Quick Portfolio Update

Stocks (as of 7/29/19): Valuations continue to rise for information services names (up over 18% from 4/22/19 — vs. the S&P 500’s 3.9%). Data companies have been stellar so far early this earnings season. This portfolio represents the methodologies I’ve outlined in a series of prior posts.

https://medium.com/@henry.souchien/how-to-weight-stocks-in-an-thematic-portfolio-c4a6afd2259f)

Performance of the stock component (since 4/22/19 — when most were entered)

Futures — currently long U.S. equities, long gold and short U.S. bonds — is up 2% (from initiation 7/22/2019) versus S&P 500’s 1.2%. Conceptually this is a “hedged” long U.S. equities position with short the dollar and short rates.

My initial thinking is here https://medium.com/@henry.souchien/portfolio-positioning-today-c6b2cefd7b75.

Reflects positioning of the macro-futures component (entered last week)

The biggest thing I’m watching (surprise!) is what the Federal Reserve will do — most specifically the balance sheet normalization given the considerate impact it will have on both dollar and long rates.