^VIX: 60-day history, VaR(99%)=-0.1074, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0058, std=0.0506, worst_day=-0.1133
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-02-01] ["GLOBAL MARKETS-Stocks rise, dollar falls after Fed hikes as expected By Chuck Mikolajczak NEW YORK, Feb 1 (Reuters) - A gauge of global stocks rose and the U.S. dollar and Treasury yields were lower on Wednesday after the Federal Reserve raised its target interest rate by the expected 25 basis points but communicated more increases were on the horizon. The Fed said the U.S. economy was enjoying \"modest growth\" and \"robust\" job gains, with policymakers still \"highly attentive to inflation risks\" as it seeks to tighten financial conditions and reign in high prices. Markets have been pricing in the possibility of a rate cut by the Fed in the back half of the year. On Wall Street, U.S. stocks were choppy after the Fed announcement but rebounded to turn positive as Chair Jerome Powell began to speak. \"The key thing the Fed is focused on is wages and we are seeing wage inflation continue to ameliorate if you look at both average hourly earnings and the employment cost index which just came out, wages are beginning to soften, but they are not softening enough to get inflation down to that 2% target,\" said Ellen Hazen, chief market strategist at F.L.Putnam Investment Management in Wellesley, Massachusetts. \"They had a very slightly dovish change in the language where they previously had talked about determining the pace of future increases and now they are talking about determining the extent of future increases.\" Investors will now closely eye comments from Fed Chair Powell for further signals on the path of the central bank's policy. The Dow Jones Industrial Average .DJI fell 5.45 points, or 0.02%, to 34,080.59, the S&P 500 .SPX gained 30.83 points, or 0.76%, to 4,107.43 and the Nasdaq Composite .IXIC added 173.22 points, or 1.5%, to 11,757.77. Before the policy announcement, economic data painted a mixed picture, with a labor market that remains strong while manufacturing activity continues to weaken, showing contraction for a third straight month. Investors have viewed a weaker labor market as a key component to bring down stubbornly high inflation. Earnings season also continues to roll on, with Facebook owner Meta META.O reporting earnings after the closing bell on Wednesday. Later in the week will bring earnings from names such as Apple AAPL.O and Amazon .AMZN.O. Early gains for European shares faded to close virtually unchanged ahead of the Fed statement, although industrial stocks SXNP, up 0.85%, were a bright spot. On the heels of the Fed, the European Central Bank (ECB) and Bank of England will make their policy statements on Thursday, in which each is largely expected to hike by 50 basis points. The pan-European STOXX 600 index .STOXX closed down 0.03% and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.81%. Data on Wednesday showed headline inflation in the euro zone moderated to 8.5% in January, from 9% in December, while core prices picked up to 7% from 6.9%, likely keeping pressure on the ECB to raise interest r

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: 0.9311

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1074 (i.e., a 10.74% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1074 = 0.9311, capped at 1.0.
Maximum position size = 0.9311 (93.1% of portfolio).


GLD: 60-day history, VaR(99%)=-0.0122, max drawdown threshold=10%.

Question:
Asset: GLD
Daily returns (past 60 days): mean=0.0013, std=0.0066, 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 GLD, 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 = 0.0122 (i.e., a 1.22% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0122 = 8.2286, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.1016, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0051, std=0.0661, worst_day=-0.1182
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-03-12]

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: 0.9843

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1016 (i.e., a 10.16% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1016 = 0.9843, capped at 1.0.
Maximum position size = 0.9843 (98.4% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0647, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=-0.0010, std=0.0302, worst_day=-0.0710
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 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 = 0.0647 (i.e., a 6.47% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0647 = 1.5457, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


QQQ: 60-day history, VaR(99%)=-0.0229, max drawdown threshold=10%.

Question:
Asset: QQQ
Daily returns (past 60 days): mean=-0.0010, std=0.0109, worst_day=-0.0248
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-10-30] ["Google CEO Sundar Pichai testifies in US antitrust trial Updates with hearing beginning WASHINGTON, Oct 30 (Reuters) - Sundar Pichai, CEO of Alphabet Inc GOOGL.O and its subsidiary Google, testified Monday in a once-in-a generation antitrust fight with the U.S. government that the company sought to make browser use and internet search easy and secure. Pichai testified under oath in a trial to determine whether Google acted illegally to maintain its dominance of search and parts of search advertising. If the government wins, the company may be forced to scrap some business practices that have helped it stay on top. In testimony Monday morning, Pichai took a couple of swipes at Microsoft's MSFT.O browser, Internet Explorer. Before Google launched its Chrome browser, which competes with the Microsoft product, Pichai said, \"The browser market at the time had kind of stagnated. \"They (Microsoft) were not that incented to improve the browser,\" he added, calling Chrome a \"pretty dramatic improvement\" when it was launched in 2008. He also said that Google made it easy to change the Chrome browser if a user wanted to use a search engine that was not Google. Pichai, who was called as a witness for Google, will likely be asked about the company's investments aimed at keeping its online search engine dominant, especially as smartphones took over, and innovation in search advertising. The government, in cross-examination, will likely also ask about the billions of dollars paid annually to smartphone makers like Apple AAPL.O and wireless carriers like AT&T T.N to be the default in search on their devices in order to stay on top. The clout in search makes Google a heavy hitter in the lucrative advertising market, its biggest revenue source. Google has argued the revenue share agreements are legal and that it has invested heavily to keep its search and advertising businesses competitive. It has also argued that if people are dissatisfied with default search engines, they can, and do, switch to another search provider. Why is the US suing Google for antitrust violations? https://www.reuters.com/legal/why-is-us-suing-google-antitrust-violations-2023-09-11/ (Reporting by Diane Bartz and Chris Sanders; Editing by Marguerita Choy and Jonathan Oatis) ((Chris.Sanders@thomsonreuters.com; +1 202-558-8254; Reuters Messaging: chris.sanders.reuters.com@reuters.net)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "Keybanc Reiterates Apple (AAPL) Sector Weight Recommendation Fintel reports that on October 30, 2023, Keybanc reiterated coverage of Apple (NASDAQ:AAPL) with a Sector Weight recommendation. Analyst Price Forecast Suggests 21.01% Upside As of October 5, 2023, the average one-year price target for Apple is 203.55. The forecasts range from a low of 150.49 to a high of $252.00. The average price target represents an increase of 21.01% from its latest reported closing price o

Determine the maximum fraction of total portfolio capital that should be allocated to QQQ, 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 = 0.0229 (i.e., a 2.29% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0229 = 4.3652, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


CSHI: 60-day history, VaR(99%)=-0.0011, max drawdown threshold=10%.

Question:
Asset: CSHI
Daily returns (past 60 days): mean=0.0003, std=0.0006, worst_day=-0.0012
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to CSHI, 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 = 0.0011 (i.e., a 0.11% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0011 = 92.5522, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.1264, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=-0.0055, std=0.0422, worst_day=-0.1363
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: 0.7911

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1264 (i.e., a 12.64% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1264 = 0.7911, capped at 1.0.
Maximum position size = 0.7911 (79.1% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0861, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0029, std=0.0383, worst_day=-0.1024
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 ETH-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 = 0.0861 (i.e., a 8.61% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0861 = 1.1610, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLK: 60-day history, VaR(99%)=-0.0425, max drawdown threshold=10%.

Question:
Asset: XLK
Daily returns (past 60 days): mean=-0.0004, std=0.0193, worst_day=-0.0427
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 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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 XLK, 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 = 0.0425 (i.e., a 4.25% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0425 = 2.3557, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VTI: 60-day history, VaR(99%)=-0.0188, max drawdown threshold=10%.

Question:
Asset: VTI
Daily returns (past 60 days): mean=0.0005, std=0.0095, worst_day=-0.0199
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-05-24] ["7 Stocks That Could Be the First $10 Trillion-Dollar Company InvestorPlace - Stock Market News, Stock Advice & Trading Tips Let\u2019s begin by understanding that most of the future $10 trillion companies are those that already have the highest valuations. Even the youngest among these companies have existed for 20 years. The point is that companies valued in the hundreds of billions and trillions take a long time to build: They, therefore, have the best chance of reaching the unthinkable $10 trillion mark first. To provide further context, no firm is currently valued at $5 trillion. Expectations are that the threshold will be reached in 2028. It seems that it could take decades for a company to reach a valuation twice that level. In truth, it could be a company that bursts onto the scene from relative obscurity. Some now-unknown AI companies could certainly fit the mold. But no one knows. MSFT Microsoft $313.85 GOOG GOOGL Alphabet $121.64 AAPL Apple $171.84 META Meta Platforms $249.21 NVDA Nvidia $305.38 AMZN Amazon $116.75 TSLA Tesla $182.90 Microsoft (MSFT) Source: Asif Islam / Shutterstock.com Microsoft (NASDAQ:MSFT) stock is the second highest-valued equity globally, at $2.35 trillion. It was actually worth $230 billion more at the height of the pandemic tech bubble before losing ground as rate hikes did their work. It\u2019s another one of the future $10 trillion companies. One thing that is noteworthy about Microsoft\u2019s market cap is just how rapidly it has grown of late. Just before the onset of the pandemic, the total value of all outstanding MSFT stock was approximately $1.3 trillion. So it has gained about $1 trillion in value since. That is primarily attributable to the fact that the pandemic put tech on steroids. Money was flowing into these companies at an extraordinary pace that no one could have anticipated. While the pandemic was a massive disaster, it was a boon for tech as everyone was forced inside. Companies like Microsoft were gifted accelerated sales and quantities of data that they couldn\u2019t have otherwise. That acceleration of everything explains how Microsoft has grown so quickly. And now it has AI setting it up for its next growth phase. Alphabet (GOOG,GOOGL) Source: IgorGolovniov / Shutterstock.com The story of Alphabet\u2019s (NASDAQ:GOOG,GOOGL) stock and its valuation follows a very similar arc to Microsoft\u2019s. The same overarching catalysts apply to Alphabet and the benefits are similar too. Both companies have become much stronger as a result of the pandemic. It\u2019s another one of the future $10 trillion companies. The difference is basically scale. Alphabet gained roughly $500 billion in value and is now valued near $1.6 trillion. The company has suffered in different ways over the past year. Mainly, Google has seen a massive slide as search revenues have declined on persistent economic fears. Companies are spending less on advertising. Yet it\u2019s very much worth noting that Google must have co

Determine the maximum fraction of total portfolio capital that should be allocated to VTI, 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 = 0.0188 (i.e., a 1.88% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0188 = 5.3134, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLV: 60-day history, VaR(99%)=-0.0115, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=0.0016, std=0.0065, worst_day=-0.0146
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K UNH 2024-02-28] unh-20231231 false 2023 FY 0000731766 12/31 10 50 http://fasb.org/us-gaap/2023#OtherLiabilities P4Y P4Y P5Y P3Y 1/1/2026 1/1/2042 1/1/2024 1/1/2043 0.038 0.046 0.019 0.043 0.007 0.012 0.297 0.306 0.306 0.308 0.292 0.298 0.013 0.015 0.012 0.012 0.013 0.015 4.605251141552511 4.702283105022831 4.802054794520548 5.502739726027397 4.202283105022831 5.502739726027397 1.2993150684931507 0000731766 2023-01-01 2023-12-31 0000731766 2023-06-30 iso4217:USD 0000731766 2024-01-31 xbrli:shares 0000731766 2023-12-31 0000731766 2022-12-31 iso4217:USD xbrli:shares 0000731766 2022-01-01 2022-12-31 0000731766 2021-01-01 2021-12-31 0000731766 us-gaap:ProductMember 2023-01-01 2023-12-31 0000731766 us-gaap:ProductMember 2022-01-01 2022-12-31 0000731766 us-gaap:ProductMember 2021-01-01 2021-12-31 0000731766 us-gaap:ServiceMember 2023-01-01 2023-12-31 0000731766 us-gaap:ServiceMember 2022-01-01 2022-12-31 0000731766 us-gaap:ServiceMember 2021-01-01 2021-12-31 0000731766 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us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-12-31 0000731766 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnt [...TRUNCATED...] d long-term debt can be found in Note 8 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data.” Long-term debt obligations of the parent company do not include other financing obligations at subsidiaries which totaled $ 1.1 billion and $ 0.9 billion at December 31, 2023 and 2022. Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows: (in millions) 2024 $ 4,088   2025 3,050   2026 2,500   2027 2,925   2028 3,000   Thereafter 47,002   UnitedHealth Group’s parent company had notes payable to subsidiaries of $ 9.9 billion and $ 8.7 billion as of December 31, 2023 and 2022, respectively, which included on-demand features. 4. Commitments and Contingencies Certain regulated subsidiaries are guaranteed by UnitedHealth Group’s parent company in the event of insolvency. UnitedHealth Group’s parent company also provides guarantees related to its service level under certain contracts. None of the amounts accrued, paid or charged to income for service level guarantees were material as of December 31, 2023, 2022 or 2021. For a summary of commitments and contingencies, see Note 12 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data.” ITEM  16.    FORM 10-K SUMMARY None. 79 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. Dated: February 28, 2024   UNITEDHEALTH GROUP INCORPORATED By /s/    A NDREW W ITTY   Andrew Witty Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.   Signature Title Date /s/ A NDREW W ITTY Director and Chief Executive Officer (principal executive officer) February 28, 2024 Andrew Witty /s/ J OHN R EX Executive Vice President and Chief Financial Officer (principal financial officer) February 28, 2024 John Rex /s/ T HOMAS R OOS Senior Vice President and Chief Accounting Officer (principal accounting officer) February 28, 2024 Thomas Roos * Director February 28, 2024 Charles Baker * Director February 28, 2024 Timothy Flynn * Director February 28, 2024 Paul Garcia * Director February 28, 2024 Kristen Gil * Director February 28, 2024 Stephen Hemsley * Director February 28, 2024 Michele Hooper * Director February 28, 2024 F. William McNabb III * Director February 28, 2024 Valerie Montgomery Rice, M.D. * Director February 28, 2024 John Noseworthy, M.D.   *By /s/ R UPERT B ONDY   Rupert Bondy As Attorney-in-Fact 80

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 = 0.0115 (i.e., a 1.15% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0115 = 8.7049, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


QQQ: 60-day history, VaR(99%)=-0.0215, max drawdown threshold=10%.

Question:
Asset: QQQ
Daily returns (past 60 days): mean=0.0007, std=0.0106, worst_day=-0.0248
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-07] ["US STOCKS-Nasdaq ends sharply higher as Alphabet and AMD fuel AI surge (Updated at 4:10 p.m. ET/ 2110 GMT) * Investors cheer Alphabet's new AI model * Advanced Micro Devices climbs after AI-chip market forecast * Weekly jobless claims lower than expected * Indexes: S&P 500 +0.80%, Nasdaq +1.37%, Dow +0.18% * By Noel Randewich and Shristi Achar A Dec 7 (Reuters) - The Nasdaq ended sharply higher on Thursday after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence. Shares of Alphabet jumped 5.3% as analysts cheered the launch of the Google-parent's newest AI model, while AMD soared nearly 10% after the company estimated the potential market for its data center AI chips could reach $45 billion this year. Other heavyweight tech-related stocks also gained, with Nvidia and Meta Platforms rising over 2%, Amazon up 1.6% and Apple 1% higher. The Philadelphia semiconductor index jumped 2.8%, increasing its 2023 gain to 48%, much of that fueled by bets about the future of AI. \"Today it's an AMD-Google rally. There's a contagion effect across the market. Everyone wants to get on the bandwagon,\" said Jay Hatfield, CEO of Infrastructure Capital Management in New York. \"We're kind of in this weird market, a tag-team market, where one day tech leads, and then the next day value and the broad market lead.\" The S&P 500 has steadily climbed since the end of October on expectations the Federal Reserve has finished its campaign of interest rate hikes and that it could begin cutting rates in March. The S&P 500 climbed 0.80% to end the session at 4,585.59 points, with 1.8 stocks in the index gaining for each one that fell. The most traded stock in the S&P 500 was Tesla , with $25.7 billion worth of shares changing hands during the session. The shares rose 1.37%. The Nasdaq Composite jumped 1.37% to 14,339.99 points, while Dow Jones Industrial Average rose 0.18% to 36,117.57 points. Volume on U.S. exchanges was relatively heavy, with 11.2 billion shares traded, compared to an average of 10.8 billion shares over the previous 20 sessions. Traders have almost fully priced in the likelihood of the Fed keeping rates unchanged at its meeting next week. Data on Thursday showed the number of Americans filing new claims for unemployment benefits increased less than expected last week to a seasonally adjusted 220,000 for the week. A Labor Department jobs report due on Friday could hint at how quickly the U.S. economy is softening and may sway expectations about when the Fed is likely to begin cutting rates. Non-farm payrolls are expected to have increased by 180,000 jobs last month after rising by 150,000 in October. Interest rate futures imply a nearly 64% chance of a rate cut as soon as March, according to the CME Group's FedWatch tool. Limiting gains in the Dow, shares of Merck fell 1.7% after the drugmaker's immunotherapy combination failed in a lung cancer study. (Reporting by Amruta Khandekar and Shristi Achar A

Determine the maximum fraction of total portfolio capital that should be allocated to QQQ, 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 = 0.0215 (i.e., a 2.15% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0215 = 4.6472, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLP: 60-day history, VaR(99%)=-0.0114, max drawdown threshold=10%.

Question:
Asset: XLP
Daily returns (past 60 days): mean=0.0006, std=0.0062, worst_day=-0.0119
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
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 XLP, 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 = 0.0114 (i.e., a 1.14% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0114 = 8.7892, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.1241, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0072, std=0.0458, 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: 0.8057

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1241 (i.e., a 12.41% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1241 = 0.8057, capped at 1.0.
Maximum position size = 0.8057 (80.6% of portfolio).


XHB: 60-day history, VaR(99%)=-0.0372, max drawdown threshold=10%.

Question:
Asset: XHB
Daily returns (past 60 days): mean=-0.0005, std=0.0130, worst_day=-0.0388
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to XHB, 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 = 0.0372 (i.e., a 3.72% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0372 = 2.6889, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EFA: 60-day history, VaR(99%)=-0.0193, max drawdown threshold=10%.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0027, std=0.0114, worst_day=-0.0259
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-01-12] ["My Top Tech IPO to Buy in January Last year was not kind to the initial public offering market, with global IPO activity volume tumbling 45%, leading to a 61% decline in proceeds. In fact, only a little over 1,300 IPOs raised just $179.5 billion, according to Ernst & Young, though technology issues led the way, accounting for nearly a quarter of the total number. In the U.S., there were just 214 IPOs that raised $21.8 billion in 2022, a far cry from the 1,091 offerings that raised $335 billion in 2021. One of the biggest was Mobileye (NASDAQ: MBLY), the autonomous vehicle technology spinoff from Intel (NASDAQ: INTC) that went public on Oct. 26, issuing 51.9 million shares at a price of $21 per share. It generated a little over $1 billion in net proceeds for the tech stock. In a little over two months of trading, the stock gained 59%, and though there are substantial risks for this business, this may be a tech IPO you'll want to buy this month. Image source: Getty Images. Driving to new heights The autonomous vehicle market is exploding. Already a $25 billion opportunity that's growing at a near-26% compounded annual rate, it's expected the market could reach as high as $197 billion by 2030, depending upon who's counting. While analysts tend to extrapolate an industry's growth at a sharply rising angle, it's clear the self-driving vehicle market is one that could actually achieve the growth projected. Mobileye is a leading player in the space and was always one of Intel's successful divisions from the time Intel acquired it in 2017, counting Ford, BMW, General Motors, Volkswagen, and Toyota among its customers. The company makes chips that power not only the cameras and other driver assistance systems for self-driving vehicles, but according to Intel, Mobileye also offers a complete software platform that can enable the \"entire stack\" of assisted and autonomous driving technologies. Mobileye generated almost $1.4 billion in revenue in 2021, but has already generated $1.3 billion through the first nine months of 2022, up 27% year over year. CEO Amnon Shashua told the Consumer Electronics Show 2023 he expected Mobileye would see as much as $17 billion in assisted-driving product revenue by 2030, with 20% of that, or $3.5 billion, coming from its SuperVision product that was only launched in the fourth quarter of 2021. SuperVision was developed by China's Geely Group and is an outgrowth of Mobileye's camera-only subsystems, offering premium, full-surround computer vision and operational point-to-point assisted driving navigation. It carries a higher price tag, which helped boost quarterly revenue and average system pricing to $53 million from $45.7 million last year, but it also sports lower margins due to the additional hardware it contains. Image source: Getty Images. Near-term headwinds Despite all this upward momentum behind Mobileye, Wall Street is only looking for single-digit earnings growth in 2023, as it feels this will be something of a

Determine the maximum fraction of total portfolio capital that should be allocated to EFA, 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 = 0.0193 (i.e., a 1.93% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0193 = 5.1926, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


USMV: 60-day history, VaR(99%)=-0.0083, max drawdown threshold=10%.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0012, std=0.0045, worst_day=-0.0095
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-K WMT 2024-03-15] wmt-20240131 0000104169 2024 FY false http://fasb.org/us-gaap/2023#AccountsPayableCurrent http://fasb.org/us-gaap/2023#AccountsPayableCurrent P1Y P5Y 0000104169 2023-02-01 2024-01-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2023-02-01 2024-01-31 0000104169 wmt:A2.550NotesDue2026Member 2023-02-01 2024-01-31 0000104169 wmt:A1050NotesDue2026Member 2023-02-01 2024-01-31 0000104169 wmt:A1500NotesDue2028Member 2023-02-01 2024-01-31 0000104169 wmt:A4875NotesDue2029Member 2023-02-01 2024-01-31 0000104169 wmt:A5750NotesDue2030Member 2023-02-01 2024-01-31 0000104169 wmt:A1800NotesDue2031Member 2023-02-01 2024-01-31 0000104169 wmt:A5625NotesDue2034Member 2023-02-01 2024-01-31 0000104169 wmt:A5250NotesDue2035Member 2023-02-01 2024-01-31 0000104169 wmt:A4875NotesDue2039Member 2023-02-01 2024-01-31 0000104169 2023-07-31 iso4217:USD 0000104169 2024-03-13 xbrli:shares 0000104169 2022-02-01 2023-01-31 0000104169 2021-02-01 2022-01-31 iso4217:USD xbrli:shares 0000104169 2024-01-31 0000104169 2023-01-31 0000104169 us-gaap:CommonStockMember 2021-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2021-01-31 0000104169 us-gaap:RetainedEarningsMember 2021-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-31 0000104169 us-gaap:ParentMember 2021-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2021-01-31 0000104169 2021-01-31 0000104169 us-gaap:RetainedEarningsMember 2021-02-01 2022-01-31 0000104169 us-gaap:ParentMember 2021-02-01 2022-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2021-02-01 2022-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-02-01 2022-01-31 0000104169 us-gaap:CommonStockMember 2021-02-01 2022-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2021-02-01 2022-01-31 0000104169 us-gaap:CommonStockMember 2022-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2022-01-31 0000104169 us-gaap:RetainedEarningsMember 2022-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-31 0000104169 us-gaap:ParentMember 2022-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2022-01-31 0000104169 2022-01-31 0000104169 us-gaap:RetainedEarningsMember 2022-02-01 2023-01-31 0000104169 us-gaap:ParentMember 2022-02-01 2023-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2022-02-01 2023-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-02-01 2023-01-31 0000104169 us-gaap:CommonStockMember 2022-02-01 2023-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2022-02-01 2023-01-31 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 us-gaap:RetainedEarningsMember 2023-02-01 2024-01-31 0000104169 us-gaap:ParentMember 2023-02-01 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-02-01 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-02-01 2024-01-31 0000104169 us-gaap:CommonStockMember 2023-02-01 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-02-01 2024-01-31 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 wmt:segment 0000104169 us-gaap:SubsequentEventMember 2024-02-23 2024-02-23 xbrli:pure 0000104169 us-gaap:SubsequentEventMember 2024-02-23 0000104169 wmt:AmountsDuefromBanksMember 2024-01-31 0000104169 wmt:AmountsDuefromBanksMember 2023-01-31 0000104169 wmt:NonrepatriableCashAndCashEquivalentsMember 2024-01-31 0000104169 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us-gaap:ConstructionInProgressMember 2024-01-31 0000104169 us-gaap:ConstructionInProgressMember 2023-01-31 0000104169 wmt:WalmartUSMember 2022-01-31 0000104169 wmt:WalmartInternationalMember 2022-01-31 0000104169 wmt:SamsClubMember 2022-01-31 0000104169 wmt:WalmartUSMember 2022-02-01 2023-01-31 0000104169 wmt:WalmartInternationalMember 2022-02-01 2023-01-31 0000104169 wmt:SamsClubMember 2022-02-01 2023-01-31 0000104169 wmt:WalmartUSMember 2023-01-31 0000104169 wmt:WalmartInternationalMember 2023-01-31 0000104169 wmt:SamsClubMember 2023-01-31 0000104169 wmt:WalmartUSMember 2023-02-01 2024-01-31 0000104169 wmt:WalmartInternationalMember 2023-02-01 2024-01-31 0000104169 wmt:SamsClubMember 2023-02-01 2024-01-31 0000104169 wmt:WalmartUSMember 2024-01-31 0000104169 wmt:WalmartInternationalMember 2024-01-31 0000104169 wmt:SamsClubMember 2024-01-31 0000104169 us-gaap:FairValueInputsLevel12And3Member 2023-02-01 2024-01-31 0000104169 us-gaap:FairValueInputsLevel12And3Member 2022-02-01 2023-01-31 0000104169 us-gaap:FairValueInputsLevel12And3Member 2021-02-01 2022-01-31 00001 [...TRUNCATED...] sentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. (C) This Exhibit is a management contract or compensatory plan or arrangement (P) This Exhibit was originally filed in paper format. Accordingly, a hyperlink has not been provided. (1) Certain instruments defining the rights of holders of long-term debt securities of the Registrant are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Company hereby undertakes to furnish to the SEC, upon request, copies of any such instruments. (c)    Financial Statement Schedules: None. ITEM 16. FORM 10-K SUMMARY None. 85 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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: March 15, 2024   By   /s/ C. Douglas McMillon     C. Douglas McMillon     President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated: Date: March 15, 2024   By   /s/ C. Douglas McMillon     C. Douglas McMillon     President and Chief Executive Officer and Director     (Principal Executive Officer) Date: March 15, 2024   By   /s/ Gregory B. Penner     Gregory B. Penner     Chairman of the Board and Director Date: March 15, 2024   By   /s/ John David Rainey     John David Rainey     Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: March 15, 2024   By   /s/ David M. Chojnowski     David M. Chojnowski     Senior Vice President and Controller (Principal Accounting Officer) Signature Page to Walmart Inc. Form 10-K for the Fiscal Year Ended January 31, 2024 86 Date: March 15, 2024   By   /s/ Cesar Conde     Cesar Conde     Director Date: March 15, 2024 By /s/ Timothy P. Flynn Timothy P. Flynn Director Date: March 15, 2024 By /s/ Sarah Friar Sarah Friar Director Date: March 15, 2024 By /s/ Carla A. Harris Carla A. Harris Director Date: March 15, 2024 By /s/ Thomas W. Horton Thomas W. Horton Director Date: March 15, 2024 By /s/ Marissa A. Mayer Marissa A. Mayer Director Date: March 15, 2024 By /s/ Randall L. Stephenson Randall L. Stephenson Director Date: March 15, 2024   By   /s/ S. Robson Walton     S. Robson Walton     Director Date: March 15, 2024   By   /s/ Steuart L. Walton     Steuart L. Walton     Director Signature Page to Walmart Inc. Form 10-K for the Fiscal Year Ended January 31, 2024 87

Determine the maximum fraction of total portfolio capital that should be allocated to USMV, 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 = 0.0083 (i.e., a 0.83% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0083 = 12.0253, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IWM: 60-day history, VaR(99%)=-0.0288, max drawdown threshold=10%.

Question:
Asset: IWM
Daily returns (past 60 days): mean=0.0003, std=0.0135, worst_day=-0.0300
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K XOM 2023-02-22] xom-20221231 FALSE FY 0000034088 http://www.exxonmobil.com/20221231#CrudeOilAndProductPurchases http://fasb.org/us-gaap/2022#DepreciationDepletionAndAmortization http://fasb.org/us-gaap/2022#ExplorationExpense http://fasb.org/us-gaap/2022#OtherAssetsNoncurrent http://fasb.org/us-gaap/2022#OtherAssetsNoncurrent http://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2022#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2022#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2022#OtherAssetsNoncurrent http://fasb.org/us-gaap/2022#ReceivablesNetCurrent http://fasb.org/us-gaap/2022#OtherAssetsNoncurrent http://fasb.org/us-gaap/2022#ReceivablesNetCurrent http://fasb.org/us-gaap/2022#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2022#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent 0000034088 2022-01-01 2022-12-31 0000034088 us-gaap:CommonStockMember 2022-01-01 2022-12-31 0000034088 xom:ZeroPointOneFourTwoPercentNotesDue2024Member 2022-01-01 2022-12-31 0000034088 xom:ZeroPointFiveTwoFourPercentNotesDue2028Member 2022-01-01 2022-12-31 0000034088 xom:ZeroPointEightThreeFivePercentNotesDue2032Member 2022-01-01 2022-12-31 0000034088 xom:OnePointFourZeroEightPercentNotesDue2039Member 2022-01-01 2022-12-31 0000034088 2022-06-30 iso4217:USD 0000034088 2023-01-31 xbrli:shares 0000034088 xom:SalesAndOtherOperatingRevenueMember 2022-01-01 2022-12-31 0000034088 xom:SalesAndOtherOperatingRevenueMember 2021-01-01 2021-12-31 0000034088 xom:SalesAndOtherOperatingRevenueMember 2020-01-01 2020-12-31 0000034088 xom:IncomeFromEquityAffiliatesMember 2022-01-01 2022-12-31 0000034088 xom:IncomeFromEquityAffiliatesMember 2021-01-01 2021-12-31 0000034088 xom:IncomeFromEquityAffiliatesMember 2020-01-01 2020-12-31 0000034088 xom:OtherRevenueMember 2022-01-01 2022-12-31 0000034088 xom:OtherRevenueMember 2021-01-01 2021-12-31 0000034088 xom:OtherRevenueMember 2020-01-01 2020-12-31 0000034088 2021-01-01 2021-12-31 0000034088 2020-01-01 2020-12-31 iso4217:USD xbrli:shares 0000034088 2022-12-31 0000034088 2021-12-31 0000034088 2020-12-31 0000034088 2019-12-31 0000034088 us-gaap:CommonStockMember 2019-12-31 0000034088 us-gaap:RetainedEarningsMember 2019-12-31 0000034088 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000034088 us-gaap:TreasuryStockMember 2019-12-31 0000034088 xom:ExxonmobilShareOfEquityMember 2019-12-31 0000034088 us-gaap:NoncontrollingInterestMember 2019-12-31 0000034088 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0000034088 xom:ExxonmobilShareOfEquityMember 2020-01-01 2020-12-31 0000034088 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-12-31 0000034088 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0000034088 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0000034088 us-gaap:TreasuryStockMember 2020-01-01 2020-12-31 0000034088 us-gaap:CommonStockMember 2020-12-31 0000034088 us-gaap:RetainedEarningsMember 2020-12-31 0000034088 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000034088 us-gaap:TreasuryStockMember 2020-12-31 0000034088 xom:ExxonmobilShareOfEquityMember 2020-12-31 0000034088 us-gaap:NoncontrollingInterestMember 2020-12-31 0000034088 us-gaap:CommonStockMember 2021-01-01 2021-12-31 0000034088 xom:ExxonmobilShareOfEquityMember 2021-01-01 2021-12-31 0000034088 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-12-31 0000034088 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0000034088 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-12-31 0000034088 us-gaap:TreasuryStockMember 2021-01-01 2021-12-31 0000034088 us-gaap:CommonStockMember 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us-gaap:NoncontrollingInterestMember 2022-12-31 0000034088 us-gaap:MachineryAndEquipmentMember 2022-01-01 2022-12-31 0000034088 us-gaap:BuildingAndBuildingImprovementsMember 2022-01-01 2022-12-31 0000034088 xom:Sakhalin1Member 2022-01-01 2022-12-31 0000034088 2022-10-01 2022-12-31 utr:Boe 0000034088 2020-01-01 2020-03-31 0000034088 xom:GovernmentAssistanceAffordableFuelPricingMember 2022-01-01 2022-12-31 0000034088 xom:GovernmentAssistanceAffordableFuelPricingMember 2022-12-31 0000034088 srt:ParentCompanyMember 2019-12-31 0000034088 srt:ParentCompanyMember 2020-01-01 2020-12-31 0000034088 srt:ParentCompanyMember 2020-12-31 0000034088 srt:ParentCompanyMember 2021-01-01 2021-12-31 0000034088 srt:ParentCompanyMember 2021-12-31 0000034088 srt:ParentCompanyMember 2022-01-01 2022-12-31 0000034088 srt:ParentCompanyMember 2022-12-31 0000034088 us-gaap:LineOfCreditMember 2022-12-31 xbrli:pure 0000034088 xom:UpstreamMember 2022-01-01 2022-12-31 0000034088 xom:UpstreamMember 2021-01-01 2021-12-31 0000034088 xom:UpstreamMember 2020-01-01 2020-12-31 0000034088  [...TRUNCATED...] L and contained in Exhibit 101). _____________________   * Compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3) of this Annual Report on Form 10-K. The registrant has not filed with this report copies of the instruments defining the rights of holders of long-term debt of the registrant and its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed. The registrant agrees to furnish a copy of any such instrument to the Securities and Exchange Commission upon request. 133 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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.         EXXON MOBIL CORPORATION         By: /s/ DARREN W. WOODS Dated February 22, 2023   Darren W. Woods, Chairman of the Board POWER OF ATTORNEY Each person whose signature appears below constitutes and appoints John D. Buchanan, Brian J. Conjelko, and Antony E. Peters and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.       Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated and on February 22, 2023. Principal Executive Officer Directors /s/ DARREN W. WOODS /s/ MICHAEL J. ANGELAKIS /s/ KAISA H. HIETALA Darren W. Woods, Chairman of the Board Michael J. Angelakis Kaisa H. Hietala /s/ SUSAN K. AVERY /s/ JOSEPH L. HOOLEY Principal Financial Officer Susan K. Avery Joseph L. Hooley   /s/ KATHRYN A. MIKELLS /s/ ANGELA F. BRALY /s/ STEVEN A. KANDARIAN Kathryn A. Mikells, Senior Vice President and Chief Financial Officer Angela F. Braly Steven A. Kandarian   /s/ URSULA M. BURNS /s/ ALEXANDER A. KARSNER Principal Accounting Officer Ursula M. Burns Alexander A. Karsner /s/ LEN M. FOX /s/ GREGORY J. GOFF /s/ LAWRENCE W. KELLNER Len M. Fox, Vice President and Controller Gregory J. Goff Lawrence W. Kellner /s/ JOHN D. HARRIS II /s/ JEFFREY W. UBBEN John D. Harris II Jeffrey W. Ubben 134

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 = 0.0288 (i.e., a 2.88% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0288 = 3.4767, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0852, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=-0.0071, std=0.0304, worst_day=-0.1002
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 ETH-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 = 0.0852 (i.e., a 8.52% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0852 = 1.1740, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLE: 60-day history, VaR(99%)=-0.0324, max drawdown threshold=10%.

Question:
Asset: XLE
Daily returns (past 60 days): mean=-0.0004, std=0.0171, worst_day=-0.0357
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-02-08] ["3 Blue Chip Stocks To Watch In February 2023 Blue chip stocks are highly respected and established companies that have a strong reputation for stability and steady growth. Blue chip companies are typically leaders in their respective industries and have a long history of profitability, making them potentially attractive to both individual and institutional investors. Examples of blue chip stocks include large multinational corporations such as Apple (NASDAQ: AAPL), Johnson & Johnson (NYSE: JNJ), and Microsoft (NASDAQ: MSFT). These companies have proven track records of success, with a long history of consistently high earnings and steady growth. Their financial stability and reputation for reliability make them a popular choice among investors looking to build a balanced and diversified portfolio. In addition, blue chip stocks often pay dividends to shareholders, providing a steady source of income in addition to any potential capital gains. Investing in blue chip stocks can provide a solid foundation for your investment portfolio and offer peace of mind in knowing that you are investing in well-established companies with a long history of success. It\u2019s important to note that, while these stocks are generally considered to be low-risk, no investment is completely risk-free, so it\u2019s important to conduct your own research and due diligence. Accordingly, let\u2019s look at three blue-chip stocks for you to watch in the stock market today. Blue Chip Stocks To Buy [Or Avoid] Today JP Morgan Chase & Co. (NYSE: JPM) The Procter & Gamble Company (NYSE: PG) The Coca-Cola Company (NYSE: KO) JP Morgan Chase & Co. (JPM Stock) To kick off this list let\u2019s turn our attention to JP Morgan Chase & Co. (JPM). In brief, the company is one of the largest financial institutions in the United States. What\u2019s more, JPM is organized into four major segments. These are consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management. Moving along, just last month, JPM reported its Q4 2022 financial and operating results. In the report, the company reported earnings per share of $3.57, along with $47.4 billion. For context, these numbers came in better than what analysts estimated, which was earnings of $3.11 per share and $34.2 billion in revenue. Moreover, JP Morgan Chase & Co also reported a 54.6% increase in revenue on a year-over-year basis. Looking since the beginning of 2023, shares of JPM stock have increased by 6.05%. Meanwhile, on Wednesday morning, JPM stock opened down by 0.26% and is currently trading at $143.29 a share. Source: TD Ameritrade TOS [Read More] 3 Natural Gas Stocks To Watch Today Procter & Gamble (PG Stock) Next, let\u2019s look at consumer giant The Procter & Gamble Company (PG). This consumer goods behemoth owns popular brands like Tide, Crest, and Pampers. Additionally, PG currently operates in multiple business segments. These include Beauty, Grooming, Health Care, Fab

Determine the maximum fraction of total portfolio capital that should be allocated to XLE, 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 = 0.0324 (i.e., a 3.24% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0324 = 3.0843, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.0629, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0019, std=0.0286, worst_day=-0.0806
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-10-01]

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 = 0.0629 (i.e., a 6.29% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0629 = 1.5892, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


HAUZ: 60-day history, VaR(99%)=-0.0180, max drawdown threshold=10%.

Question:
Asset: HAUZ
Daily returns (past 60 days): mean=0.0015, std=0.0110, worst_day=-0.0191
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to HAUZ, 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 = 0.0180 (i.e., a 1.80% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0180 = 5.5510, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EFA: 60-day history, VaR(99%)=-0.0171, max drawdown threshold=10%.

Question:
Asset: EFA
Daily returns (past 60 days): mean=-0.0005, std=0.0084, worst_day=-0.0176
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-11-08] ["AAPL Factor-Based Stock Analysis Below is Validea's guru fundamental report for APPLE INC (AAPL). Of the 22 guru strategies we follow, AAPL rates highest using our Twin Momentum Investor model based on the published strategy of Dashan Huang. This momentum model looks for a combination of fundamental momentum and price momentum. APPLE INC (AAPL) is a large-cap growth stock in the Communications Equipment industry. The rating using this strategy is 94% based on the firm\u2019s underlying fundamentals and the stock\u2019s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest. The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria. FUNDAMENTAL MOMENTUM: PASS TWELVE MINUS ONE MOMENTUM: PASS FINAL RANK: PASS Detailed Analysis of APPLE INC AAPL Guru Analysis AAPL Fundamental Analysis More Information on Dashan Huang Dashan Huang Portfolio About Dashan Huang: Dashan Huang is an Assistant Professor of Finance at the Lee Kong Chian School of Business at Singapore Management University. His paper \"Twin Momentum\" looked at combining traditional price momentum with improving fundamentals to generate market outperformance. In the paper, he identified seven fundamental variables (earnings, return on equity, return on assets, accrual operating profitability to equity, cash operating profitability to assets, gross profit to assets and net payout ratio) that he combined into a single fundamental momentum measure. He showed that stocks in the top 20% of the universe according to that measure outperformed the market going forward. When he combined that measure with price momentum, he was able to double its outperformance. Additional Research Links Top NASDAQ 100 Stocks Top Technology Stocks Top Large-Cap Growth Stocks High Momentum Stocks High Insider Ownership Stocks About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "Apple's Annual Buybacks Hit a 3-Year Low. Should Investors Be Concerned? On Nov. 2, Apple (NASDAQ: AAPL) reported its fourth-quarter and full-year fiscal 2023 results. Despite beating top- and bottom-line expectations, the company saw its stock fall as much as 2.4% on Friday, although it finished the day down just 0.5%. A lot of attention is focused on Apple's slowing re

Determine the maximum fraction of total portfolio capital that should be allocated to EFA, 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 = 0.0171 (i.e., a 1.71% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0171 = 5.8543, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLP: 60-day history, VaR(99%)=-0.0162, max drawdown threshold=10%.

Question:
Asset: XLP
Daily returns (past 60 days): mean=-0.0003, std=0.0081, worst_day=-0.0250
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-03-28] ["Wall Street falls with tech shares as yields up By Caroline Valetkevitch March 28 (Reuters) - U.S. stocks were lower in afternoon trading on Tuesday, led by a nearly 1% decline in the Nasdaq as higher Treasury yields hit technology-related shares. Shares of Apple AAPL.O and Microsoft MSFT.O along with other technology-related shares, which tend to be the most negatively affected by rising yields, weighed the most on the S&P 500. Yields have climbed from six-months lows hit Friday as investors have been cautiously optimistic that stress in the banking sector following some recent regional bank failures may be subsiding. Shares of First Citizens BancShares Inc FCNCA.O were up about 2.2% on Tuesday, a day after the stock rose more than 50% after it said it would acquire the deposits and loans of Silicon Valley Bank. U.S. consumer confidence unexpectedly increased in March, according to a survey, which also showed Americans are becoming a bit anxious about the labor market. The rise in yields \"is causing a little bit of cautiousness in the market,\" said Peter Cardillo, chief market economist at Spartan Capital Securities in New York, while data suggested \"consumers are not too cheerful about rates going up and the prospects of a recession.\" Investors also paid close attention to comments in the first congressional hearing into the collapse of the two U.S. regional lenders. Both Democratic and Republican lawmakers pressed the Federal Reserve's top banking regulator on whether the central bank should have been more aggressive in its oversight of Silicon Valley Bank. \"If the market thinks there's not a banking crisis and that's in the rear view mirror, that would mean the Fed is able to hold rates higher for longer,\" said Irene Tunkel, chief U.S. equity strategist at BCA Research. The Dow Jones Industrial Average .DJI fell 108.04 points, or 0.33%, to 32,324.04, the S&P 500 .SPX lost 19.76 points, or 0.50%, to 3,957.77 and the Nasdaq Composite .IXIC dropped 105.51 points, or 0.9%, to 11,663.33. The KBW regional banking index .KRX was down on the day. Strategists said that as lenders report quarterly results from next month, the market will learn more details about the health of banks following the collapse of some big regional lenders that fanned fears of a sector-wide contagion. Alibaba Group Holding BABA.K jumped 14.1% after the company said it plans to split its business into six main units covering e-commerce, media and the cloud. Advancing issues outnumbered declining ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored decliners. The S&P 500 posted 6 new 52-week highs and no new lows; the Nasdaq Composite recorded 30 new highs and 124 new lows. (Reporting by Caroline Valetkevitch; additional reporting by Shubham Batra, Amruta Khandekar, Sruthi Shankar and Shashwat Chauhan in Bengaluru; Editing by Savio D'Souza, Vinay Dwivedi and Aurora Ellis) ((caroline.valetkevitch@thomsonreuters.com)) The views and opinions expresse

Determine the maximum fraction of total portfolio capital that should be allocated to XLP, 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 = 0.0162 (i.e., a 1.62% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0162 = 6.1633, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SCHP: 60-day history, VaR(99%)=-0.0072, max drawdown threshold=10%.

Question:
Asset: SCHP
Daily returns (past 60 days): mean=-0.0005, std=0.0039, worst_day=-0.0075
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to SCHP, 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 = 0.0072 (i.e., a 0.72% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0072 = 13.9812, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EWJ: 60-day history, VaR(99%)=-0.0189, max drawdown threshold=10%.

Question:
Asset: EWJ
Daily returns (past 60 days): mean=0.0001, std=0.0099, worst_day=-0.0246
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-03-13] ["Apple's (AAPL) Animation Film Emerges Winner at 2023 Oscars Apple AAPL continues its winning stride at the Academy Awards with its animation movie The Boy, the Mole, the Fox and the Horse winning an Oscar for Best Animated Short Film. Last year, Apple won three Academy Awards for CODA. Based on the book by Charlie Mackesy, The Boy, the Mole, the Fox and the Horse has already won a BAFTA award, four Annie Awards including Best Special Production, and an NAACP Image Awards nomination for Outstanding Short Form (Animated) film. Apple\u2019s impressive run at the Oscars has been instrumental in driving recognition of Apple TV+ in the saturated streaming market currently dominated by the likes of Amazon AMZN Prime Video, Netflix NFLX and Disney\u2019s DIS Disney+. Nevertheless, the growing popularity of Apple TV+ and services like Fitness+ have been beneficial for Apple\u2019s Services business, which has become a major revenue-generating source in recent times. The Services portfolio currently has more than 935 million paid subscribers and accounted for 17.7% of sales in the fiscal first quarter. Services revenues increased 6.4% from the year-ago quarter to $20.77 billion. Apple Inc. Price, Consensus and EPS Surprise Apple Inc. price-consensus-eps-surprise-chart | Apple Inc. Quote For the fiscal second quarter, Services revenues are expected to grow year over year despite challenging macroeconomic conditions, as well as weakness in digital advertising and gaming. Apple shares have outperformed the Zacks Computer and Technology sector in the past year. While AAPL shares have declined 1.4%, Netflix, Disney and Amazon shares have declined 11.5%, 27.4% and 36%, respectively. Estimates on the Rise The Zacks Consensus Estimate for Apple\u2019s fiscal second-quarter earnings has increased by a penny to $1.44 over the past 30 days. Apple expects the fiscal second quarter\u2019s year-over-year revenue growth to be similar to that of the December (fiscal first) quarter due to unfavorable forex. In the previous quarter, net sales decreased 5.5% year over year to $117.15 billion. Unfavorable forex hurt revenues by more than 800 basis points. For iPhone, Apple expects the March quarter\u2019s year-over-year revenue growth to accelerate relative to the December quarter\u2019s year-over-year revenue growth. For Mac and iPad, this Zacks Rank #3 (Hold) company expects revenues to decline double digits on a year-over-year basis due to challenging comparison and macroeconomic headwinds. You can see the complete list of today\u2019s Zacks #1 Rank (Strong Buy) stocks here. Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profit

Determine the maximum fraction of total portfolio capital that should be allocated to EWJ, 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 = 0.0189 (i.e., a 1.89% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0189 = 5.2777, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).