ACWI: 60-day history, VaR(99%)=-0.0226, max drawdown threshold=10%.

Question:
Asset: ACWI
Daily returns (past 60 days): mean=0.0004, std=0.0099, worst_day=-0.0266
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 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 = 0.0226 (i.e., a 2.26% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0226 = 4.4178, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


PALL: 60-day history, VaR(99%)=-0.0517, max drawdown threshold=10%.

Question:
Asset: PALL
Daily returns (past 60 days): mean=-0.0020, std=0.0248, worst_day=-0.0558
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to PALL, 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 = 0.0517 (i.e., a 5.17% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0517 = 1.9343, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLRE: 60-day history, VaR(99%)=-0.0202, max drawdown threshold=10%.

Question:
Asset: XLRE
Daily returns (past 60 days): mean=0.0028, std=0.0088, worst_day=-0.0293
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 XLRE, 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 = 0.0202 (i.e., a 2.02% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0202 = 4.9573, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0352, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0045, std=0.0188, worst_day=-0.0413
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-01-19]

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 = 0.0352 (i.e., a 3.52% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0352 = 2.8401, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.1020, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=0.0054, std=0.0619, worst_day=-0.1157
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-10-18] ["Beyond Nvidia: Avoid These At-Risk Chip Stocks as U.S.-China Tensions Rise The U.S. Commerce Department this week has expanded its restrictions on chip exports to China. Unsurprisingly, many large-cap semiconductor stocks fell yesterday, considering their high revenue exposure to the world\u2019s second-largest economy. While Nvidia (NVDA) is getting outsized attention on this news \u2013 which is justified, given its trillion-dollar market cap and status as the bellwether of artificial intelligence (AI) chip demand \u2013 there are other chip stocks investors should also look to avoid if you expect the ongoing tensions between the world\u2019s two largest economies to result in deeper and broader export curbs going forward. www.barchart.com U.S.-China Tensions Are On the Rise U.S.-China relations have been on the decline for years now. In 2018, former President Donald Trump took on China over the burgeoning trade deficit, and imposed tariffs on billions of dollars of imports from China. While the actual positive impact of these tariffs on the U.S. economy and job markets is debatable (and polarizing) \u2013 it nonetheless raised important questions about the lopsided trade relations between the two countries. Unlike the Trump administration - which more or less went for the carpet-bombing approach in trying to address the U.S. trade imbalance, and imposed tariffs on not only China, but many strategic allies as well - the Biden administration has taken a more focused approach, and has been trying to support on-shoring through legislation like the Inflation Reduction Act and the CHIPS and Science Act, with the latter intended to boost U.S. chip manufacturing capacity and reduce reliance on imports. U.S. Restricts Sales of AI Chips to China Another pillar of the current administration\u2019s strategy has been to limit exports of high-end chips and other cutting-edge technology to China. Last year, the Commerce Department imposed restrictions on exports of some high-end chips, like Nvidia\u2019s A100 and H100 processors \u2013 to which Nvidia responded by coming up with A800 and H800 chips, which were designed specifically for China. The current regulations impose a ban on these two chips, and are also expected to impact sales of AI chips from chipmakers like Intel (INTC) and Advanced Micro Devices (AMD). Also, any new set of chips with processing power just below what\u2019s currently restricted would need prior approval for exports to China \u2013 effectively closing a loophole that had previously provided a workaround to chipmakers. Generally speaking, it would be reasonable to expect further escalation in U.S.-China tensions - no matter whether you term it as the \u201cnew Cold War,\u201d \u201ctrade war,\u201d \u201ctech war,\u201d or \u201cAI war.\u201d Which Chip Stocks Have the Highest Exposure to China? Data compiled by Kearney shows that while names like Nvidia, AMD, and Intel get roughly a quarter of their revenues from China, the numbe

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: 0.9803

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1020 (i.e., a 10.20% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1020 = 0.9803, capped at 1.0.
Maximum position size = 0.9803 (98.0% of portfolio).


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

Question:
Asset: XLY
Daily returns (past 60 days): mean=0.0009, std=0.0154, worst_day=-0.0340
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-04-13] ["Canaccord Genuity Maintains Apple (AAPL) Buy Recommendation Fintel reports that on April 13, 2023, Canaccord Genuity maintained coverage of Apple (NASDAQ:AAPL) with a Buy recommendation. Analyst Price Forecast Suggests 8.49% Upside As of April 6, 2023, the average one-year price target for Apple is $173.69. The forecasts range from a low of $119.18 to a high of $215.25. The average price target represents an increase of 8.49% from its latest reported closing price of $160.10. See our leaderboard of companies with the largest price target upside. The projected annual revenue for Apple is $413,641MM, an increase of 6.74%. The projected annual non-GAAP EPS is $6.36. For more in-depth coverage of Apple, view the free, crowd-sourced company research report on Finpedia. What are Other Shareholders Doing? Iyo Bank holds 67K shares representing 0.00% ownership of the company. No change in the last quarter. Keb Asset Management holds 9K shares representing 0.00% ownership of the company. In it's prior filing, the firm reported owning 10K shares, representing a decrease of 5.83%. The firm decreased its portfolio allocation in AAPL by 99.93% over the last quarter. NSFBX - Natixis Sustainable Future 2015 Fund Class N holds 0K shares representing 0.00% ownership of the company. In it's prior filing, the firm reported owning 0K shares, representing an increase of 11.96%. The firm decreased its portfolio allocation in AAPL by 13.12% over the last quarter. Saxon Interests holds 35K shares representing 0.00% ownership of the company. In it's prior filing, the firm reported owning 36K shares, representing a decrease of 1.41%. The firm increased its portfolio allocation in AAPL by 23.77% over the last quarter. Bank Julius Baer & Co. Ltd, Zurich holds 3,989K shares representing 0.03% ownership of the company. In it's prior filing, the firm reported owning 3,932K shares, representing an increase of 1.43%. The firm decreased its portfolio allocation in AAPL by 99.91% over the last quarter. What is the Fund Sentiment? There are 6408 funds or institutions reporting positions in Apple. This is an increase of 203 owner(s) or 3.27% in the last quarter. Average portfolio weight of all funds dedicated to AAPL is 2.31%, a decrease of 40.18%. Total shares owned by institutions increased in the last three months by 0.35% to 10,154,214K shares. The put/call ratio of AAPL is 1.01, indicating a bearish outlook. Apple Background Information (This description is provided by the company.) Apple Inc. is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services. It is considered one of the Big Five companies in the U.S. information technology industry, along with Amazon, Google, Microsoft, and Facebook. Its hardware products include the iPhone smartphone, the iPad tablet computer, the Mac personal computer, the iPod portable media player, the Apple Watch smartwatc

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 = 0.0324 (i.e., a 3.24% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0324 = 3.0874, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


INDS: 60-day history, VaR(99%)=-0.0347, max drawdown threshold=10%.

Question:
Asset: INDS
Daily returns (past 60 days): mean=0.0007, std=0.0163, worst_day=-0.0350
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to INDS, 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 = 0.0347 (i.e., a 3.47% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0347 = 2.8809, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VNQ: 60-day history, VaR(99%)=-0.0264, max drawdown threshold=10%.

Question:
Asset: VNQ
Daily returns (past 60 days): mean=-0.0011, std=0.0101, worst_day=-0.0339
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 = 0.0264 (i.e., a 2.64% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0264 = 3.7818, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VTI: 60-day history, VaR(99%)=-0.0154, max drawdown threshold=10%.

Question:
Asset: VTI
Daily returns (past 60 days): mean=0.0007, std=0.0071, worst_day=-0.0166
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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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 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 = 0.0154 (i.e., a 1.54% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0154 = 6.5063, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.0833, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0016, std=0.0318, worst_day=-0.1079
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: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0833 (i.e., a 8.33% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0833 = 1.2000, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.0805, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0083, std=0.0514, worst_day=-0.0820
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: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0805 (i.e., a 8.05% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0805 = 1.2418, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0453, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0023, std=0.0224, worst_day=-0.0537
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 = 0.0453 (i.e., a 4.53% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0453 = 2.2099, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.0863, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0038, std=0.0464, worst_day=-0.1006
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-04-24]

Determine the maximum fraction of total portfolio capital that should be allocated to XRP-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 = 0.0863 (i.e., a 8.63% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0863 = 1.1587, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLRE: 60-day history, VaR(99%)=-0.0244, max drawdown threshold=10%.

Question:
Asset: XLRE
Daily returns (past 60 days): mean=0.0021, std=0.0131, worst_day=-0.0249
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2024-01-09] ["Is iShares Semiconductor ETF (SOXX) a Strong ETF Right Now? The iShares Semiconductor ETF (SOXX) was launched on 07/10/2001, and is a smart beta exchange traded fund designed to offer broad exposure to the Technology ETFs category of the market. What Are Smart Beta ETFs? The ETF industry has long been dominated by products based on market cap weighted indexes, a strategy created to reflect the market or a particular market segment. Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency. However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta. Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance. The smart beta space gives investors many different choices, from equal-weighting, one of the simplest strategies, to more complicated ones like fundamental and volatility/momentum based weighting. However, not all of these methodologies have been able to deliver remarkable returns. Fund Sponsor & Index The fund is managed by Blackrock, and has been able to amass over $9.93 billion, which makes it one of the largest ETFs in the Technology ETFs. SOXX, before fees and expenses, seeks to match the performance of the PHLX SOX Semiconductor Sector Index. The ICE Semiconductor Index measures the performance of U.S. traded securities of companies engaged in the semiconductor business. Cost & Other Expenses Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same. Operating expenses on an annual basis are 0.35% for SOXX, making it one of the least expensive products in the space. It's 12-month trailing dividend yield comes in at 0.81%. Sector Exposure and Top Holdings Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis. Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector. Taking into account individual holdings, Advanced Micro Devices Inc (AMD) accounts for about 9.48% of the fund's total assets, followed by Broadcom Inc (AVGO) and Intel Corporation Corp (INTC). SOXX's top 10 holdings account for about 59.63% of its total assets under management. Performance and Risk So far this year, SOXX has lost about -2.88%, and was up about 55.09% in the last one year (as of 01/09/2024). During this past 52-week period, the fund has traded between $373.83 and $581.45. The ETF has a beta of 1.37 and standard deviation of 34.63% for the trailin

Determine the maximum fraction of total portfolio capital that should be allocated to XLRE, 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 = 0.0244 (i.e., a 2.44% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0244 = 4.1005, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.0640, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0024, std=0.0238, worst_day=-0.0767
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-07-10]

Determine the maximum fraction of total portfolio capital that should be allocated to XRP-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 = 0.0640 (i.e., a 6.40% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0640 = 1.5619, 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=0.0020, std=0.0231, worst_day=-0.1070
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-04]

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).


XLP: 60-day history, VaR(99%)=-0.0127, max drawdown threshold=10%.

Question:
Asset: XLP
Daily returns (past 60 days): mean=-0.0002, std=0.0059, worst_day=-0.0165
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] 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. 35 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 October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 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: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

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 = 0.0127 (i.e., a 1.27% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0127 = 7.8897, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLK: 60-day history, VaR(99%)=-0.0240, max drawdown threshold=10%.

Question:
Asset: XLK
Daily returns (past 60 days): mean=0.0003, std=0.0109, worst_day=-0.0251
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-09-07] ["Stock Market News for Sep 7, 2023 U.S. stock markets closed lower on Wednesday as market participants remain highly concerned regarding the Fed\u2019s next move with respect to interest rate. A resilient U.S. economy and an elevated inflation rate may compel the central bank to pursue high interest rate regime. Higher yield on U.S. sovereign bonds higher U.S. dollar index also dented investors\u2019 confidence on risky assets. like equities. All the three major stock indexes ended in negative territory. How Did The Benchmarks Perform? The Dow Jones Industrial Average (DJI) fell 0.6% or 198.78 points to close at 34,443.19 after a choppy session. Notably, 22 components of the 30-stock index ended in negative territory, while 8 in green. The tech-heavy Nasdaq Composite finished at 13,872.47, sliding 1.1% due to weak performance of large-cap technology stocks. The S&P 500 dropped 0.7% to end at 4,465.48. Nine out of 11 broad sectors of the benchmark ended in negative territory, while two finished in green. The Technology Select Sector SPDR (XLK), the Consumer Discretionary Select Sector SPDR (XLY), the Industrials Select Sector SPDR (XLF), the Health Care Select Sector SPDR (XLV) and the Materials Select Sector SPDR (XLB) fell 1.1%, 0.9%, 0.4%, 0.5% and 0.2%, respectively. The fear-gauge CBOE Volatility Index (VIX) was up 3.1% to 14.45. A total of 9.39 billion shares were traded on Wednesday, lower than the last 20-session average of 10.17 billion. Decliners outnumbered decliners on the NYSE by a 2.05-to-1 ratio. On Nasdaq, a 1.97-to-1 ratio favored declining issues. Near-Term Concerns Crude oil prices spiked on Sep 5, following the decision of Saudi Arabia to extend its daily production cut decision until the end of 2023. Investors are concerned that higher crude oil prices will result in higher inflation. Higher oil prices will directly affect transportation sector, which in turn will raise the general price level. This will make the task of the Fed more difficult for a soft landing of the U.S. economy. Moreover, the yield on the benchmark 10-Year U.S. Treasury Note rose 2 basis points to 4.292%. The yield on the short-term 2-Year U.S. Treasury Note jumped 10 basis points to 5.02%. This yield is loosely linked to interest rate movement. The yield on the long-term 30-Year U.S. Treasury Note climbed 14 basis points to 4.373%. The ICE U.S. dollar Index rose to a six-month high at 104.90. Higher risk-free market interest rate is detrimental to growth stocks like technology. These companies depend on easy access to cheap credits. Consequently, shares of tech behemoths like NVIDIA Cor. NVDA, Apple Inc. AAPL and Alphabet Inc. GOOGL declined 3.1%, 3.6% and 1%, respectively. NVIDIA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today\u2019s Zacks #1 Rank (Strong Buy) stocks here. Strong Economic Data The Institute of Supply Management reported that services purchasing managers\u2019 index (PMI) for August came in at 54.5%,

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 = 0.0240 (i.e., a 2.40% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0240 = 4.1617, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SHV: 60-day history, VaR(99%)=-0.0001, max drawdown threshold=10%.

Question:
Asset: SHV
Daily returns (past 60 days): mean=0.0002, std=0.0002, worst_day=-0.0001
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to SHV, 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 = 0.0001 (i.e., a 0.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0001 = 1101.5422, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IVV: 60-day history, VaR(99%)=-0.0177, max drawdown threshold=10%.

Question:
Asset: IVV
Daily returns (past 60 days): mean=0.0009, std=0.0068, worst_day=-0.0228
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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us-gaap:EmployeeSeveranceMember 2023-04-01 2023-06-30 0001326801 meta:A20 [...TRUNCATED...] tered into a new trading plan that provides for the sale of an aggregate of 14,376 shares of our Class A common stock and all of the net shares received during the duration of the plan pursuant to Ms. Li and her spouse’s outstanding equity awards and any future equity award grants. The plan will terminate on November 25, 2024 , subject to early termination for certain specified events set forth in the plan. 90 Table of Contents Item 6. Exhibits Exhibit Number Incorporated by Reference Filed Herewith Exhibit Description Form File No. Exhibit Filing Date 3.1 Amended and Restated Certificate of Incorporation (including all amendments thereto) . X 10.1+ Fourth Amendment to the 2012 Equity Incentive Plan. X 31.1 Certification of Mark Zuckerberg, Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 . X 31.2 Certification of Susan Li, Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. X 32.1# Certification of Mark Zuckerberg, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 . X 32.2# Certification of Susan Li, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. X 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). X 101.SCH Inline XBRL Taxonomy Extension Schema Document. X 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. X 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document. X 101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document. X 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. X 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). X + Indicates a management contract or compensatory plan. # This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act. 91 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Menlo Park, State of California, on this 31st day of July 2024.     META PLATFORMS, INC. Date: July 31, 2024 /s/ SUSAN LI Susan Li Chief Financial Officer (Principal Financial Officer) Date: July 31, 2024 /s/ AARON ANDERSON Aaron Anderson Chief Accounting Officer (Principal Accounting Officer) 92

Determine the maximum fraction of total portfolio capital that should be allocated to IVV, 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 = 0.0177 (i.e., a 1.77% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0177 = 5.6632, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.0871, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0068, std=0.0289, worst_day=-0.0889
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-06-12]

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: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0871 (i.e., a 8.71% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0871 = 1.1479, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.0953, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0211, std=0.0628, worst_day=-0.1169
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-12]

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: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0953 (i.e., a 9.53% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0953 = 1.0498, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MATIC-USD: 60-day history, VaR(99%)=-0.0772, max drawdown threshold=10%.

Question:
Asset: MATIC-USD
Daily returns (past 60 days): mean=0.0105, std=0.0531, worst_day=-0.0971
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
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 = 0.0772 (i.e., a 7.72% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0772 = 1.2954, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EEM: 60-day history, VaR(99%)=-0.0201, max drawdown threshold=10%.

Question:
Asset: EEM
Daily returns (past 60 days): mean=0.0008, std=0.0100, worst_day=-0.0206
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-07-17] ["Mirror, Mirror, on the Wall, Which Is the Cheapest FAANG Stock of Them All? Regardless of how well or poorly the broad-market indexes have performed, new and tenured investors have gravitated to the FAANG stocks for more than a decade. When I say \"FAANG\" stocks, I'm referring to: Facebook, which is now part of Meta Platforms (NASDAQ: META) Apple (NASDAQ: AAPL) Amazon (NASDAQ: AMZN) Netflix (NASDAQ: NFLX) Google, which is now part of Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) The reason these companies are so widely owned has to do with their long-term outperformance and industry-based competitive advantages. Image source: Getty Images. With regard to the latter, all five of these companies have well-defined moats or edges that have, thus far, proved insurmountable. Meta Platforms had more than half of the world's adult population visit at least one of its social media sites (Facebook, WhatsApp, Instagram, or Facebook Messenger) during the first quarter. Apple's iPhone has consistently accounted for around half, if not more, of U.S. smartphone market share since introducing a 5G-capable iPhone. Amazon is responsible for bringing in about 40% of U.S. online retail sales. Netflix is the global and international leader of streaming service market share. Alphabet's internet search engine Google has accounted for no less than 90% of worldwide search share dating back to March 2015. They're also crushing the major U.S. stock indexes in the return column. Over the trailing-10-year period, through July 13, Apple, Netflix, Meta, Amazon, and Alphabet (Class A shares, GOOGL), in that order, have produced returns of around 1,150%, 1,120%, 1,110%, 773%, and 440%. By comparison, the benchmark S&P 500 has gained 168% over the same timeline. These are five highly trusted businesses -- but they're not identical on a valuation basis. Based on forward P/E, there's one FAANG that's clearly cheaper than the others Although there are a number of ways to evaluate stocks from a fundamental perspective, the forward price-to-earnings (P/E) ratio is one of the most common metrics used. The forward P/E is derived by dividing a company's share price into Wall Street's consensus earnings per share (EPS) for the upcoming year. Based on Wall Street's consensus EPS for these companies in 2024, here's what the forward P/Es currently look like for the FAANG stocks: Alphabet (Class A shares, GOOGL): forward P/E of 19.9 Meta Platforms: forward P/E of 21.3 Apple: forward P/E of 29 Netflix: forward P/E of 31.1 Amazon: forward P/E of 52.1 This traditional fundamental metric suggests Alphabet, the parent of Google, streaming platform YouTube, and autonomous vehicle company Waymo, is the cheapest of the FAANG stocks at just shy of 20 times forward-year earnings. What's noteworthy about Alphabet is that it'll continue to benefit from its foundational search engine, which is generating copious amount of cash flow, while enjoying potentially faster growth rates from its ancillary segments. T

Determine the maximum fraction of total portfolio capital that should be allocated to EEM, 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 = 0.0201 (i.e., a 2.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0201 = 4.9753, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


USMV: 60-day history, VaR(99%)=-0.0117, max drawdown threshold=10%.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0004, std=0.0059, worst_day=-0.0125
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-07-20] ["2 Best Value Stocks to Buy Right Now Value stocks have historically outperformed most other asset classes. During the latest bear market, for instance, investors leaned heavily into value stocks as a hedge against inflation and a weakening global economy. With the tide seemingly turning in the market, however, growth stocks will probably start to outperform value-oriented assets over the next few years. Nonetheless, some value stocks are still worth buying as this shift in sentiment unfolds. Here is a brief overview of two top-shelf value stocks that stand out as superb buys in this dynamic market. Image source: Getty Images. Berkshire Hathaway: A diversified powerhouse Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) is a diversified holding company that operates a wide range of businesses in different industries. The company is led by Warren Buffett, one of the most successful and respected investors in history. The company owns and controls many well-known companies, such as Geico, BNSF Railway, Berkshire Hathaway Energy, Dairy Queen, and Duracell. These businesses provide stable and consistent earnings for the holding company. Berkshire Hathaway also invests in a large number of publicly traded companies, such as Apple, Bank of America, Coca-Cola, American Express, and T-Mobile. These investments give the holding company exposure to some of the most profitable and dominant companies in the world. Berkshire Hathaway has a long history of delivering market-beating returns to its shareholders. Since 1965, its stock has generated compound annual returns of 19.8% per year, compared to 9.9% for the S&P 500. Now, the holding company's stock performance did lag behind the market during the previous bull market, but it has regained its edge over the past year. BRK.A data by YCharts With the challenges posed by rising interest rates and a possible economic slowdown, Berkshire's resilient portfolio of stocks and businesses should continue to drive market-beating returns -- especially with its shares trading at a mere 2.6 times trailing sales. British American Tobacco: A resilient tobacco giant British American Tobacco is one of the largest tobacco companies in the world, with a presence in more than 180 countries and a portfolio of popular brands such as Dunhill, Lucky Strike, Pall Mall, Kent, Rothmans, and Camel. The company also has a growing presence in the reduced-risk products segment, which includes e-cigarettes, heated tobacco products, and oral nicotine products. British American Tobacco has been able to maintain its profitability and cash flow despite the challenges facing the tobacco industry, such as declining smoking rates, regulatory pressures, and increased competition. Wall Street analysts, in fact, expect the tobacco giant to grow its earnings per share by double digits over the next few years, thanks heavily to its opportunity in the rapidly growing noncombustible product category. Perhaps most importantly, though, British American Toba

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 = 0.0117 (i.e., a 1.17% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0117 = 8.5733, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


AVAX-USD: 60-day history, VaR(99%)=-0.0660, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0030, std=0.0277, worst_day=-0.0684
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-08-21]

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 = 0.0660 (i.e., a 6.60% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0660 = 1.5151, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


FXI: 60-day history, VaR(99%)=-0.0315, max drawdown threshold=10%.

Question:
Asset: FXI
Daily returns (past 60 days): mean=-0.0023, std=0.0169, worst_day=-0.0321
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-10-20] ["Earnings Preview of \"Magnificent Seven\": ETFs in Focus The \"Magnificent Seven\" typically refers to the 1960 Western film, but today\u2019s stock market investors recognize the term as the set of seven big tech stocks, namely Apple AAPL, Microsoft MSFT, Alphabet GOOGL, Amazon AMZN, Nvidia NVDA, Meta Platforms META and Tesla TSLA. With the third-quarter earnings season underway, investors\u2019 eyes will be glued to the \"Magnificent Seven\" earnings. While Tesla has already posted a weak Q3 earnings (missing estimates on both fronts), others are yet to report (read: Tesla Posts Weak Q3 Earnings: ETFs in Focus). Investors should note that according to our methodology, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they\u2019re reported with our Earnings ESP Filter. Earnings Whispers Microsoft is expected to report on Oct 24. The stock has an Earnings ESP of 0.00% and a Zacks Rank #3 (Hold). In the past 90 days, Microsoft\u2019s earnings for the September quarter rose by 8 cents to $2.65 per share. Alphabet is expected to report on Oct 24. The stock has an Earnings ESP of +0.89% and a Zacks Rank #3. In the past 90 days, Alphabet\u2019s earnings for the September quarter rose by 11 cents to $1.45 per share. Meta is expected to report on Oct 25. The stock has an Earnings ESP of +3.98% and a Zacks Rank #3. In the past 90 days, Meta\u2019s earnings for the September quarter surged from $2.99 to $3.57 per share. Amazon is expected to report on Oct 26. The stock has an Earnings ESP of 0.00% and a Zacks Rank #2 (Buy). In the past 90 days, Amazon\u2019s earnings for the September quarter surged from 39 cents to 58 cents per share. Apple is expected to report on Nov 2. The stock has an Earnings ESP of 0.00% and a Zacks Rank #3. In the past 90 days, Apple\u2019s earnings for the September quarter inched up by 2 cents $1.39 per share. Nvidia is expected to report on Nov 15. The stock has an Earnings ESP of +6.93% and a Zacks Rank #1 (Strong Buy). In the past 90 days, Nvidia\u2019s earnings for the October quarter jumped from $2.22 to $3.34 per share. Inside the Valuation of Magnificent Seven While the 'Magnificent Seven' hold industry-leading positions in areas such as Artificial Intelligence, cloud services, social networking, search engines, the metaverse, premium smartphones, and electric vehicles (which have enabled them to capture a hugeglobal marketshare), valuation remains equally important in influencing their stock performance in the near future. In this respect, Meta, Alphabet and Microsoft have a lower P/E than the concerned industry Computer Software-Services Market\u2019s P/E, Apple\u2019s P/E is almost in-line with the concerned industry Computer-Office Equipment Market\u2019s P/E. However, Amazon, Tesla and Nvidia are pricey. ETFs in Focus Since some of the stocks appear overvalued and some stocks have

Determine the maximum fraction of total portfolio capital that should be allocated to FXI, 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 = 0.0315 (i.e., a 3.15% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0315 = 3.1723, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MATIC-USD: 60-day history, VaR(99%)=-0.1347, max drawdown threshold=10%.

Question:
Asset: MATIC-USD
Daily returns (past 60 days): mean=-0.0052, std=0.0423, worst_day=-0.1455
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: 0.7425

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1347 (i.e., a 13.47% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1347 = 0.7425, capped at 1.0.
Maximum position size = 0.7425 (74.2% of portfolio).


VEA: 60-day history, VaR(99%)=-0.0246, max drawdown threshold=10%.

Question:
Asset: VEA
Daily returns (past 60 days): mean=0.0002, std=0.0099, worst_day=-0.0259
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 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 = 0.0246 (i.e., a 2.46% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0246 = 4.0701, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VNQI: 60-day history, VaR(99%)=-0.0191, max drawdown threshold=10%.

Question:
Asset: VNQI
Daily returns (past 60 days): mean=0.0003, std=0.0100, worst_day=-0.0197
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to VNQI, 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 = 0.0191 (i.e., a 1.91% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0191 = 5.2368, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MATIC-USD: 60-day history, VaR(99%)=-0.0784, max drawdown threshold=10%.

Question:
Asset: MATIC-USD
Daily returns (past 60 days): mean=-0.0049, std=0.0354, worst_day=-0.0851
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-04-23]

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 = 0.0784 (i.e., a 7.84% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0784 = 1.2763, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.0592, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=-0.0014, std=0.0242, worst_day=-0.0684
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 XRP-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 = 0.0592 (i.e., a 5.92% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0592 = 1.6890, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.0917, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=-0.0015, std=0.0388, worst_day=-0.0992
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-07-02]

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: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0917 (i.e., a 9.17% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0917 = 1.0907, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).