

Compute portfolio weights (w_VEA, w_AVAX-USD) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_VEA=X.XXXX, w_AVAX-USD=X.XXXX

Answer: w_VEA=0.9158, w_AVAX-USD=0.0842

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.001561 - -0.000071) / (0.000079 + 0.001561 - -0.000141)
  Unconstrained: w_VEA=0.9160
  After long-only clamp: w_VEA=0.9160, w_AVAX-USD=0.0840.


Question:
Assets: SOL-USD, CORN
SOL-USD: annualized_mean_return=2.1924, daily_std=0.0529
CORN: annualized_mean_return=-0.0504, daily_std=0.0099
Minimum required portfolio return (annualized): 0.0180
Market regime: sideways

Compute portfolio weights (w_SOL-USD, w_CORN) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_SOL-USD=X.XXXX, w_CORN=X.XXXX

Answer: w_SOL-USD=0.0466, w_CORN=0.9534

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000098 - -0.000041) / (0.002795 + 0.000098 - -0.000082)
  Unconstrained: w_SOL-USD=0.0465
  After long-only clamp: w_SOL-USD=0.0465, w_CORN=0.9535.


Question:
Assets: AVAX-USD, BIL
AVAX-USD: annualized_mean_return=1.6380, daily_std=0.0458
BIL: annualized_mean_return=0.0252, daily_std=0.0002
Minimum required portfolio return (annualized): 1.2417
Market regime: sideways

Compute portfolio weights (w_AVAX-USD, w_BIL) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_AVAX-USD=X.XXXX, w_BIL=X.XXXX

Answer: w_AVAX-USD=0.7543, w_BIL=0.2457

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000000 - -0.000001) / (0.002099 + 0.000000 - -0.000003)
  Unconstrained: w_AVAX-USD=0.0006
  After long-only clamp: w_AVAX-USD=0.0006, w_BIL=0.9994.


Question:
Assets: QQQ, BIL
QQQ: annualized_mean_return=0.6552, daily_std=0.0100
BIL: annualized_mean_return=0.0504, daily_std=0.0001
Minimum required portfolio return (annualized): 0.4104
Market regime: sideways

Compute portfolio weights (w_QQQ, w_BIL) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_QQQ=X.XXXX, w_BIL=X.XXXX

Answer: w_QQQ=0.5952, w_BIL=0.4048

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000000 - 0.000000) / (0.000100 + 0.000000 - 0.000000)
  Unconstrained: w_QQQ=-0.0015
  After long-only clamp: w_QQQ=0.0000, w_BIL=1.0000.


Question:
Assets: SOL-USD, PPLT
SOL-USD: annualized_mean_return=2.2176, daily_std=0.0544
PPLT: annualized_mean_return=0.0756, daily_std=0.0135
Minimum required portfolio return (annualized): 0.1431
Market regime: sideways

Compute portfolio weights (w_SOL-USD, w_PPLT) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_SOL-USD=X.XXXX, w_PPLT=X.XXXX

Answer: w_SOL-USD=0.0693, w_PPLT=0.9307

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000183 - -0.000040) / (0.002956 + 0.000183 - -0.000080)
  Unconstrained: w_SOL-USD=0.0693
  After long-only clamp: w_SOL-USD=0.0693, w_PPLT=0.9307.


Question:
Assets: SOL-USD, XLRE
SOL-USD: annualized_mean_return=-0.4032, daily_std=0.0324
XLRE: annualized_mean_return=-0.4536, daily_std=0.0101
Minimum required portfolio return (annualized): -0.4489
Market regime: sideways

Compute portfolio weights (w_SOL-USD, w_XLRE) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_SOL-USD=X.XXXX, w_XLRE=X.XXXX

Answer: w_SOL-USD=0.1357, w_XLRE=0.8643

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000103 - -0.000074) / (0.001052 + 0.000103 - -0.000148)
  Unconstrained: w_SOL-USD=0.1357
  After long-only clamp: w_SOL-USD=0.1357, w_XLRE=0.8643.


Question:
Assets: XLP, XHB
XLP: annualized_mean_return=-0.5040, daily_std=0.0066
XHB: annualized_mean_return=-0.6804, daily_std=0.0142
Minimum required portfolio return (annualized): -0.5577
Market regime: sideways

Compute portfolio weights (w_XLP, w_XHB) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_XLP=X.XXXX, w_XHB=X.XXXX

Answer: w_XLP=1.0000, w_XHB=0.0000

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000202 - 0.000045) / (0.000043 + 0.000202 - 0.000090)
  Unconstrained: w_XLP=1.0118
  After long-only clamp: w_XLP=1.0000, w_XHB=0.0000.


AVAX-USD σ=0.0485, CSHI σ=0.0010, ρ=0.491. Min-variance weights: AVAX-USD=0.000, CSHI=1.000.

Question:
Assets: AVAX-USD, CSHI
AVAX-USD: annualized_mean_return=-1.2096, daily_std=0.0485
CSHI: annualized_mean_return=0.0504, daily_std=0.0010
Minimum required portfolio return (annualized): -0.3762
Market regime: sideways

Compute portfolio weights (w_AVAX-USD, w_CSHI) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_AVAX-USD=X.XXXX, w_CSHI=X.XXXX

Answer: w_AVAX-USD=0.0000, w_CSHI=1.0000

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000001 - 0.000024) / (0.002356 + 0.000001 - 0.000048)
  Unconstrained: w_AVAX-USD=-0.0099
  After long-only clamp: w_AVAX-USD=0.0000, w_CSHI=1.0000.


Question:
Assets: XLI, BNDX
XLI: annualized_mean_return=0.2268, daily_std=0.0101
BNDX: annualized_mean_return=0.0252, daily_std=0.0032
Minimum required portfolio return (annualized): 0.1125
Market regime: sideways

Compute portfolio weights (w_XLI, w_BNDX) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_XLI=X.XXXX, w_BNDX=X.XXXX

Answer: w_XLI=0.4330, w_BNDX=0.5670

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000010 - -0.000004) / (0.000102 + 0.000010 - -0.000008)
  Unconstrained: w_XLI=0.1151
  After long-only clamp: w_XLI=0.1151, w_BNDX=0.8849.


Question:
Assets: FXI, SCHH
FXI: annualized_mean_return=-0.2268, daily_std=0.0175
SCHH: annualized_mean_return=-0.4536, daily_std=0.0091
Minimum required portfolio return (annualized): -0.4428
Market regime: sideways

Compute portfolio weights (w_FXI, w_SCHH) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_FXI=X.XXXX, w_SCHH=X.XXXX

Answer: w_FXI=0.0980, w_SCHH=0.9020

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000082 - 0.000055) / (0.000307 + 0.000082 - 0.000110)
  Unconstrained: w_FXI=0.0987
  After long-only clamp: w_FXI=0.0987, w_SCHH=0.9013.


Question:
Assets: FXI, ICSH
FXI: annualized_mean_return=-0.5292, daily_std=0.0174
ICSH: annualized_mean_return=0.0252, daily_std=0.0004
Minimum required portfolio return (annualized): 0.0237
Market regime: sideways

Compute portfolio weights (w_FXI, w_ICSH) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_FXI=X.XXXX, w_ICSH=X.XXXX

Answer: w_FXI=0.0027, w_ICSH=0.9973

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000000 - -0.000001) / (0.000302 + 0.000000 - -0.000002)
  Unconstrained: w_FXI=0.0045
  After long-only clamp: w_FXI=0.0045, w_ICSH=0.9955.


Question:
Assets: XLF, BIL
XLF: annualized_mean_return=0.3024, daily_std=0.0089
BIL: annualized_mean_return=0.0504, daily_std=0.0002
Minimum required portfolio return (annualized): 0.0504
Market regime: bull

Compute portfolio weights (w_XLF, w_BIL) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_XLF=X.XXXX, w_BIL=X.XXXX

Answer: w_XLF=0.0003, w_BIL=0.9997

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000000 - 0.000000) / (0.000080 + 0.000000 - 0.000000)
  Unconstrained: w_XLF=-0.0020
  After long-only clamp: w_XLF=0.0000, w_BIL=1.0000.


Question:
Assets: XLY, LQD
XLY: annualized_mean_return=-0.2268, daily_std=0.0159
LQD: annualized_mean_return=0.3780, daily_std=0.0069
Minimum required portfolio return (annualized): 0.3299
Market regime: sideways

Compute portfolio weights (w_XLY, w_LQD) that minimize portfolio variance while satisfying the minimum return constraint. Constraints: all weights >= 0, weights sum to 1. Report as: w_XLY=X.XXXX, w_LQD=X.XXXX

Answer: w_XLY=0.0795, w_LQD=0.9205

Explanation:
Analytic min-variance formula:
  w1* = (σ2² - σ12) / (σ1² + σ2² - 2σ12)
  = (0.000048 - 0.000017) / (0.000253 + 0.000048 - 0.000035)
  Unconstrained: w_XLY=0.1142
  After long-only clamp: w_XLY=0.1142, w_LQD=0.8858.