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

Question:
Asset: XLU
Daily returns (past 60 days): mean=-0.0010, std=0.0114, worst_day=-0.0243
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-03-15] ["A Bull Market Is Coming: 3 Big Reasons to Buy Apple Stock Right Now Every bear market in history has given way to a new bull market. This time should be no different. Inflation, recession fears, and now bank failures -- there's certainly no shortage of calamities currently weighing on the stock market. But inflation will eventually be tamed, the economy will recover, and the financial industry will stabilize. Strong businesses should help to lead the market higher. And the investors who buy their shares at today's discounted prices stand to profit handsomely. Apple (NASDAQ: AAPL) is one such company. Here are three reasons the tech titan is a particularly attractive buy today. 1. Apple's services are probably worth more than you think Investors love businesses with dependable, recurring revenue. Apple's services business might just be the best of the bunch. Apple earned a whopping $20.8 billion in services revenue in its fiscal 2023 first quarter ended Dec. 31. Services accounted for roughly 18% of the tech giant's total sales. But with the segment's sky-high gross margin of 70.8%, compared with 37% for Apple's products, services account for a far larger percentage of the company's profits. Apple's massive installed base of more than 2 billion active devices gives it an incredible opportunity to deepen its relationship with its customers -- and sell even more services. The company already has more than 935 million paid subscriptions. The continued growth of app purchases, cloud storage, digital payments, streaming TV, and advertising solutions should all help to fuel further increases in Apple's services revenue and profits. For his part, Goldman Sachs analyst Michael Ng expects Apple to generate 40% of its gross profit from services by 2027, up from 33% in 2022. \"Apple's success in premier hardware design and resulting brand loyalty has led to a growing installed base of users that provide visibility into revenue growth by reducing customer churn, lowering customer acquisition costs for new product and services launches, and encouraging repeat purchases,\" Ng said earlier this month. Wedbush analyst Dan Ives, meanwhile, sees Apple's services revenue growing at a double-digit percentage in the coming year. Ives, in turn, thinks the company's services business alone could be worth a staggering $1.3 trillion. 2. China is rebounding The Chinese government's strict COVID-related restrictions weighed heavily on Apple's results last year. Manufacturing facilities were forced to close, snarling Apple's otherwise highly efficient supply chain network. That dented the company's sales and drove up its costs. China recently lifted many of its health restrictions and reopened its economy, and that should allow Apple to work through its supply chain bottlenecks and increase production of its popular iPhones and other devices. Better still, China's economic recovery should also create higher demand for Apple's products in the populous country. The greater C

Determine the maximum fraction of total portfolio capital that should be allocated to XLU, 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 = 4.3716, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SHV: 60-day history, VaR(99%)=-0.0000, max drawdown threshold=10%.

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

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 = 0.0000 (i.e., a 0.00% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0000 = 2686.2104, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EMB: 60-day history, VaR(99%)=-0.0091, max drawdown threshold=10%.

Question:
Asset: EMB
Daily returns (past 60 days): mean=0.0006, std=0.0039, worst_day=-0.0102
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to EMB, 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 = 0.0091 (i.e., a 0.91% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0091 = 11.0071, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0044, std=0.0393, worst_day=-0.0827
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 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 = 0.0784 (i.e., a 7.84% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0784 = 1.2753, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLV: 60-day history, VaR(99%)=-0.0156, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=0.0001, std=0.0085, worst_day=-0.0162
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-04-26] ["Unusual Call Option Trade in Apple (AAPL) Worth $3,040.50K On April 26, 2023 at 15:31:16 ET an unusually large $3,040.50K block of Call contracts in Apple (AAPL) was sold, with a strike price of $167.50 / share, expiring in 23 day(s) (on May 19, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 3.98 sigmas above the mean, placing it in the 100.00th percentile of all recent large trades made in AAPL options. This trade was first picked up on Fintel's real time Options Flow tool, where unusual option trades are highlighted. What is the Fund Sentiment? There are 6408 funds or institutions reporting positions in Apple. This is an increase of 189 owner(s) or 3.04% in the last quarter. Average portfolio weight of all funds dedicated to AAPL is 2.79%, a decrease of 26.22%. Total shares owned by institutions increased in the last three months by 0.12% to 10,139,399K shares. The put/call ratio of AAPL is 1.00, indicating a bullish outlook. For more in-depth coverage of Apple, view the free, crowd-sourced company research report on Finpedia. Analyst Price Forecast Suggests 6.19% Upside As of April 24, 2023, the average one-year price target for Apple is $173.91. The forecasts range from a low of $117.16 to a high of $215.25. The average price target represents an increase of 6.19% from its latest reported closing price of $163.77. 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. What are Other Shareholders Doing? MAINSTAY VP FUNDS TRUST - MainStay VP T. Rowe Price Equity Income Portfolio Initial Class holds 144K shares representing 0.00% ownership of the company. In it's prior filing, the firm reported owning 150K shares, representing a decrease of 4.30%. The firm decreased its portfolio allocation in AAPL by 14.11% over the last quarter. Benchmark Investment Advisors holds 51K shares representing 0.00% ownership of the company. In it's prior filing, the firm reported owning 52K shares, representing a decrease of 1.70%. The firm decreased its portfolio allocation in AAPL by 9.34% over the last quarter. Lowery Thomas holds 2K shares representing 0.00% ownership of the company. In it's prior filing, the firm reported owning 3K shares, representing a decrease of 17.45%. The firm decreased its portfolio allocation in AAPL by 17.98% over the last quarter. Rbo & Co holds 105K shares representing 0.00% ownership of the company. In it's prior filing, the firm reported owning 104K shares, representing an increase of 0.40%. The firm decreased its portfolio allocation in AAPL by 99.92% over the last quarter. Invst holds 58K shares representing 0.00% ownership of the company. In it's prior filing, the firm reported owning 60K shares, representing a decrease of 2.99%. The firm decreased its portfolio allocation in AAPL by 99.91% over the last quarter. Apple Background Information (This descr

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 = 0.0156 (i.e., a 1.56% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0156 = 6.3931, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


QUAL: 60-day history, VaR(99%)=-0.0138, max drawdown threshold=10%.

Question:
Asset: QUAL
Daily returns (past 60 days): mean=0.0021, std=0.0066, worst_day=-0.0147
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K AMZN 2024-02-02] amzn-20231231 false 2023 FY 0001018724 http://fasb.org/us-gaap/2023#OtherAssetsNoncurrent http://fasb.org/us-gaap/2023#OtherAssetsNoncurrent P3Y P1Y P1Y http://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://www.amazon.com/20231231#LeaseLiabilityNoncurrent http://www.amazon.com/20231231#LeaseLiabilityNoncurrent http://www.amazon.com/20231231#LeaseLiabilityNoncurrent http://www.amazon.com/20231231#LeaseLiabilityNoncurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://www.amazon.com/20231231#LeaseLiabilityNoncurrent http://www.amazon.com/20231231#LeaseLiabilityNoncurrent http://www.amazon.com/20231231#LeaseLiabilityNoncurrent http://www.amazon.com/20231231#LeaseLiabilityNoncurrent P01Y P2Y 50 0001018724 2023-01-01 2023-12-31 0001018724 2023-06-30 iso4217:USD 0001018724 2024-01-24 xbrli:shares 0001018724 2020-12-31 0001018724 2021-12-31 0001018724 2022-12-31 0001018724 2021-01-01 2021-12-31 0001018724 2022-01-01 2022-12-31 0001018724 2023-12-31 0001018724 us-gaap:ProductMember 2021-01-01 2021-12-31 0001018724 us-gaap:ProductMember 2022-01-01 2022-12-31 0001018724 us-gaap:ProductMember 2023-01-01 2023-12-31 0001018724 us-gaap:ServiceMember 2021-01-01 2021-12-31 0001018724 us-gaap:ServiceMember 2022-01-01 2022-12-31 0001018724 us-gaap:ServiceMember 2023-01-01 2023-12-31 iso4217:USD xbrli:shares 0001018724 us-gaap:CommonStockMember 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amzn:VendorAccountsReceivableMember 2023-12-31 0001018724 us-gaap:LoansReceivableMember 2022-12-31 0001018724 us-gaap:LoansReceivableMember 2023-12-31 00 [...TRUNCATED...] tents 32.2 Certification of Brian T. Olsavsky, Senior Vice President and Chief Financial Officer of Amazon.com, Inc., pursuant to 18 U.S.C. Section 1350. 97.1 Amazon.com, Inc. Clawback Policy. 101 The following financial statements from the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Stockholders’ Equity, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed with this Annual Report on Form 10-K certain instruments defining the rights of holders of long-term debt of the Company and its subsidiaries because the total amount of securities authorized thereunder does not exceed 10 percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish a copy of such agreements to the Commission upon request. 104 The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL (included as Exhibit 101). __________________ †    Executive Compensation Plan or Agreement. Item 16. Form 10-K Summary None. 77 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, as of February 1, 2024.   AMAZON.COM, INC. By: /s/ Andrew R. Jassy Andrew R. Jassy 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 indicated as of February 1, 2024.   Signature Title /s/ Andrew R. Jassy Andrew R. Jassy President and Chief Executive Officer (Principal Executive Officer) and Director /s/ Brian T. Olsavsky Brian T. Olsavsky Senior Vice President and Chief Financial Officer (Principal Financial Officer) /s/ Shelley L. Reynolds Shelley L. Reynolds Vice President, Worldwide Controller (Principal Accounting Officer) /s/ Jeffrey P. Bezos Jeffrey P. Bezos Executive Chair /s/ Keith B. Alexander Keith B. Alexander Director /s/ Edith W. Cooper Edith W. Cooper Director /s/ Jamie S. Gorelick Jamie S. Gorelick Director /s/ Daniel P. Huttenlocher Daniel P. Huttenlocher Director /s/ Judith A. McGrath Judith A. McGrath Director /s/ Indra K. Nooyi Indra K. Nooyi Director /s/ Jonathan J. Rubinstein Jonathan J. Rubinstein Director /s/ Brad D. Smith Brad D. Smith Director /s/ Patricia Q. Stonesifer Patricia Q. Stonesifer Director /s/ Wendell P. Weeks Wendell P. Weeks Director 78

Determine the maximum fraction of total portfolio capital that should be allocated to QUAL, 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 = 0.0138 (i.e., a 1.38% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0138 = 7.2658, 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=0.0007, std=0.0402, worst_day=-0.0806
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-09-06]

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).


SLV: 60-day history, VaR(99%)=-0.0373, max drawdown threshold=10%.

Question:
Asset: SLV
Daily returns (past 60 days): mean=-0.0007, std=0.0176, worst_day=-0.0444
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to SLV, 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 = 0.0373 (i.e., a 3.73% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0373 = 2.6780, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VCIT: 60-day history, VaR(99%)=-0.0081, max drawdown threshold=10%.

Question:
Asset: VCIT
Daily returns (past 60 days): mean=-0.0000, std=0.0035, worst_day=-0.0089
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to VCIT, 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 = 0.0081 (i.e., a 0.81% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0081 = 12.3954, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLV: 60-day history, VaR(99%)=-0.0170, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=-0.0017, std=0.0074, worst_day=-0.0187
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
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 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 = 0.0170 (i.e., a 1.70% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0170 = 5.8718, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


QQQ: 60-day history, VaR(99%)=-0.0287, max drawdown threshold=10%.

Question:
Asset: QQQ
Daily returns (past 60 days): mean=0.0013, std=0.0114, worst_day=-0.0308
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q PFE 2024-11-04] pfe-20240929 0000078003 12/31 2024 Q3 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares pfe:operatingSegment xbrli:pure pfe:facility pfe:patent pfe:treatmentCourse 0000078003 2024-01-01 2024-09-29 0000078003 us-gaap:CommonStockMember 2024-01-01 2024-09-29 0000078003 pfe:NotesDue20271.000Member 2024-01-01 2024-09-29 0000078003 2024-10-30 0000078003 us-gaap:ProductMember 2024-07-01 2024-09-29 0000078003 us-gaap:ProductMember 2023-07-03 2023-10-01 0000078003 us-gaap:ProductMember 2024-01-01 2024-09-29 0000078003 us-gaap:ProductMember 2023-01-01 2023-10-01 0000078003 2024-07-01 2024-09-29 0000078003 2023-07-03 2023-10-01 0000078003 2023-01-01 2023-10-01 0000078003 us-gaap:RoyaltyMember 2024-07-01 2024-09-29 0000078003 us-gaap:RoyaltyMember 2023-07-03 2023-10-01 0000078003 us-gaap:RoyaltyMember 2024-01-01 2024-09-29 0000078003 us-gaap:RoyaltyMember 2023-01-01 2023-10-01 0000078003 2024-09-29 0000078003 2023-12-31 0000078003 us-gaap:CommonStockMember 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pfe:DevelopedTechnologyRightsAndOtherIntangibleAssetsMember 2024-01-01 2024-09-29 0000078003 pfe:SeagenMe [...TRUNCATED...] 2024 14,581  $ 27.73  —  $ 3,292,882,444  July 29 through August 25, 2024 22,257  $ 30.44  —  $ 3,292,882,444  August 26 through September 29, 2024 57,730  $ 29.02  —  $ 3,292,882,444  Total 94,568  $ 29.16  —  (a) Represents (i) 91,700 shares of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of awards under our long-term incentive programs and (ii) the open market purchase by the trustee of 2,868 shares of common stock in connection with the reinvestment of dividends paid on common stock held in trust for employees who deferred receipt of performance share awards. (b) See the Analysis of Financial Condition, Liquidity, Capital Resources and Market Risk—Capital Allocation Framework section within MD&A of this Form 10-Q and Note 12 in our 2023 Form 10-K. ITEM 5. OTHER INFORMATION During the three months ended September 29, 2024, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K. 60 ITEM 6. EXHIBITS   Exhibit 31.1 Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   Exhibit 31.2 Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   Exhibit 32.1 Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   Exhibit 32.2 Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   Exhibit 101:     EX-101.INS 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.   EX-101.SCH EX-101.CAL EX-101.LAB EX-101.PRE EX-101.DEF   Inline XBRL Taxonomy Extension Schema Inline XBRL Taxonomy Extension Calculation Linkbase Inline XBRL Taxonomy Extension Label Linkbase Inline XBRL Taxonomy Extension Presentation Linkbase Inline XBRL Taxonomy Extension Definition Document Exhibit 104 Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   Pfizer Inc.   (Registrant)         Dated: November 4, 2024 /s/ Jennifer B. Damico   Jennifer B. Damico Senior Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) 61

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 = 0.0287 (i.e., a 2.87% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0287 = 3.4891, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ICSH: 60-day history, VaR(99%)=-0.0002, max drawdown threshold=10%.

Question:
Asset: ICSH
Daily returns (past 60 days): mean=0.0003, std=0.0003, worst_day=-0.0002
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to ICSH, 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 = 0.0002 (i.e., a 0.02% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0002 = 505.4744, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.0801, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0036, std=0.0345, worst_day=-0.0895
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 = 0.0801 (i.e., a 8.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0801 = 1.2486, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


TIP: 60-day history, VaR(99%)=-0.0027, max drawdown threshold=10%.

Question:
Asset: TIP
Daily returns (past 60 days): mean=0.0001, std=0.0011, worst_day=-0.0036
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to TIP, 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 = 0.0027 (i.e., a 0.27% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0027 = 37.2560, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNB-USD: 60-day history, VaR(99%)=-0.0426, max drawdown threshold=10%.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=-0.0016, std=0.0149, worst_day=-0.0575
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-10-15]

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 = 0.0426 (i.e., a 4.26% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0426 = 2.3495, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.0651, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=0.0153, std=0.0577, worst_day=-0.0659
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 DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0651 (i.e., a 6.51% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0651 = 1.5356, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VEA: 60-day history, VaR(99%)=-0.0198, max drawdown threshold=10%.

Question:
Asset: VEA
Daily returns (past 60 days): mean=0.0015, std=0.0093, worst_day=-0.0264
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-02-17] ["Zacks Value Trader Highlights: Taiwan Semiconductor, Chevron, US Bancorp, Apple and Amazon For Immediate Release Chicago, IL \u2013 February 17, 2023 \u2013 Zacks Value Trader is a podcast hosted weekly by Zacks Stock Strategist Tracey Ryniec. Every week, Tracey will be joined by guests to discuss the hottest investing topics in stocks, bonds and ETFs and how it impacts your life. To listen to the podcast, click here: https://www.zacks.com/stock/news/2055570/grading-berkshire-hathaways-q4-trades) Grading Berkshire Hathaway's Q4 Trades Welcome to Episode #317 of the Value Investor Podcast. (0:15) - What Can We Learn From Berkshire Hathaways 13F? (4:30) - Breaking Down Q4 Sells and Growing Positions: How Did They Perform? (15:50) - What Was Berkshire Hathaway Buying With Their Cash Reserves? (20:35) - Episode Roundup: TSM, USB, BK, BAC, CVX, AAPL, LPX, PARA Podcast@Zacks.com Every week, Tracey Ryniec, the editor of Zacks Value Investor portfolio, shares some of her top value investing tips and stock picks. The fourth quarter 2022 13-F filings are out and that means value investors get to see what stocks Warren Buffett, and Berkshire Hathaway, are buying, or selling. Many investors follow his trades to a \"t\" even going as far as replicating them. But should you? This filing had some surprising sales and few stock purchases, even though the stock market was still selling off, and many stocks were cheap on a valuation basis, and Berkshire was still sitting on a pile of cash. What is Buffett waiting for? Is his lack of purchases a sign that he thinks stocks have further to sell-off? Or did he \"miss\" the bottom again, like he did in 2020's pandemic sell-off when he also didn't jump in to buy? Let's look at 5 of the key buys and sales in Q4. Berkshire Hathaway's Big Buys, and Sales, in the Fourth Quarter of 2022 1. Taiwan Semiconductor TSM Berkshire Hathaway first bought a position in Taiwan Semiconductor in the third quarter of 2022 to much fanfare. It was a $4.2 billion position and the first semiconductor company to be in the portfolio for years. But in the fourth quarter, just a few months later, Berkshire sold 86% of its Taiwan Semiconductor shares. It went from 60 million shares to just 8.3 million. What happened to the infamous Buffett strategy of the best time to sell is never? Even worse, shares of Taiwan Semiconductor have rallied big in 2023, adding 24.5%. Does this sale of Taiwan Semiconductor make any sense? 2. Chevron CVX Berkshire Hathaway has gone all in on the energy companies over the last 2 years, buying billions of dollars of Chevron and Occidental Petroleum. But in the fourth quarter of 2022, it sold 1%, or 2.4 million shares, of its Chevron position. This was also a head scratcher to many. What's the point of selling such a small position? Is Buffett still a big believer in Chevron? 3. US Bancorp USB Berkshire continues to sell shares of its regional banks. It first bought US Bancorp in the first quarter of 2006. But in the fo

Determine the maximum fraction of total portfolio capital that should be allocated to 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 = 0.0198 (i.e., a 1.98% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0198 = 5.0491, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.0919, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0037, std=0.0400, worst_day=-0.0975
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 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 = 0.0919 (i.e., a 9.19% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0919 = 1.0881, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MATIC-USD: 60-day history, VaR(99%)=-0.0693, max drawdown threshold=10%.

Question:
Asset: MATIC-USD
Daily returns (past 60 days): mean=-0.0037, std=0.0301, worst_day=-0.0806
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0693 (i.e., a 6.93% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0693 = 1.4431, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNO: 60-day history, VaR(99%)=-0.0291, max drawdown threshold=10%.

Question:
Asset: BNO
Daily returns (past 60 days): mean=0.0007, std=0.0106, worst_day=-0.0297
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to BNO, 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 = 0.0291 (i.e., a 2.91% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0291 = 3.4350, 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=-0.0073, std=0.0427, 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).


SGOV: 60-day history, VaR(99%)=-0.0000, max drawdown threshold=10%.

Question:
Asset: SGOV
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 SGOV, 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 = 0.0000 (i.e., a 0.00% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0000 = 2444.4292, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLB: 60-day history, VaR(99%)=-0.0199, max drawdown threshold=10%.

Question:
Asset: XLB
Daily returns (past 60 days): mean=0.0009, std=0.0087, worst_day=-0.0250
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-09-01] ["Should You Buy the Dow Stock Outperforming Apple? When you think of top-performing Dow stocks to buy, you might automatically think of Apple (AAPL) - it's the world\u2019s most valuable company, a favorite of legendary investor Warren Buffett, and a leader in consumer technology. But what if we told you there is another Dow Jones Industrial Average ($DOWI) component that has been crushing Apple on the charts over several time frames - and it's not even a tech stock? That stock is none other than Caterpillar (CAT), the world\u2019s largest manufacturer of construction and mining equipment and a true old-school industrial name. And while CAT hasn't exactly collected AI stock-sized gains in 2023, it's worth taking a look at the stock's performance from a few different perspectives to get a sense of its real technical muscle. CAT's Long-Term Technical Dominance To be sure, Apple stock is outpacing comfortably CAT on a year-to-date basis - but let's not forget how much room for recovery Apple and its tech stock peers had after a brutal finish to 2022. Looking over the past 52 weeks, Caterpillar stock has gained nearly 60%, while AAPL is only 20% higher. The broader Dow, for perspective, is up about 10% in this time frame. www.barchart.com More recently, focusing in on the last three months, AAPL's impressive momentum from the first half of 2023 has slowed considerably, with the shares netting a return of less than 5% over this period. Meanwhile, CAT has gained more than 25%, powered in part by well-received Q2 earnings (by contrast, Apple missed iPhone sales estimates in its recent quarterly report). www.barchart.com So with CAT clearly holding its own against this tech powerhouse on the charts, let's take a look at the fundamentals. CAT\u2019s Earnings Beat Expectations In its second-quarter earnings report, CAT reported revenue of $14.4 billion, marking a 29% surge compared to the previous year. Earnings per share also impressed, up 74% year-over-year to reach $5.55. Notably, both figures outperformed analysts' expectations, which were projected at $13.9 billion and $4.51 per share, respectively. Caterpillar also raised its full-year revenue and earnings guidance, and the stock led Dow gainers after the report with a rally of more than 8%. www.barchart.com CAT attributed its results to a global increase in infrastructure spending and investment. This surge in demand spanned all segments, with its construction, resource, and energy and transportation divisions all posting significant growth. The construction segment reported a 45% revenue increase, buoyed by higher sales volume and the introduction of new products like the electric mini excavator and autonomous dozer. At the same time, resource segment revenue was up 41%, driven by elevated sales volume in mining and entry into emerging markets like lithium and rare earths. Plus, the energy and transportation segment contributed 16% revenue growth, propelled by increased sales volume and innovative

Determine the maximum fraction of total portfolio capital that should be allocated to XLB, 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 = 0.0199 (i.e., a 1.99% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0199 = 5.0205, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0394, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0036, std=0.0211, worst_day=-0.0394
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 = 0.0394 (i.e., a 3.94% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0394 = 2.5402, 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=-0.0041, std=0.0370, worst_day=-0.1002
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 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).


ACWI: 60-day history, VaR(99%)=-0.0155, max drawdown threshold=10%.

Question:
Asset: ACWI
Daily returns (past 60 days): mean=-0.0015, std=0.0074, worst_day=-0.0167
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-10-26] ["Is WisdomTree U.S. Quality Dividend Growth ETF (DGRW) a Strong ETF Right Now? Launched on 05/22/2013, the WisdomTree U.S. Quality Dividend Growth ETF (DGRW) is a smart beta exchange traded fund offering broad exposure to the Style Box - Large Cap Value category of the market. What Are Smart Beta ETFs? The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market. Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way. There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies. Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other such characteristics. This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results. Fund Sponsor & Index DGRW is managed by Wisdomtree, and this fund has amassed over $9.75 billion, which makes it one of the larger ETFs in the Style Box - Large Cap Value. DGRW seeks to match the performance of the WisdomTree U.S. Quality Dividend Growth Index before fees and expenses. The WisdomTree U.S. Quality Dividend Growth Index is a fundamentally weighted index that consists of dividend-paying stocks with growth characteristics. Cost & Other Expenses Expense ratios are an important factor in the return of an ETF and in the long-term, cheaper funds can significantly outperform their more expensive cousins, other things remaining the same. Annual operating expenses for DGRW are 0.28%, which makes it on par with most peer products in the space. DGRW's 12-month trailing dividend yield is 1.94%. Sector Exposure and Top Holdings Most ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it's still important for investors to research a fund's holdings. DGRW's heaviest allocation is in the Information Technology sector, which is about 30.20% of the portfolio. Its Consumer Staples and Industrials round out the top three. Taking into account individual holdings, Microsoft Corp (MSFT) accounts for about 8.85% of the fund's total assets, followed by Apple Inc (AAPL) and Broadcom Inc (AVGO). DGRW's top 10 holdings account for about 35.91% of its total assets under management. Performance and Risk Year-to-date, the WisdomTree U.S. Quality Dividend Growth ETF has added roughly 5.32% so far, and is up about 9.32% over the last 12 months (as of 10/26/2023). DGRW has traded b

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 = 0.0155 (i.e., a 1.55% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0155 = 6.4531, 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=0.0012, std=0.0231, worst_day=-0.1070
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-11-27]

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).


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

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0009, std=0.0064, worst_day=-0.0123
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-13] ["Zacks Investment Ideas feature highlights: Tesla, Apple and Rivian For Immediate Release Chicago, IL \u2013 December 15, 2023 \u2013 Today, Zacks Investment Ideas feature highlights Tesla TSLA, Apple AAPL and Rivian RIVN. Why Tesla's Cheap (2024 Outlook) An Up and Down Year for Tesla Tesla is the undisputed market leader in battery-powered electric car sales in the United States, enjoying roughly a 70% market share. Over the years, Tesla has shifted from developing niche products for affluent buyers to more affordable EVs for the masses. The firm's three-pronged business model approach of direct sales, servicing, and charging sets it apart from other carmakers. Year-to-date, shares are higher by 128%. However, investor concerns are mounting, including: \u00b7 Valuation: The EV king's market capitalization is more than the combined value of all legacy automakers. \u00b7 Underperformance: Though Tesla has more than doubled this year, it has underperformed the market and \"Magnificent 7\" recently. \u00b7 Recall: This week, news broke that Tesla must recall more than 2 million vehicles. Below, I will debunk the most common investor concerns and lay out my bull case for the stock: Don't Judge a Book By its Cover: Tesla Valuation is Cheap The price-to-book ratio (P/B ratio) is a financial metric that compares a company's market value (its stock price) to its book value (the net value of its assets minus liabilities). P/B is calculated by dividing the market price per share by the book value per share. A low P/B ratio may suggest that a stock is undervalued, while a high ratio may indicate overvaluation. Investors use this ratio to assess a company's relative worth in the market compared to its accounting value. Tesla currently has a book value of 14.03. Compare that to another mainstream stock like Apple, whose book value is 49.54, and Tesla suddenly looks cheap. Furthermore, it is essential to remember that Wall Street is a discounting device. Over the past twelve years, Tesla has achieved a stunning compound annual growth rate (CAGR) of 72%, earning its premium above slower-growing legacy automakers. Rallying on Negative Recall News Earlier this week, Tesla was forced to recall over two million vehicles over autopilot safety concerns. As I always like to remind investors, the reaction to negative news supersedes the news itself. In the case of TSLA, the stock shook off the bad news and is green for the week. Technical \"Shakeout\" and Price Rotation Higher Savvy investors understand that price movement is the ultimate arbiter of decisions, because after all, price is the only thing that pays. TSLA shares sliced below the 50-day moving average on the recall news and then ripped higher. Such price action indicates a shakeout, where weak hands get stopped out of their positions, clearing the way for the next move higher. Now, TSLA is triggering a bullish swing trade signal by clearing last week's highs. Cybertruck Hype Real Many Tesla bears suggest t

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 = 0.0122 (i.e., a 1.22% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0122 = 8.1935, 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=-0.0035, std=0.0336, worst_day=-0.0851
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-05-01]

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).


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

Question:
Asset: XLK
Daily returns (past 60 days): mean=0.0027, std=0.0118, worst_day=-0.0216
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-07-03] ["Unity Software Stock Skyrockets 46% in June as AI Buzz Takes Over What happened Shares of Unity Software (NYSE: U) skyrocketed 46.1% in June, according to data provided by S&P Global Market Intelligence. The month started off with fireworks from Apple that are relevant to Unity shareholders. And it ended with a bang related to artificial intelligence (AI), Wall Street's favorite subject at the moment. So what To give this story some context, I want to point out that the market had lost a lot of confidence in Unity Software stock. When they first went public, shares regularly traded above a price-to-sales (P/S) ratio of 30. By comparison, they traded below a P/S of 7 at the start of June. That's still high in absolute terms. But in relative terms, this valuation was more than 80% below where it had routinely traded. Unity's own revenue growth was ample reason for the market's pessimism. And even though its growth has since rebounded, as the chart below shows, this is largely due to an acquisition. Its organic growth is still challenged. U Revenue (quarterly YoY growth) data by YCharts; YoY = year over year. But on June 5, Apple announced its upcoming Vision Pro headset, and this has reinvigorated investors' excitement for Unity's potential. Apple is looking for apps to be built for the headset between now and its launch in 2024. And for this, the company has partnered with Unity. Developers use Unity for building top-notch video games. And Apple has created a software development kit that will allow Unity users to modify their creations for the Vision Pro. Then on June 27, Unity announced a marketplace for AI applications. The marketplace has 10 apps available at launch that can be used in the video game space. And when the company announced this new focus on AI, the market celebrated by pushing the stock higher. So the stock started June with low expectations, but Apple and AI have investors rethinking the long-term potential. Now what When it comes to the AI space, I'm inclined to disregard most news as overhyped clickbait. But with Unity Software stock, I do believe that AI -- specifically generative AI -- could play an important role for the business. Many investors like Unity's potential in virtual reality and the metaverse. Its software creates realistic 3D images, and realism is needed to make these experiences something that consumers actually want. When building digital worlds, the problem is how big these need to be -- it's labor intensive for developers. And the workload is probably too much to physically handle at scale, which is where generative AI can help. Much of what Unity is doing involves generative AI, which I believe is just what the space needs. So as virtual reality and the metaverse grow -- perhaps thanks to Apple's Vision Pro headset -- the use cases for Unity Software could open up as well. That's good reason for optimism for a stock that's still down almost 80% from its all-time high. 10 stocks we like better than Unit

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 = 0.0177 (i.e., a 1.77% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0177 = 5.6394, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VEA: 60-day history, VaR(99%)=-0.0222, max drawdown threshold=10%.

Question:
Asset: VEA
Daily returns (past 60 days): mean=0.0010, std=0.0088, worst_day=-0.0276
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-05-22] ["Large-Cap Growth ETFs Actively Adding Value Large-cap growth ETFs continue to lead large-cap value ones in 2023. Through May 16, the iShares Russell 1000 Growth ETF (IWF) was up 16%, beating the iShares Russell 1000 Value ETF (IWD) by 1,700 basis points year-to-date. Meanwhile, the SPDR S&P 500 Growth ETF (SPYG) was up 11%, outperforming the SPDR S&P 500 Value ETF (SPYV) by 700 basis points over the same period. In a prior research piece, I explored the reasons behind the performance difference of Russell- and S&P-based index products this year. The short version: Index providers disagree on whether stocks like Amazon (AMZN), Exxon Mobil (XOM), or Microsoft (MSFT) should be classified as growth stocks, value stocks, or both. However, this relatively strong performance difference between growth and value has likely been the reason research into growth straetgies has been increasing recently across VettaFi\u2019s platforms. Growth ETF Engagement Stronger Than Value Our Explorer data tool shows advisor research into both large-cap and total market growth ETFs (light purple) has been significantly higher than value ETFs (green) over the last three months. (However, growth strategies remain less popular than broad market products.) [caption id=\"attachment_518880\" align=\"aligncenter\" width=\"650\"] Over the past three months, growth strategies have seen more research on VettaFi than value strategies.[/caption] However, if performance is what investors are looking for, then it's worth pointing out that some active ETFs from well-established managers have been performing even better than the index ETFs, easily justifying their premium. Yet many active growth ETFs remain under the radar. I step through some of these hidden gems below: T. Rowe Price: Strong Performance For Its Active ETFs The T. Rowe Price Growth Stock ETF (TGRW) was up 21% to start 2023, but it has flown under the radar. This active equity ETF has just $42 million in assets. TGRW invests in growth stocks with one or more of the following characteristics: strong cash flow and above-average earnings growth; the ability to sustain earnings momentum in economic downturns; and occupation of a niche in the economy and the ability to expand during times of slow economic growth. T Rowe Price launched its first ETFs, including TGRW, in August 2020, and recently crossed the $1 billion asset milestone. TGRW is run by Joseph Faith, who has managed the growth strategy since 2014. (The ETF launched in August 2020, but his management history also includes the $47 billion T. Rowe Price Growth Stock Fund (PRGFX).) Compared to the mutual fund, TGRW offers an alternative for investors who prefer the ETF structure for tax efficiency and cost reasons. The strategy recently had 42% of its assets invested in information technology stocks. Its top three stakes were Apple (AAPL), Intuit (INTU), and Microsoft, TGRW has a 0.52% expense ratio. Growth Stalwarts Fidelity, Harbor Capital Now Offer ETFs Meanwhile,

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 = 0.0222 (i.e., a 2.22% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0222 = 4.5108, 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=0.0007, std=0.0426, 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).


SGOV: 60-day history, VaR(99%)=-0.0000, max drawdown threshold=10%.

Question:
Asset: SGOV
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 SGOV, 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


EFA: 60-day history, VaR(99%)=-0.0205, max drawdown threshold=10%.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0010, std=0.0089, worst_day=-0.0259
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-03-03] ["AI stocks surge as investors bet on growth prospects Updates prices to open; adds details, comments March 3 (Reuters) - Shares of artificial intelligence-based (AI) product makers zoomed on Friday, as a strong forecast from retail darling C3.ai Inc AI.N amplified an ongoing euphoria in the segment driven by the launch of OpenAI's ChatGPT. C3.a1 forecast better-than-expected revenue and profit for both the fourth quarter and fiscal year 2023, after its third-quarter results topped Wall Street estimates. Shares of the AI software provider were up 16% at $24.80, and were one of the top five trending stocks on StockTwits. If the gains hold, the stock is set to notch its strongest one-day gain in a month. \"The company is starting to gain momentum in building significant enterprise opportunities in its pipeline with its suite of innovative enterprise AI solutions,\" said Wedbush analyst Daniel Ives. The firm's aim to turn cash positive and adjusted profitable by the end of fiscal year 2024 also boosted the stock, but Ives believes the execution of these ambitions is key to regain the Street's confidence heading into 2023. Retail investors have flocked to small-cap firms building AI tools as companies such as Google-parent Alphabet Inc AAPL.O and Microsoft Corp MSFT.O have locked horns to make AI the next big growth driver. Microsoft's investment in OpenAI's ChatGPT boosted AI firms' popularity further. Chatbots like the ChatGPT are software applications that aim to mimic human conversation using artificial intelligence. Other major AI stocks also surged on Friday with BigBear.ai BBAI.N, conversation intelligence firm SoundHound AI SOUN.O, and Thailand's security firm Guardforce AI GFAI.O jumping between 5% and 20%. So far this year, these stocks, including C3.ai, have surged 33.9%-321.6%, as of the previous day's close. \"AI could become the new gold rush on Wall Street,\" said Adam Sarhan, chief executive officer of 50 Park Investments in Florida. (Reporting by Ankika Biswas in Bengaluru; editing by Uttaresh Venkateshwaran) ((Ankika.Biswas@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "US STOCKS-Wall Street climbs as yields pull back By Sruthi Shankar and Shristi Achar A March 3 (Reuters) - U.S. stocks rose on Friday as Treasury yields took a breather from a week-long rally that was sparked by worries that the Federal Reserve would keep interest rates higher for longer to tame stubborn inflation. Wall Street indexes have had a volatile start to March after the latest economic data pointed to rising raw material costs and a resilient labor market, while signaling that the U.S. central bank was yet to see the desired impact of its policy tightening measures on inflation. The U.S. 10-year Treasury yield US10YT=RR fell on Friday after touching a four-month high in the previous session but stayed above the 4% level. US/ \"What is driving the op

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 = 0.0205 (i.e., a 2.05% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0205 = 4.8725, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: VEA
Daily returns (past 60 days): mean=0.0008, std=0.0069, worst_day=-0.0180
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
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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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 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 = 0.0180 (i.e., a 1.80% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0180 = 5.5595, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: IWM
Daily returns (past 60 days): mean=0.0008, std=0.0146, worst_day=-0.0360
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q UNH 2024-08-09] unh-20240630 false 2024 Q2 0000731766 12/31 50 xbrli:shares iso4217:USD iso4217:USD xbrli:shares utr:Rate xbrli:pure unh:reportableSegments 0000731766 2024-01-01 2024-06-30 0000731766 2024-07-31 0000731766 2024-06-30 0000731766 2023-12-31 0000731766 2024-04-01 2024-06-30 0000731766 2023-04-01 2023-06-30 0000731766 2023-01-01 2023-06-30 0000731766 us-gaap:ProductMember 2024-04-01 2024-06-30 0000731766 us-gaap:ProductMember 2023-04-01 2023-06-30 0000731766 us-gaap:ProductMember 2024-01-01 2024-06-30 0000731766 us-gaap:ProductMember 2023-01-01 2023-06-30 0000731766 us-gaap:ServiceMember 2024-04-01 2024-06-30 0000731766 us-gaap:ServiceMember 2023-04-01 2023-06-30 0000731766 us-gaap:ServiceMember 2024-01-01 2024-06-30 0000731766 us-gaap:ServiceMember 2023-01-01 2023-06-30 0000731766 us-gaap:CommonStockMember 2024-03-31 0000731766 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0000731766 us-gaap:RetainedEarningsMember 2024-03-31 0000731766 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us-gaap:FairValueInputsLevel2Member 2024-06-30 0000731766 us-gaap:FairValueInputsLevel3Member 2024-06-30 0000731766 us-gaap:Fair [...TRUNCATED...] ncorporation of UnitedHealth Group Incorporated (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 8-A/A filed on July 1, 2015) 3.2 Amended and Restated Bylaws of UnitedHealth Group Incorporated, effective February 23, 2021 (incorporated by reference to Exhibit 3.2 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on February 26, 2021) 4.1 Amended and Restated Indenture, dated as of April 27, 2023, between UnitedHealth Group Incorporated and Wilmington Trust Company, as successor trustee (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 28, 2023) 4.2 Indenture, dated as of February 4, 2008, between UnitedHealth Group Incorporated and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-3, SEC File Number 333-149031, filed on February 4, 2008) 4.3 Supplemental Indenture, dated as of April 18, 2023, between UnitedHealth Group Incorporated and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.875% Senior Notes due 2038 (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 24, 2023) 31.1 Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema Document. 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document. 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document. 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. 104  Cover Page Interactive Data File (formatted as Inline XBRL and embedded within Exhibit 101).  ________________ * Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of certain holders of long-term debt are not filed. The Company will furnish copies thereof to the SEC upon request. 27 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.   UNITEDHEALTH GROUP INCORPORATED   /s/ A NDREW W ITTY Chief Executive Officer (principal executive officer) Dated: August 9, 2024 Andrew Witty    /s/ J OHN R EX President and Chief Financial Officer (principal financial officer) Dated: August 9, 2024 John Rex    /s/ T HOMAS R OOS Senior Vice President and Chief Accounting Officer (principal accounting officer) Dated: August 9, 2024 Thomas Roos    28

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

Answer: 1.0000

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


DOT-USD: 60-day history, VaR(99%)=-0.0748, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0028, std=0.0350, worst_day=-0.0841
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 DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0748 (i.e., a 7.48% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0748 = 1.3366, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).