USMV: 60-day history, VaR(99%)=-0.0111, max drawdown threshold=10%.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0004, std=0.0050, worst_day=-0.0115
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 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 = 0.0111 (i.e., a 1.11% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0111 = 8.9769, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLE: 60-day history, VaR(99%)=-0.0267, max drawdown threshold=10%.

Question:
Asset: XLE
Daily returns (past 60 days): mean=-0.0007, std=0.0120, worst_day=-0.0269
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
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 XLE, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0267 (i.e., a 2.67% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0267 = 3.7505, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: QQQ
Daily returns (past 60 days): mean=0.0012, std=0.0110, worst_day=-0.0248
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-11-20] ["EXCLUSIVE-OpenAI investors considering suing the board after CEO's abrupt firing -sources By Anna Tong, Krystal Hu and Jody Godoy Nov 20 (Reuters) - Some investors in OpenAI, makers of ChatGPT, are exploring legal recourse against the company's board, sources familiar with the matter told Reuters on Monday, after the directors ousted CEO Sam Altman and sparked a potential mass exodus of employees. Sources said investors are working with legal advisers to study their options. It was not immediately clear if these investors will sue OpenAI. Investors worry that they could lose hundreds of millions of dollars they invested in OpenAI, a crown jewel in some of their portfolios, with the potential collapse of the hottest startup in the rapidly growing generative AI sector. OpenAI did not respond to a request for comment. Microsoft MSFT.O owns 49% of the for-profit operating company, according to sources familiar with the matter. Other investors and employees control 49%, with 2% owned by OpenAI's nonprofit parent, according to Semafor. OpenAI's board fired Altman on Friday after a \"breakdown of communications,\" according to an internal memo seen by Reuters. By Monday, most of OpenAI's more than 700 employees threatened to resign unless the company replaced the board. Venture capital investors usually hold board seats or voting power in their portfolio companies but OpenAI is controlled by its nonprofit parent company OpenAI Nonprofit, which according to OpenAI's website was created to benefit \"humanity, not OpenAI investors.\" As a result, employees have more leverage in pressuring the board than the venture capitalists who helped fund the company, said Minor Myers, a law professor at the University of Connecticut. \"There is nobody exactly who is in the seat of an injured investor,\" he said. That is a feature, not a bug of OpenAI's structure, which started out as a nonprofit but added a for-profit subsidiary in 2019 to raise capital. Keeping control of operations let the nonprofit preserve its \"core mission, governance, and oversight,\" according to the company's website. Nonprofit boards have legal obligations to the organizations they oversee. But those obligations, such as the duty to exercise care and avoid self-dealing, leave a lot of leeway for leadership decisions, experts said. Those obligations can be further narrowed in a corporate structure such as OpenAI, which used a limited liability company as its operating arm, potentially further insulating the nonprofit's directors from investors, said Paul Weitzel, a law professor at the University of Nebraska. Even if investors found a way to sue, Weitzel said they would have a \"weak case.\" Companies have broad latitude under the law to make business decisions, even ones that backfire. \"You can fire visionary founders,\" Weitzel said. Apple AAPL.O famously fired Steve Jobs in the 1980s, before bringing him back around a decade later. OpenAI appoints new boss as Sam Altman joins Microsoft

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0215 (i.e., a 2.15% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0215 = 4.6472, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.1032, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0071, std=0.0457, worst_day=-0.1033
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-01-09] ["Technology Sector Update for 01/09/2023: AAPL,PL,META Technology stocks were posting large gains on Monday, with the Technology Select Sector SPDR Fund (XLK) rising 2.8% and the Philadelphia Semiconductor Index advancing 3.7% this afternoon. In company news, Apple (AAPL) gained 2.1% amid reports the tech giant exported $2.5 billion of iPhones from India from April 1 through the end of 2022, almost double its total for the previous fiscal year. Contract manufacturers Foxconn and Wistron each shipped over $1 billion of the phones over the final nine months of 2022, while Pegatron is expected to ship about $500 million worth of the devices by end-January. Planet Labs PBC (PL) added 1.8% after the global data company Monday said it has completed its acquisition of privately held climate technology firm Salo Sciences. Meta Platform (META) rose 1.1% after the oversight board for the company's Facebook unit Monday reversed the decision to remove a post written in Farsi in July against Iran's supreme leader, concluding the slogan \"marg bar Khamenei\" should be understood as \"Down with Khamenei\" rather than a credible threat. Meta originally removed the post saying violated its Violence and Incitement community standard. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "Why Microsoft Stock Topped the Market Today What happened Like many big companies, Microsoft (NASDAQ: MSFT) likes to grow even larger by acquisitions. The pace of the software giant's asset buys has slowed of late, but it's still got its eyes on attractively valued prizes. On Monday the company announced its latest acquisition, and investors greeted the news by trading Microsoft stock up by 1% to top the essentially flat S&P 500 index. So what Confirming rumors that had been floating around the tech space for several weeks, Microsoft announced on its official blog that it acquired Fungible. The formerly privately held company specializes in data processing units (DPUs), a type of hardware frequently deployed for use in data centers. The company was founded by onetime Apple software engineer Bertrand Serlet in 2016. Fungible's core product, the Fungible DPU, was also invented that year. In its post, Microsoft did not specify how much it paid for Fungible. Media reports in December speculated that the tech giant parted with around $190 million to buy the company. Now what The post did state that the deal further signals Microsoft's commitment to long-term differentiated investments in our data center infrastructure, which enhances our broad range of technologies and offerings including offloading, improving latency, increasing data center server density, optimizing energy efficiency and reducing costs. Data centers, which as their name implies are facilities that store large amounts of data, are crucial to the modern IT operations of corporations. Although the Fungible acquisition is rather small comp

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: 0.9690

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1032 (i.e., a 10.32% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1032 = 0.9690, capped at 1.0.
Maximum position size = 0.9690 (96.9% 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=-0.0062, std=0.0405, worst_day=-0.1363
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: 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).


XLK: 60-day history, VaR(99%)=-0.0307, max drawdown threshold=10%.

Question:
Asset: XLK
Daily returns (past 60 days): mean=0.0005, std=0.0162, worst_day=-0.0381
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K NVDA 2023-02-24] nvda-20230129 0001045810 2023 FY false P3Y P4Y P5Y P1Y P3Y P1Y http://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrent 0001045810 2022-01-31 2023-01-29 0001045810 2022-07-29 iso4217:USD 0001045810 2023-02-17 xbrli:shares 0001045810 2021-02-01 2022-01-30 0001045810 2020-01-27 2021-01-31 iso4217:USD xbrli:shares 0001045810 2023-01-29 0001045810 2022-01-30 0001045810 us-gaap:CommonStockMember 2020-01-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2020-01-26 0001045810 us-gaap:TreasuryStockMember 2020-01-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-26 0001045810 us-gaap:RetainedEarningsMember 2020-01-26 0001045810 2020-01-26 0001045810 us-gaap:RetainedEarningsMember 2020-01-27 2021-01-31 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-27 2021-01-31 0001045810 us-gaap:CommonStockMember 2020-01-27 2021-01-31 0001045810 us-gaap:AdditionalPaidInCapitalMember 2020-01-27 2021-01-31 0001045810 us-gaap:TreasuryStockMember 2020-01-27 2021-01-31 0001045810 us-gaap:CommonStockMember 2021-01-31 0001045810 us-gaap:AdditionalPaidInCapitalMember 2021-01-31 0001045810 us-gaap:TreasuryStockMember 2021-01-31 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-31 0001045810 us-gaap:RetainedEarningsMember 2021-01-31 0001045810 2021-01-31 0001045810 us-gaap:RetainedEarningsMember 2021-02-01 2022-01-30 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-02-01 2022-01-30 0001045810 us-gaap:CommonStockMember 2021-02-01 2022-01-30 0001045810 us-gaap:AdditionalPaidInCapitalMember 2021-02-01 2022-01-30 0001045810 us-gaap:TreasuryStockMember 2021-02-01 2022-01-30 0001045810 us-gaap:CommonStockMember 2022-01-30 0001045810 us-gaap:AdditionalPaidInCapitalMember 2022-01-30 0001045810 us-gaap:TreasuryStockMember 2022-01-30 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-30 0001045810 us-gaap:RetainedEarningsMember 2022-01-30 0001045810 us-gaap:RetainedEarningsMember 2022-01-31 2023-01-29 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-31 2023-01-29 0001045810 us-gaap:CommonStockMember 2022-01-31 2023-01-29 0001045810 us-gaap:AdditionalPaidInCapitalMember 2022-01-31 2023-01-29 0001045810 us-gaap:CommonStockMember 2023-01-29 0001045810 us-gaap:AdditionalPaidInCapitalMember 2023-01-29 0001045810 us-gaap:TreasuryStockMember 2023-01-29 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-29 0001045810 us-gaap:RetainedEarningsMember 2023-01-29 0001045810 nvda:StorageAndNetworkEquipmentMember 2023-01-29 2023-01-29 0001045810 us-gaap:SubsequentEventMember nvda:StorageAndNetworkEquipmentMember srt:MinimumMember 2023-02-01 2023-02-24 0001045810 srt:MaximumMember us-gaap:SubsequentEventMember nvda:StorageAndNetworkEquipmentMember 2023-02-01 2023-02-24 0001045810 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nvda:MellanoxTechnologiesLtdMember 2020-04-27 0001045810 srt:MinimumMember 2023-01-29 0001045810 srt:MaximumMember 2023-01-29 0001045810 us-gaap:CostOfSalesMember 2022-01-31 2023-01-29 0001045810 us-gaap:CostOfSalesMember 2021-02-01 2022-01-30 0001045810 us-gaap:CostOfSalesMember 2020-01-27 2021-01-31 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2022-01-31 2023-01-29 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2021-02-01 2022-01-30 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-27 2021-01-31 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2022-01-31 2023-01-29 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2021-02-01 2022-01-30 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-01-27 2021-01-31 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2022-01-31 2023-01-29 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2021-02-01 2022-01-30 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2020-01-27 2021-01-31 0001045810 us-gaap:EmployeeStockMember 2022-01-31 2023-01-29 0001045810 us-gaap:EmployeeStockMember 2021-0 [...TRUNCATED...] request to: Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051 ITEM 16. FORM 10-K SUMMARY Not Applicable. 90 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, on February 24, 2023. NVIDIA Corporation By: /s/ Jen-Hsun Huang    Jen-Hsun Huang   President and Chief Executive Officer POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jen-Hsun Huang and Colette M. Kress, and each or any one of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-facts and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitutes, may lawfully do or cause to be done by virtue hereof. 91 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Title Date /s/ JEN-HSUN HUANG  President, Chief Executive Officer and Director (Principal Executive Officer) February 24, 2023 Jen-Hsun Huang   /s/ COLETTE M. KRESS  Executive Vice President and Chief Financial Officer (Principal Financial Officer) February 24, 2023 Colette M. Kress   /s/ DONALD ROBERTSON Vice President and Chief Accounting Officer (Principal Accounting Officer) February 24, 2023 Donald Robertson /s/ ROBERT BURGESS Director February 24, 2023 Robert Burgess /s/ TENCH COXE   Director February 24, 2023 Tench Coxe    /s/ JOHN O. DABIRI Director February 24, 2023 John O. Dabiri   /s/ PERSIS DRELL Director February 24, 2023 Persis Drell /s/ DAWN HUDSON Director February 24, 2023 Dawn Hudson /s/ HARVEY C. JONES  Director February 24, 2023 Harvey C. Jones   /s/ MICHAEL MCCAFFERY Director February 24, 2023 Michael McCaffery /s/ STEPHEN C. NEAL Director February 24, 2023 Stephen C. Neal /s/ MARK L. PERRY  Director February 24, 2023 Mark L. Perry    /s/ A. BROOKE SEAWELL Director February 24, 2023 A. Brooke Seawell  /s/ AARTI SHAH Director February 24, 2023 Aarti Shah /s/ MARK STEVENS Director February 24, 2023 Mark Stevens    92

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 = 0.0307 (i.e., a 3.07% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0307 = 3.2574, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.0649, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=-0.0005, std=0.0295, 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 = 0.0649 (i.e., a 6.49% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0649 = 1.5399, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0490, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0002, std=0.0203, worst_day=-0.0509
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-08-06]

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 = 0.0490 (i.e., a 4.90% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0490 = 2.0395, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MTUM: 60-day history, VaR(99%)=-0.0186, max drawdown threshold=10%.

Question:
Asset: MTUM
Daily returns (past 60 days): mean=0.0029, std=0.0118, worst_day=-0.0189
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-K WMT 2024-03-15] wmt-20240131 0000104169 2024 FY false http://fasb.org/us-gaap/2023#AccountsPayableCurrent http://fasb.org/us-gaap/2023#AccountsPayableCurrent P1Y P5Y 0000104169 2023-02-01 2024-01-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2023-02-01 2024-01-31 0000104169 wmt:A2.550NotesDue2026Member 2023-02-01 2024-01-31 0000104169 wmt:A1050NotesDue2026Member 2023-02-01 2024-01-31 0000104169 wmt:A1500NotesDue2028Member 2023-02-01 2024-01-31 0000104169 wmt:A4875NotesDue2029Member 2023-02-01 2024-01-31 0000104169 wmt:A5750NotesDue2030Member 2023-02-01 2024-01-31 0000104169 wmt:A1800NotesDue2031Member 2023-02-01 2024-01-31 0000104169 wmt:A5625NotesDue2034Member 2023-02-01 2024-01-31 0000104169 wmt:A5250NotesDue2035Member 2023-02-01 2024-01-31 0000104169 wmt:A4875NotesDue2039Member 2023-02-01 2024-01-31 0000104169 2023-07-31 iso4217:USD 0000104169 2024-03-13 xbrli:shares 0000104169 2022-02-01 2023-01-31 0000104169 2021-02-01 2022-01-31 iso4217:USD xbrli:shares 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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 MTUM, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0186 (i.e., a 1.86% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0186 = 5.3658, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLV: 60-day history, VaR(99%)=-0.0186, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=0.0011, std=0.0075, worst_day=-0.0209
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-29] ["2 Overheated Stocks That Could Tumble in 2024 No one can predict what the stock market, or any individual stock, will do in 2024. The stock market surged in 2023, which was probably not on many investors' bingo cards in January. But one thing investors can do is avoid investments where the odds are stacked against them. Paying too high a price for even the best company can lead to subpar results. Two stocks that look far too expensive going into 2024 are Nvidia (NASDAQ: NVDA) and Apple (NASDAQ: AAPL). Nvidia Nvidia is the leader of artificial intelligence. The company's data center GPUs are selling faster than they can be made. Training advanced large language models, like those that power ChatGPT, requires incredible computational horsepower. Nvidia's proprietary CUDA compute platform has been around since 2007, pairing with its world-class hardware to create a competitive advantage that has been difficult for anyone to overcome so far. While Nvidia may appear untouchable, its days of absolute dominance won't last. If estimates for how big the AI accelerator market will become are close to accurate, there will be mammoth incentives for the tech industry to ensure that there are options beyond Nvidia. AMD expects the market for AI chips to grow nearly tenfold by 2027 to $400 billion. Nvidia's market share is almost certain to shrink as alternatives balloon, and as buyers of AI accelerators optimize for total cost of ownership. Nvidia's growth has been incredible in 2023, and its profits have soared even faster than revenue. The company's profit margins are the highest they've ever been. But the shortage of AI chips won't last forever as competitors race to bring alternatives to market, and neither will the gold rush mentality surrounding AI. Nvidia's software advantage will be chipped away, although that process may take a while. Nvidia is valued at around $1.22 trillion. That's about 40 times the average analyst estimate for earnings. That valuation doesn't seem unreasonable at first glance, but you must be willing to assume that Nvidia's incredible profit margins and growth rate will persist. What if they don't? What if the companies spending big to train large language models find that turning those models into sustainable businesses is tougher than expected? What if competing chips from AMD, Intel, and others provide viable alternatives to Nvidia's pricey products? Taking current growth rates and extrapolating out years is a dangerous thing to do, especially in a very new market. ChatGPT, which kicked off the AI frenzy, has only existed for about a year. If there's any sign that Nvidia is running into trouble in 2024, the stock has a long way to fall. Apple What's Apple's growth story? After a big surge during the pandemic's height, revenue has essentially stagnated in the post-pandemic period. Revenue slipped 1% year over year in the fiscal fourth quarter, which ended on Sept. 30, and an import ban on the Apple Watch isn't going to help ma

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 = 0.0186 (i.e., a 1.86% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0186 = 5.3657, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VLUE: 60-day history, VaR(99%)=-0.0142, max drawdown threshold=10%.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=0.0012, std=0.0081, worst_day=-0.0156
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-08-10] ["Invest Like Warren Buffett with These Stocks & ETFs (1:30) - How Did Warren Buffett Get Started In Investing? (7:10) - How Has Berkshire Hathaway\u2019s Investing Changed Over The Years? (12:20) - Breaking Down Warren Buffett\u2019s Current Portfolio Holdings (19:30) - Creating Your Own Mini Berkshire Hathaway Portfolio: What Stocks Should You Consider? (23:40) - First Trust RBA American Industrial Renaissance ETF: AIRR (28:50) - Episode Roundup: FAST,MTZ, URI, MOAT, VOO, IVV, SPLG, QUS Podcast@Zacks.com In this episode of ETF Spotlight, I speak with Tracey Ryniec, Zacks Senior Equity Strategist, about investing like Warren Buffett, one of the greatest and most respected investors of all time. Berkshire Hathaway (BRK.A) reported excellent earnings last week, sending its class A shares to an all-time high. The stock is up more than 25,000 times since Buffett took control of the company in 1965, according to Barron's. Most investors would like to emulate Buffett's investing style in their portfolios, which is not easy, but we can certainly learn from his strategies. In the past, Buffett invested in undervalued companies with great potential, which he called \"cigar butts.\" However, his thinking later evolved to \"it's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.\" The Oracle of Omaha avoided investing in tech companies earlier in his career but changed his stance later. Apple AAPL, which is now Berkshire's largest stock investment, was praised by Buffett as \"a better business than any we own.\" The SPDR MSCI USA StrategicFactors ETF QUS seeks to invest in high-quality firms with durable balance sheets and stable cash flows, trading at reasonable valuations. The legendary investor likes companies with \"economic moats,\" that allow a company to outperform others in the same industry over time. The VanEck Morningstar Wide Moat ETF MOAT invests in attractively priced companies with sustainable competitive advantages. Buffett has long recommended that most investors should stick with low-cost index funds. The iShares Core S&P 500 ETF IVV and Vanguard S&P 500 ETF VOO charge just 0.03% each, but SPDR Portfolio S&P 500 ETF SPLG's new fee of 0.02% makes it the cheapest in the space. Fastenal FAST, MasTec MTZ and United Rentals URI are among Berkshire-like companies that investors may want to consider. Tune in to the podcast to learn more. Make sure to be on the lookout for the next edition of the ETF Spotlight and remember to subscribe! If you have any comments or questions, please email podcast@zacks.com. Want key ETF info delivered straight to your inbox? Zacks\u2019 free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL) : Free Stock Analysis Report Fastenal Company (

Determine the maximum fraction of total portfolio capital that should be allocated to VLUE, 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 = 0.0142 (i.e., a 1.42% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0142 = 7.0556, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


QQQ: 60-day history, VaR(99%)=-0.0247, max drawdown threshold=10%.

Question:
Asset: QQQ
Daily returns (past 60 days): mean=0.0016, std=0.0095, worst_day=-0.0256
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 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:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 2024-10-31 0000104169 2023-08-01 2023-10-31 0000104169 2023-02-01 2023-10-31 0000104169 2024-10-31 0000104169 2024-01-31 0000104169 2023-10-31 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 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 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-08-01 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-10-31 0000104169 us-gaap:RetainedEarningsMember 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-31 0000104169 us-gaap:ParentMember 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-10-31 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 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 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-08-01 2023-10-31 0000104169 us-gaap:ParentMember 2023-08-01 2023-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-08-01 2023-10-31 0000104169 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 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 = 0.0247 (i.e., a 2.47% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0247 = 4.0470, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IVV: 60-day history, VaR(99%)=-0.0153, max drawdown threshold=10%.

Question:
Asset: IVV
Daily returns (past 60 days): mean=0.0015, std=0.0064, worst_day=-0.0166
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K NVDA 2024-02-21] nvda-20240128 0001045810 2024 FY false 350 P3Y P4Y P5Y P1Y P3Y P3Y P1Y http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent 0001045810 2023-01-30 2024-01-28 0001045810 2023-07-28 iso4217:USD 0001045810 2024-02-16 xbrli:shares 0001045810 nvda:JohnO.DabiriMember 2023-10-30 2024-01-28 0001045810 2023-10-30 2024-01-28 0001045810 nvda:JohnO.DabiriMember 2024-01-28 0001045810 2022-01-31 2023-01-29 0001045810 2021-02-01 2022-01-30 iso4217:USD xbrli:shares 0001045810 2024-01-28 0001045810 2023-01-29 0001045810 us-gaap:CommonStockMember 2021-01-31 0001045810 us-gaap:AdditionalPaidInCapitalMember 2021-01-31 0001045810 us-gaap:TreasuryStockCommonMember 2021-01-31 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-31 0001045810 us-gaap:RetainedEarningsMember 2021-01-31 0001045810 2021-01-31 0001045810 us-gaap:RetainedEarningsMember 2021-02-01 2022-01-30 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-02-01 2022-01-30 0001045810 us-gaap:CommonStockMember 2021-02-01 2022-01-30 0001045810 us-gaap:AdditionalPaidInCapitalMember 2021-02-01 2022-01-30 0001045810 us-gaap:TreasuryStockCommonMember 2021-02-01 2022-01-30 0001045810 us-gaap:CommonStockMember 2022-01-30 0001045810 us-gaap:AdditionalPaidInCapitalMember 2022-01-30 0001045810 us-gaap:TreasuryStockCommonMember 2022-01-30 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-30 0001045810 us-gaap:RetainedEarningsMember 2022-01-30 0001045810 2022-01-30 0001045810 us-gaap:RetainedEarningsMember 2022-01-31 2023-01-29 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-31 2023-01-29 0001045810 us-gaap:CommonStockMember 2022-01-31 2023-01-29 0001045810 us-gaap:AdditionalPaidInCapitalMember 2022-01-31 2023-01-29 0001045810 us-gaap:CommonStockMember 2023-01-29 0001045810 us-gaap:AdditionalPaidInCapitalMember 2023-01-29 0001045810 us-gaap:TreasuryStockCommonMember 2023-01-29 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-29 0001045810 us-gaap:RetainedEarningsMember 2023-01-29 0001045810 us-gaap:RetainedEarningsMember 2023-01-30 2024-01-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-30 2024-01-28 0001045810 us-gaap:CommonStockMember 2023-01-30 2024-01-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2023-01-30 2024-01-28 0001045810 us-gaap:CommonStockMember 2024-01-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-28 0001045810 us-gaap:TreasuryStockCommonMember 2024-01-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-28 0001045810 nvda:ServerStorageAndNetworkEquipmentMember 2023-01-31 0001045810 nvda:ServerStorageAndNetworkEquipmentMember srt:MinimumMember 2023-02-28 0001045810 srt:MaximumMember nvda:ServerStorageAndNetworkEquipmentMember 2023-02-28 0001045810 nvda:AssemblingAndTestingEquipmentMember srt:MinimumMember 2023-01-31 0001045810 srt:MaximumMember nvda:AssemblingAndTestingEquipmentMember 2023-02-28 0001045810 us-gaap:ServiceLifeMember 2023-10-30 2024-01-28 0001045810 srt:MinimumMember 2023-01-30 2024-01-28 0001045810 srt:MaximumMember 2023-01-30 2024-01-28 0001045810 nvda:EquipmentComputeHardwareAndSoftwareMember srt:MinimumMember 2024-01-28 0001045810 srt:MinimumMember 2024-01-28 0001045810 srt:MaximumMember 2024-01-28 0001045810 srt:MaximumMember nvda:EquipmentComputeHardwareAndSoftwareMember 2024-01-28 0001045810 us-gaap:BuildingMember 2024-01-28 0001045810 nvda:ArmLimitedMember 2022-01-31 2023-01-29 xbrli:pure 0001045810 us-gaap:CostOfSalesMember 2023-01-30 2024-01-28 0001045810 us-gaap:CostOfSalesMember 2022-01-31 2023-01-29 0001045810 us-gaap:CostOfSalesMember 2021-02-01 2022-01-30 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2023-01-30 2024-01-28 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2022-01-31 2023-01-29 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2021-02-01 2022-01-30 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2023-01-30 2024-01-28 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2022-01-31 2023-01-29 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2021-02-01 2022-01-30 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2023-01-30 2024-01-28 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2022-01-31 2023-01-29 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2021-02-01 2022-01-30 0001045810 us-gaap:EmployeeStockMember 2023-01-30 2024-01-28 0001045810 us-gaap:EmployeeStockMember 2022-01-31 2023-01-29 0001045810 us-gaap:EmployeeStockMember 2021-02-01 2022-01-30 0001045810 us-gaap:EmployeeStockMember 2024-01-28 0001045810 us-gaap:EmployeeStockMember 2023-01-29 0001045810 us-gaap:EmployeeStockMember 2022-01-30 0001045810 us-gaap:EmployeeStockMember srt:MinimumMember 2023-01-30 2024-01-28 0001045810 srt:MaximumMember us-gaap:EmployeeStockMember 2023-01-30 2024-01-28 0001045810 us-gaap:EmployeeStockMember srt:MinimumMember 2022-01-31 2023-01-29 0001045810 srt:MaximumMember us-gaap:EmployeeStockMember 2022-01-31 2023-01-29 0001045810 us-gaap:EmployeeStockMember srt:MinimumMember 2021-02-01 2022-01-30 0001045810 srt:MaximumMember us-gaap:EmployeeStockMember 2021-02-01 2022-01-30 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2024-01-28 0001045810 us-gaap:ShareBasedCompensationAwardTrancheOneMember us-gaap:RestrictedStockUnitsRSUMember 2023-01-30 2024-01-28 0001045810 us-gaap:RestrictedStockUnitsRSUMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2023-01-30 2024-01-28 0001045810 us-gaap:RestrictedStockUnitsRSUMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2023-01-30 2024-01-28 0001045810 us-gaap:PerformanceSharesMember 2023-01-30 2024-01-28 0001045810 nvda:MarketbasedPerformanceShareUnitsMember 2023-01-30 2024-01-28 nvda:period 0001045810 nvda:ComputeAndNetworkingMember 2024-01-28 0001045810 nvda:GraphicsMember 2024-01-28 0 [...TRUNCATED...] mas Expressway, Santa Clara, CA 95051 Item 16. Form 10-K Summary Not Applicable. 83 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, on February 21, 2024. NVIDIA Corporation By: /s/ Jen-Hsun Huang    Jen-Hsun Huang   President and Chief Executive Officer Power of Attorney KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jen-Hsun Huang and Colette M. Kress, and each or any one of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-facts and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitutes, may lawfully do or cause to be done by virtue hereof. 84 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Title Date /s/ JEN-HSUN HUANG  President, Chief Executive Officer and Director (Principal Executive Officer) February 21, 2024 Jen-Hsun Huang   /s/ COLETTE M. KRESS  Executive Vice President and Chief Financial Officer (Principal Financial Officer) February 21, 2024 Colette M. Kress   /s/ DONALD ROBERTSON Vice President and Chief Accounting Officer (Principal Accounting Officer) February 21, 2024 Donald Robertson /s/ ROBERT BURGESS Director February 21, 2024 Robert Burgess /s/ TENCH COXE   Director February 21, 2024 Tench Coxe    /s/ JOHN O. DABIRI Director February 21, 2024 John O. Dabiri   /s/ PERSIS DRELL Director February 21, 2024 Persis Drell /s/ DAWN HUDSON Director February 21, 2024 Dawn Hudson /s/ HARVEY C. JONES  Director February 21, 2024 Harvey C. Jones   /s/ MELISSA B. LORA Director February 21, 2024 Melissa B. Lora /s/ MICHAEL MCCAFFERY Director February 21, 2024 Michael McCaffery /s/ STEPHEN C. NEAL Director February 21, 2024 Stephen C. Neal /s/ MARK L. PERRY  Director February 21, 2024 Mark L. Perry    /s/ A. BROOKE SEAWELL Director February 21, 2024 A. Brooke Seawell  /s/ AARTI SHAH Director February 21, 2024 Aarti Shah /s/ MARK STEVENS Director February 21, 2024 Mark Stevens    85

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 = 0.0153 (i.e., a 1.53% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0153 = 6.5343, 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=-0.0031, std=0.0438, 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


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

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=-0.0043, std=0.0438, 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


XLRE: 60-day history, VaR(99%)=-0.0172, max drawdown threshold=10%.

Question:
Asset: XLRE
Daily returns (past 60 days): mean=-0.0000, std=0.0087, worst_day=-0.0213
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-09-14] ["What TSMC, ARM, AMD, Apple, and Nvidia Stock Investors Should Know About Recent Chip Updates In today's video, I discuss various semiconductor stocks and recent updates. Check out the short video to learn more, consider subscribing, and click the special offer link below. *Stock prices used were the market prices of Sept. 14, 2023. The video was published on Sept. 14, 2023. 10 stocks we like better than Taiwan Semiconductor Manufacturing When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Taiwan Semiconductor Manufacturing wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 11, 2023 Jose Najarro has positions in Advanced Micro Devices, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends Advanced Micro Devices, Apple, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy. Jose Najarro is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "SoftBank's Arm set to debut on Nasdaq after biggest IPO since 2021 Adds analyst comment on IPO enthusiasm in paragraph 7, chip stock movement in paragraph 8, background throughout Sept 14 (Reuters) - SoftBank's chip designer Arm Holdings ARM.O is set to debut on the Nasdaq on Thursday, in what is expected to be the biggest test for the U.S. IPO market after a listing drought that lasted for nearly 16 months. The company on Wednesday priced its offering of 95.5 million American Depositary shares at $51 apiece, fetching $4.87 billion for SoftBank at a valuation of $54.5 billion, with participation from cornerstone investors including Apple AAPL.O, Intel INTC.O and Alphabet GOOGL.O. Arm will be back as a publicly traded firm after seven years. Its shares used to trade on the London Stock Exchange and the Nasdaq from 1998 until 2016 when it was taken private by SoftBank in a $32 billion deal. Hopes of a revival in the IPO market largely depend on the success of the high-profile listings of Arm and other marquee startups, including grocery delivery firm Instacart and marketing firm Klaviyo. Investors have over the last year begun to pay more attention to profitability, shunning cash-burning startups that had in 2021 fetched lofty valuations on the back of a record year for deals. Arm has positioned itself as indispensable in the tech hardware ecosystem as its chip designs power nearly every smartp

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 = 0.0172 (i.e., a 1.72% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0172 = 5.8287, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IVV: 60-day history, VaR(99%)=-0.0137, max drawdown threshold=10%.

Question:
Asset: IVV
Daily returns (past 60 days): mean=0.0005, std=0.0066, worst_day=-0.0141
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-09-11] ["Notable Monday Option Activity: AAPL, GS, SJM Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Apple Inc (Symbol: AAPL), where a total of 604,734 contracts have traded so far, representing approximately 60.5 million underlying shares. That amounts to about 107% of AAPL's average daily trading volume over the past month of 56.5 million shares. Particularly high volume was seen for the $180 strike call option expiring September 15, 2023, with 83,977 contracts trading so far today, representing approximately 8.4 million underlying shares of AAPL. Below is a chart showing AAPL's trailing twelve month trading history, with the $180 strike highlighted in orange: Goldman Sachs Group Inc (Symbol: GS) options are showing a volume of 15,558 contracts thus far today. That number of contracts represents approximately 1.6 million underlying shares, working out to a sizeable 90.5% of GS's average daily trading volume over the past month, of 1.7 million shares. Particularly high volume was seen for the $400 strike put option expiring January 19, 2024, with 1,280 contracts trading so far today, representing approximately 128,000 underlying shares of GS. Below is a chart showing GS's trailing twelve month trading history, with the $400 strike highlighted in orange: And J.M. Smucker Co. (Symbol: SJM) options are showing a volume of 7,373 contracts thus far today. That number of contracts represents approximately 737,300 underlying shares, working out to a sizeable 73% of SJM's average daily trading volume over the past month, of 1.0 million shares. Particularly high volume was seen for the $140 strike call option expiring October 20, 2023, with 1,210 contracts trading so far today, representing approximately 121,000 underlying shares of SJM. Below is a chart showing SJM's trailing twelve month trading history, with the $140 strike highlighted in orange: For the various different available expirations for AAPL options, GS options, or SJM options, visit StockOptionsChannel.com. Today's Most Active Call & Put Options of the S&P 500 \u00bb Also see: \u0095 Dow Average Annual Return \u0095 ZLS shares outstanding history \u0095 Funds Holding USMR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "The 3 Most Undervalued AI Chip Stocks to Buy in September 2023 InvestorPlace - Stock Market News, Stock Advice & Trading Tips Artificial intelligence has been around for a while, but tools like ChatGPT have brought this innovative technology into the spotlight. A growing number of companies want to create their own AI-powered tools. When many companies and consumers rush toward a technological innovation, it presents an opportunity for investors. Some publicly-traded companies stand to immensely benefit from the surge of artificial intelligence tools. Other have plenty of runway to generate robust gains for investors. With that said, art

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 = 0.0137 (i.e., a 1.37% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0137 = 7.2752, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLV: 60-day history, VaR(99%)=-0.0247, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=0.0016, std=0.0075, worst_day=-0.0271
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
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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 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 = 0.0247 (i.e., a 2.47% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0247 = 4.0552, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).