BAA-B 金丝雀均衡 (Bold Asset Allocation)

Keller & Keuning "Bold Asset Allocation" (2022, SSRN) · 独立策略页 · 逐日净值随行情更新

行情最新日期：2026-10-15 · 回测计算包含每日净值序列，月底信号、下月执行

BAA-B 金丝雀均衡 (Bold Asset Allocation)

Keller & Keuning "Bold Asset Allocation" (2022, SSRN)

回测口径(2026-09-30 修正):月末收盘出信号 → 下一交易日收盘成交,新持仓从成交日之后开始计收益(旧版在信号当天就用新持仓计收益,有前视偏差);每次调仓按换手额扣成本,单边 0.2%(全仓一卖一买 0.4%)。修正后各策略年化普遍下降约 0.5–2 个百分点。

1每月末计算4个"金丝雀"资产（SPY、VWO、VEA、AGG）的 13612W 加权动量：(12×1月 + 4×3月 + 2×6月 + 1×12月收益) / 4，近期权重更高
2统计金丝雀中动量为负的数量 B。B=0 → 全部进攻；B=4 → 全部防御；其间按比例混合
3进攻仓位：从11个进攻资产（SPY/QQQ/IWM/VEA/VWO/VNQ/GLD/DBC/HYG/LQD/TLT）中选 13612W 动量最高的 4 个等权持有
4防御仓位：从 SHY/IEF/BIL 中选 13612W 最高的 1 个。金丝雀机制相当于"矿井里的金丝雀"——新兴市场和债券最先反映风险

回测区间—

当前信号（2026-10-15）

金丝雀: SPY 17.1% ✔, VWO -0.7% ✘, VEA -4.9% ✘, AGG -7.6% ✘ → B=3/4 混合

年化收益

+3.5%

年化波动

+9.2%

Sharpe

0.16

最大回撤

-24.5%

Calmar

0.14

SPY 年化

+12.2%

60/40 年化

+7.4%

净值与回撤

调仓日志

共 203 次调仓，月度再平衡 · 日期为信号日(收盘)，下一交易日收盘成交

日期	持仓
2026-10-15	BIL 75%DBC 6%QQQ 6%SPY 6%VWO 6%
2026-09-30	BIL 25%DBC 19%QQQ 19%SPY 19%VWO 19%
2026-08-31	BIL 25%DBC 19%GLD 19%QQQ 19%VEA 19%
2026-07-31	BIL 25%DBC 19%VNQ 19%VEA 19%SPY 19%
2026-06-30	BIL 25%IWM 19%QQQ 19%VEA 19%SPY 19%
2026-05-29	BIL 25%QQQ 19%IWM 19%SPY 19%VEA 19%
2026-04-30	BIL 25%QQQ 19%DBC 19%IWM 19%SPY 19%
2026-03-31	BIL 75%DBC 6%GLD 6%VEA 6%VWO 6%
2026-02-27	GLD 25%VEA 25%VNQ 25%DBC 25%
2026-01-30	GLD 25%VEA 25%DBC 25%IWM 25%
2025-12-31	GLD 25%VEA 25%SPY 25%QQQ 25%
2025-11-28	GLD 25%IWM 25%QQQ 25%DBC 25%
2025-10-31	GLD 25%QQQ 25%IWM 25%SPY 25%
2025-09-30	GLD 25%QQQ 25%VWO 25%IWM 25%
2025-08-29	IWM 25%GLD 25%VWO 25%VEA 25%
2025-07-31	QQQ 25%SPY 25%VWO 25%DBC 25%
2025-06-30	QQQ 25%VWO 25%VEA 25%SPY 25%
2025-05-30	BIL 25%QQQ 19%GLD 19%VEA 19%SPY 19%
2025-04-30	IEF 25%GLD 19%VEA 19%VWO 19%LQD 19%
2025-03-31	SHY 25%GLD 19%DBC 19%VWO 19%VEA 19%
2025-02-28	GLD 25%TLT 25%VEA 25%VNQ 25%
2025-01-31	SHY 25%GLD 19%QQQ 19%SPY 19%IWM 19%
2024-12-31	BIL 75%QQQ 6%GLD 6%SPY 6%HYG 6%
2024-11-29	IEF 50%IWM 13%SPY 13%VNQ 13%QQQ 13%
2024-10-31	BIL 50%GLD 13%QQQ 13%SPY 13%VNQ 13%
2024-09-30	GLD 25%VWO 25%VNQ 25%SPY 25%
2024-08-30	VNQ 25%GLD 25%SPY 25%QQQ 25%
2024-07-31	IWM 25%VNQ 25%GLD 25%SPY 25%
2024-06-28	SHY 25%QQQ 19%SPY 19%GLD 19%VWO 19%
2024-05-31	QQQ 25%SPY 25%VEA 25%IWM 25%
2024-04-30	BIL 25%GLD 19%VWO 19%SPY 19%QQQ 19%
2024-03-28	GLD 25%SPY 25%QQQ 25%IWM 25%
2024-02-29	BIL 25%QQQ 19%SPY 19%IWM 19%VEA 19%
2024-01-31	IEF 25%QQQ 19%SPY 19%VEA 19%LQD 19%
2023-12-29	IWM 25%QQQ 25%VNQ 25%SPY 25%
2023-11-30	QQQ 25%VNQ 25%SPY 25%VEA 25%
2023-10-31	BIL 100%
2023-09-29	BIL 100%
2023-08-31	BIL 75%QQQ 6%SPY 6%DBC 6%HYG 6%
2023-07-31	BIL 25%QQQ 19%IWM 19%DBC 19%SPY 19%
2023-06-30	BIL 25%QQQ 19%SPY 19%IWM 19%VEA 19%
2023-05-31	BIL 75%QQQ 6%GLD 6%SPY 6%LQD 6%
2023-04-28	QQQ 25%VEA 25%SPY 25%GLD 25%
2023-03-31	QQQ 25%GLD 25%VEA 25%TLT 25%
2023-02-28	BIL 100%
2023-01-31	VEA 25%VWO 25%GLD 25%IWM 25%
2022-12-30	BIL 75%GLD 6%VEA 6%DBC 6%HYG 6%
2022-11-30	VEA 25%VWO 25%GLD 25%SPY 25%
2022-10-31	BIL 75%IWM 6%DBC 6%SPY 6%HYG 6%
2022-09-30	BIL 100%
2022-08-31	BIL 100%
2022-07-29	IEF 25%QQQ 19%IWM 19%SPY 19%VNQ 19%
2022-06-30	BIL 100%
2022-05-31	BIL 100%
2022-04-29	BIL 100%
2022-03-31	BIL 75%DBC 6%GLD 6%QQQ 6%SPY 6%
2022-02-28	BIL 100%
2022-01-31	BIL 100%
2021-12-31	BIL 50%VNQ 13%DBC 13%SPY 13%QQQ 13%
2021-11-30	IEF 75%QQQ 6%TLT 6%SPY 6%VNQ 6%
2021-10-29	BIL 25%DBC 19%QQQ 19%SPY 19%VNQ 19%
2021-09-30	BIL 100%
2021-08-31	QQQ 25%VNQ 25%SPY 25%IWM 25%
2021-07-30	IEF 25%VNQ 19%DBC 19%QQQ 19%SPY 19%
2021-06-30	DBC 25%QQQ 25%SPY 25%IWM 25%
2021-05-28	SHY 25%DBC 19%GLD 19%VNQ 19%VEA 19%
2021-04-30	BIL 25%DBC 19%IWM 19%VNQ 19%QQQ 19%
2021-03-31	BIL 25%IWM 19%VNQ 19%SPY 19%DBC 19%
2021-02-26	BIL 25%DBC 19%IWM 19%VWO 19%SPY 19%
2021-01-29	SHY 25%IWM 19%VWO 19%DBC 19%QQQ 19%
2020-12-31	IWM 25%QQQ 25%VWO 25%DBC 25%
2020-11-30	IWM 25%VEA 25%QQQ 25%VWO 25%
2020-10-30	BIL 50%IWM 13%VWO 13%QQQ 13%GLD 13%
2020-09-30	QQQ 25%VWO 25%SPY 25%VEA 25%
2020-08-31	SHY 25%QQQ 19%SPY 19%GLD 19%IWM 19%
2020-07-31	GLD 25%QQQ 25%VWO 25%SPY 25%
2020-06-30	QQQ 25%GLD 25%VWO 25%IWM 25%
2020-05-29	IEF 50%QQQ 13%GLD 13%SPY 13%TLT 13%
2020-04-30	IEF 50%QQQ 13%TLT 13%GLD 13%SPY 13%
2020-03-31	IEF 75%TLT 6%GLD 6%LQD 6%QQQ 6%
2020-02-28	IEF 75%TLT 6%GLD 6%LQD 6%HYG 6%
2020-01-31	IEF 50%TLT 13%QQQ 13%GLD 13%LQD 13%
2019-12-31	QQQ 25%VWO 25%SPY 25%IWM 25%
2019-11-29	QQQ 25%SPY 25%IWM 25%VEA 25%
2019-10-31	GLD 25%QQQ 25%VNQ 25%VEA 25%
2019-09-30	IEF 25%VNQ 19%TLT 19%GLD 19%SPY 19%
2019-08-30	IEF 75%TLT 6%GLD 6%LQD 6%VNQ 6%
2019-07-31	IEF 50%GLD 13%TLT 13%VNQ 13%QQQ 13%
2019-06-28	GLD 25%QQQ 25%SPY 25%VWO 25%
2019-05-31	IEF 75%TLT 6%LQD 6%GLD 6%VNQ 6%
2019-04-30	QQQ 25%SPY 25%IWM 25%VWO 25%
2019-03-29	VNQ 25%TLT 25%QQQ 25%LQD 25%
2019-02-28	IWM 25%QQQ 25%SPY 25%VNQ 25%
2019-01-31	VNQ 25%VWO 25%IWM 25%QQQ 25%
2018-12-31	IEF 75%GLD 6%TLT 6%LQD 6%HYG 6%
2018-11-30	IEF 50%VNQ 13%SPY 13%VWO 13%QQQ 13%
2018-10-31	BIL 100%
2018-09-28	BIL 75%QQQ 6%DBC 6%SPY 6%IWM 6%
2018-08-31	IEF 50%QQQ 13%IWM 13%SPY 13%VNQ 13%
2018-07-31	BIL 25%QQQ 19%SPY 19%IWM 19%VNQ 19%
2018-06-29	BIL 75%QQQ 6%IWM 6%VNQ 6%DBC 6%
2018-05-31	IEF 50%IWM 13%DBC 13%QQQ 13%SPY 13%
2018-04-30	BIL 75%DBC 6%IWM 6%QQQ 6%VEA 6%
2018-03-29	BIL 50%DBC 13%VWO 13%IWM 13%GLD 13%
2018-02-28	BIL 100%
2018-01-31	BIL 25%QQQ 19%VWO 19%SPY 19%VEA 19%
2017-12-29	VWO 25%QQQ 25%DBC 25%SPY 25%
2017-11-30	BIL 25%IWM 19%SPY 19%QQQ 19%DBC 19%
2017-10-31	BIL 25%QQQ 19%DBC 19%VWO 19%VEA 19%
2017-09-29	BIL 25%IWM 19%VEA 19%DBC 19%QQQ 19%
2017-08-31	VWO 25%QQQ 25%GLD 25%TLT 25%
2017-07-31	VWO 25%QQQ 25%VEA 25%SPY 25%
2017-06-30	IWM 25%VEA 25%VWO 25%QQQ 25%
2017-05-31	QQQ 25%VEA 25%VWO 25%TLT 25%
2017-04-28	QQQ 25%IWM 25%VEA 25%SPY 25%
2017-03-31	SHY 25%QQQ 19%VWO 19%VEA 19%IWM 19%
2017-02-28	QQQ 25%SPY 25%IWM 25%VWO 25%
2017-01-31	BIL 25%QQQ 19%IWM 19%VWO 19%SPY 19%
2016-12-30	BIL 50%IWM 13%DBC 13%SPY 13%QQQ 13%
2016-11-30	BIL 75%IWM 6%SPY 6%DBC 6%QQQ 6%
2016-10-31	BIL 75%VWO 6%DBC 6%QQQ 6%HYG 6%
2016-09-30	QQQ 25%IWM 25%VWO 25%VEA 25%
2016-08-31	VWO 25%IWM 25%TLT 25%HYG 25%
2016-07-29	VNQ 25%QQQ 25%IWM 25%VWO 25%
2016-06-30	IEF 25%GLD 19%TLT 19%VNQ 19%DBC 19%
2016-05-31	IEF 50%DBC 13%QQQ 13%TLT 13%VNQ 13%
2016-04-29	GLD 25%DBC 25%VWO 25%HYG 25%
2016-03-31	VNQ 25%VWO 25%GLD 25%LQD 25%
2016-02-29	IEF 75%GLD 6%TLT 6%LQD 6%VNQ 6%
2016-01-29	IEF 75%TLT 6%GLD 6%LQD 6%HYG 6%
2015-12-31	BIL 100%
2015-11-30	BIL 75%QQQ 6%IWM 6%SPY 6%VNQ 6%
2015-10-30	BIL 50%QQQ 13%SPY 13%VNQ 13%VEA 13%
2015-09-30	IEF 75%TLT 6%VNQ 6%LQD 6%QQQ 6%
2015-08-31	IEF 100%
2015-07-31	IEF 25%QQQ 19%TLT 19%SPY 19%VNQ 19%
2015-06-30	SHY 100%
2015-05-29	SHY 50%QQQ 13%IWM 13%SPY 13%VEA 13%
2015-04-30	SHY 25%VWO 19%QQQ 19%VEA 19%SPY 19%
2015-03-31	IEF 50%TLT 13%VNQ 13%IWM 13%LQD 13%
2015-02-27	IEF 25%QQQ 19%SPY 19%IWM 19%VEA 19%
2015-01-30	IEF 75%TLT 6%VNQ 6%GLD 6%LQD 6%
2014-12-31	IEF 50%TLT 13%VNQ 13%IWM 13%QQQ 13%
2014-11-28	IEF 50%QQQ 13%VNQ 13%SPY 13%TLT 13%
2014-10-31	IEF 25%VNQ 19%QQQ 19%IWM 19%SPY 19%
2014-09-30	BIL 75%QQQ 6%SPY 6%TLT 6%LQD 6%
2014-08-29	IEF 25%QQQ 19%VWO 19%TLT 19%SPY 19%
2014-07-31	IEF 25%QQQ 19%VWO 19%TLT 19%VNQ 19%
2014-06-30	GLD 25%QQQ 25%IWM 25%VWO 25%
2014-05-30	QQQ 25%VNQ 25%VWO 25%SPY 25%
2014-04-30	VNQ 25%SPY 25%VEA 25%DBC 25%
2014-03-31	VWO 25%SPY 25%VNQ 25%IWM 25%
2014-02-28	QQQ 25%VNQ 25%IWM 25%SPY 25%
2014-01-31	IEF 75%TLT 6%QQQ 6%VNQ 6%LQD 6%
2013-12-31	BIL 25%QQQ 19%IWM 19%SPY 19%VEA 19%
2013-11-29	SHY 25%QQQ 19%IWM 19%SPY 19%VEA 19%
2013-10-31	QQQ 25%SPY 25%IWM 25%VEA 25%
2013-09-30	VEA 25%IWM 25%QQQ 25%SPY 25%
2013-08-30	BIL 100%
2013-07-31	SHY 50%IWM 13%QQQ 13%SPY 13%VEA 13%
2013-06-28	BIL 75%IWM 6%SPY 6%QQQ 6%HYG 6%
2013-05-31	BIL 50%IWM 13%QQQ 13%SPY 13%VEA 13%
2013-04-30	VNQ 25%VEA 25%SPY 25%QQQ 25%
2013-03-28	IEF 50%IWM 13%SPY 13%VNQ 13%QQQ 13%
2013-02-28	IEF 25%IWM 19%SPY 19%VNQ 19%VEA 19%
2013-01-31	BIL 25%IWM 19%VEA 19%SPY 19%VNQ 19%
2012-12-31	BIL 25%VWO 19%VEA 19%IWM 19%VNQ 19%
2012-11-30	VEA 25%VWO 25%SPY 25%DBC 25%
2012-10-31	BIL 50%LQD 13%HYG 13%VEA 13%SPY 13%
2012-09-28	GLD 25%IWM 25%SPY 25%DBC 25%
2012-08-31	IEF 25%QQQ 19%DBC 19%IWM 19%GLD 19%
2012-07-31	IEF 50%TLT 13%LQD 13%DBC 13%VNQ 13%
2012-06-29	TLT 25%VNQ 25%QQQ 25%LQD 25%
2012-05-31	IEF 75%TLT 6%LQD 6%VNQ 6%HYG 6%
2012-04-30	IEF 50%VNQ 13%TLT 13%QQQ 13%SPY 13%
2012-03-30	BIL 25%QQQ 19%VNQ 19%SPY 19%IWM 19%
2012-02-29	QQQ 25%VWO 25%SPY 25%IWM 25%
2012-01-31	GLD 25%QQQ 25%VNQ 25%IWM 25%
2011-12-30	IEF 50%TLT 13%VNQ 13%HYG 13%LQD 13%
2011-11-30	IEF 100%
2011-10-31	VNQ 25%GLD 25%IWM 25%QQQ 25%
2011-09-30	IEF 75%TLT 6%LQD 6%GLD 6%QQQ 6%
2011-08-31	IEF 75%GLD 6%TLT 6%DBC 6%LQD 6%
2011-07-29	IEF 50%GLD 13%TLT 13%DBC 13%QQQ 13%
2011-06-30	IEF 25%VEA 19%GLD 19%VWO 19%QQQ 19%
2011-05-31	VNQ 25%GLD 25%TLT 25%IWM 25%
2011-04-29	GLD 25%DBC 25%VNQ 25%IWM 25%
2011-03-31	IEF 50%DBC 13%IWM 13%VWO 13%VNQ 13%
2011-02-28	BIL 25%DBC 19%IWM 19%VNQ 19%QQQ 19%
2011-01-31	SHY 50%DBC 13%QQQ 13%SPY 13%VNQ 13%
2010-12-31	BIL 25%DBC 19%IWM 19%QQQ 19%SPY 19%
2010-11-30	BIL 100%
2010-10-29	BIL 100%
2010-09-30	BIL 100%
2010-08-31	BIL 100%
2010-07-30	BIL 100%
2010-06-30	BIL 100%
2010-05-28	BIL 100%
2010-04-30	BIL 100%
2010-03-31	BIL 100%
2010-02-26	BIL 100%
2010-01-29	BIL 100%
2010-01-04	BIL 100%

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调仓日志

共 203 次调仓，月度再平衡 · 日期为信号日(收盘)，下一交易日收盘成交

日期	持仓
2026-10-15	BIL 75%DBC 6%QQQ 6%SPY 6%VWO 6%
2026-09-30	BIL 25%DBC 19%QQQ 19%SPY 19%VWO 19%
2026-08-31	BIL 25%DBC 19%GLD 19%QQQ 19%VEA 19%
2026-07-31	BIL 25%DBC 19%VNQ 19%VEA 19%SPY 19%
2026-06-30	BIL 25%IWM 19%QQQ 19%VEA 19%SPY 19%
2026-05-29	BIL 25%QQQ 19%IWM 19%SPY 19%VEA 19%
2026-04-30	BIL 25%QQQ 19%DBC 19%IWM 19%SPY 19%
2026-03-31	BIL 75%DBC 6%GLD 6%VEA 6%VWO 6%
2026-02-27	GLD 25%VEA 25%VNQ 25%DBC 25%
2026-01-30	GLD 25%VEA 25%DBC 25%IWM 25%
2025-12-31	GLD 25%VEA 25%SPY 25%QQQ 25%
2025-11-28	GLD 25%IWM 25%QQQ 25%DBC 25%
2025-10-31	GLD 25%QQQ 25%IWM 25%SPY 25%
2025-09-30	GLD 25%QQQ 25%VWO 25%IWM 25%
2025-08-29	IWM 25%GLD 25%VWO 25%VEA 25%
2025-07-31	QQQ 25%SPY 25%VWO 25%DBC 25%
2025-06-30	QQQ 25%VWO 25%VEA 25%SPY 25%
2025-05-30	BIL 25%QQQ 19%GLD 19%VEA 19%SPY 19%
2025-04-30	IEF 25%GLD 19%VEA 19%VWO 19%LQD 19%
2025-03-31	SHY 25%GLD 19%DBC 19%VWO 19%VEA 19%
2025-02-28	GLD 25%TLT 25%VEA 25%VNQ 25%
2025-01-31	SHY 25%GLD 19%QQQ 19%SPY 19%IWM 19%
2024-12-31	BIL 75%QQQ 6%GLD 6%SPY 6%HYG 6%
2024-11-29	IEF 50%IWM 13%SPY 13%VNQ 13%QQQ 13%
2024-10-31	BIL 50%GLD 13%QQQ 13%SPY 13%VNQ 13%
2024-09-30	GLD 25%VWO 25%VNQ 25%SPY 25%
2024-08-30	VNQ 25%GLD 25%SPY 25%QQQ 25%
2024-07-31	IWM 25%VNQ 25%GLD 25%SPY 25%
2024-06-28	SHY 25%QQQ 19%SPY 19%GLD 19%VWO 19%
2024-05-31	QQQ 25%SPY 25%VEA 25%IWM 25%
2024-04-30	BIL 25%GLD 19%VWO 19%SPY 19%QQQ 19%
2024-03-28	GLD 25%SPY 25%QQQ 25%IWM 25%
2024-02-29	BIL 25%QQQ 19%SPY 19%IWM 19%VEA 19%
2024-01-31	IEF 25%QQQ 19%SPY 19%VEA 19%LQD 19%
2023-12-29	IWM 25%QQQ 25%VNQ 25%SPY 25%
2023-11-30	QQQ 25%VNQ 25%SPY 25%VEA 25%
2023-10-31	BIL 100%
2023-09-29	BIL 100%
2023-08-31	BIL 75%QQQ 6%SPY 6%DBC 6%HYG 6%
2023-07-31	BIL 25%QQQ 19%IWM 19%DBC 19%SPY 19%
2023-06-30	BIL 25%QQQ 19%SPY 19%IWM 19%VEA 19%
2023-05-31	BIL 75%QQQ 6%GLD 6%SPY 6%LQD 6%
2023-04-28	QQQ 25%VEA 25%SPY 25%GLD 25%
2023-03-31	QQQ 25%GLD 25%VEA 25%TLT 25%
2023-02-28	BIL 100%
2023-01-31	VEA 25%VWO 25%GLD 25%IWM 25%
2022-12-30	BIL 75%GLD 6%VEA 6%DBC 6%HYG 6%
2022-11-30	VEA 25%VWO 25%GLD 25%SPY 25%
2022-10-31	BIL 75%IWM 6%DBC 6%SPY 6%HYG 6%
2022-09-30	BIL 100%
2022-08-31	BIL 100%
2022-07-29	IEF 25%QQQ 19%IWM 19%SPY 19%VNQ 19%
2022-06-30	BIL 100%
2022-05-31	BIL 100%
2022-04-29	BIL 100%
2022-03-31	BIL 75%DBC 6%GLD 6%QQQ 6%SPY 6%
2022-02-28	BIL 100%
2022-01-31	BIL 100%
2021-12-31	BIL 50%VNQ 13%DBC 13%SPY 13%QQQ 13%
2021-11-30	IEF 75%QQQ 6%TLT 6%SPY 6%VNQ 6%
2021-10-29	BIL 25%DBC 19%QQQ 19%SPY 19%VNQ 19%
2021-09-30	BIL 100%
2021-08-31	QQQ 25%VNQ 25%SPY 25%IWM 25%
2021-07-30	IEF 25%VNQ 19%DBC 19%QQQ 19%SPY 19%
2021-06-30	DBC 25%QQQ 25%SPY 25%IWM 25%
2021-05-28	SHY 25%DBC 19%GLD 19%VNQ 19%VEA 19%
2021-04-30	BIL 25%DBC 19%IWM 19%VNQ 19%QQQ 19%
2021-03-31	BIL 25%IWM 19%VNQ 19%SPY 19%DBC 19%
2021-02-26	BIL 25%DBC 19%IWM 19%VWO 19%SPY 19%
2021-01-29	SHY 25%IWM 19%VWO 19%DBC 19%QQQ 19%
2020-12-31	IWM 25%QQQ 25%VWO 25%DBC 25%
2020-11-30	IWM 25%VEA 25%QQQ 25%VWO 25%
2020-10-30	BIL 50%IWM 13%VWO 13%QQQ 13%GLD 13%
2020-09-30	QQQ 25%VWO 25%SPY 25%VEA 25%
2020-08-31	SHY 25%QQQ 19%SPY 19%GLD 19%IWM 19%
2020-07-31	GLD 25%QQQ 25%VWO 25%SPY 25%
2020-06-30	QQQ 25%GLD 25%VWO 25%IWM 25%
2020-05-29	IEF 50%QQQ 13%GLD 13%SPY 13%TLT 13%
2020-04-30	IEF 50%QQQ 13%TLT 13%GLD 13%SPY 13%
2020-03-31	IEF 75%TLT 6%GLD 6%LQD 6%QQQ 6%
2020-02-28	IEF 75%TLT 6%GLD 6%LQD 6%HYG 6%
2020-01-31	IEF 50%TLT 13%QQQ 13%GLD 13%LQD 13%
2019-12-31	QQQ 25%VWO 25%SPY 25%IWM 25%
2019-11-29	QQQ 25%SPY 25%IWM 25%VEA 25%
2019-10-31	GLD 25%QQQ 25%VNQ 25%VEA 25%
2019-09-30	IEF 25%VNQ 19%TLT 19%GLD 19%SPY 19%
2019-08-30	IEF 75%TLT 6%GLD 6%LQD 6%VNQ 6%
2019-07-31	IEF 50%GLD 13%TLT 13%VNQ 13%QQQ 13%
2019-06-28	GLD 25%QQQ 25%SPY 25%VWO 25%
2019-05-31	IEF 75%TLT 6%LQD 6%GLD 6%VNQ 6%
2019-04-30	QQQ 25%SPY 25%IWM 25%VWO 25%
2019-03-29	VNQ 25%TLT 25%QQQ 25%LQD 25%
2019-02-28	IWM 25%QQQ 25%SPY 25%VNQ 25%
2019-01-31	VNQ 25%VWO 25%IWM 25%QQQ 25%
2018-12-31	IEF 75%GLD 6%TLT 6%LQD 6%HYG 6%
2018-11-30	IEF 50%VNQ 13%SPY 13%VWO 13%QQQ 13%
2018-10-31	BIL 100%
2018-09-28	BIL 75%QQQ 6%DBC 6%SPY 6%IWM 6%
2018-08-31	IEF 50%QQQ 13%IWM 13%SPY 13%VNQ 13%
2018-07-31	BIL 25%QQQ 19%SPY 19%IWM 19%VNQ 19%
2018-06-29	BIL 75%QQQ 6%IWM 6%VNQ 6%DBC 6%
2018-05-31	IEF 50%IWM 13%DBC 13%QQQ 13%SPY 13%
2018-04-30	BIL 75%DBC 6%IWM 6%QQQ 6%VEA 6%
2018-03-29	BIL 50%DBC 13%VWO 13%IWM 13%GLD 13%
2018-02-28	BIL 100%
2018-01-31	BIL 25%QQQ 19%VWO 19%SPY 19%VEA 19%
2017-12-29	VWO 25%QQQ 25%DBC 25%SPY 25%
2017-11-30	BIL 25%IWM 19%SPY 19%QQQ 19%DBC 19%
2017-10-31	BIL 25%QQQ 19%DBC 19%VWO 19%VEA 19%
2017-09-29	BIL 25%IWM 19%VEA 19%DBC 19%QQQ 19%
2017-08-31	VWO 25%QQQ 25%GLD 25%TLT 25%
2017-07-31	VWO 25%QQQ 25%VEA 25%SPY 25%
2017-06-30	IWM 25%VEA 25%VWO 25%QQQ 25%
2017-05-31	QQQ 25%VEA 25%VWO 25%TLT 25%
2017-04-28	QQQ 25%IWM 25%VEA 25%SPY 25%
2017-03-31	SHY 25%QQQ 19%VWO 19%VEA 19%IWM 19%
2017-02-28	QQQ 25%SPY 25%IWM 25%VWO 25%
2017-01-31	BIL 25%QQQ 19%IWM 19%VWO 19%SPY 19%
2016-12-30	BIL 50%IWM 13%DBC 13%SPY 13%QQQ 13%
2016-11-30	BIL 75%IWM 6%SPY 6%DBC 6%QQQ 6%
2016-10-31	BIL 75%VWO 6%DBC 6%QQQ 6%HYG 6%
2016-09-30	QQQ 25%IWM 25%VWO 25%VEA 25%
2016-08-31	VWO 25%IWM 25%TLT 25%HYG 25%
2016-07-29	VNQ 25%QQQ 25%IWM 25%VWO 25%
2016-06-30	IEF 25%GLD 19%TLT 19%VNQ 19%DBC 19%
2016-05-31	IEF 50%DBC 13%QQQ 13%TLT 13%VNQ 13%
2016-04-29	GLD 25%DBC 25%VWO 25%HYG 25%
2016-03-31	VNQ 25%VWO 25%GLD 25%LQD 25%
2016-02-29	IEF 75%GLD 6%TLT 6%LQD 6%VNQ 6%
2016-01-29	IEF 75%TLT 6%GLD 6%LQD 6%HYG 6%
2015-12-31	BIL 100%
2015-11-30	BIL 75%QQQ 6%IWM 6%SPY 6%VNQ 6%
2015-10-30	BIL 50%QQQ 13%SPY 13%VNQ 13%VEA 13%
2015-09-30	IEF 75%TLT 6%VNQ 6%LQD 6%QQQ 6%
2015-08-31	IEF 100%
2015-07-31	IEF 25%QQQ 19%TLT 19%SPY 19%VNQ 19%
2015-06-30	SHY 100%
2015-05-29	SHY 50%QQQ 13%IWM 13%SPY 13%VEA 13%
2015-04-30	SHY 25%VWO 19%QQQ 19%VEA 19%SPY 19%
2015-03-31	IEF 50%TLT 13%VNQ 13%IWM 13%LQD 13%
2015-02-27	IEF 25%QQQ 19%SPY 19%IWM 19%VEA 19%
2015-01-30	IEF 75%TLT 6%VNQ 6%GLD 6%LQD 6%
2014-12-31	IEF 50%TLT 13%VNQ 13%IWM 13%QQQ 13%
2014-11-28	IEF 50%QQQ 13%VNQ 13%SPY 13%TLT 13%
2014-10-31	IEF 25%VNQ 19%QQQ 19%IWM 19%SPY 19%
2014-09-30	BIL 75%QQQ 6%SPY 6%TLT 6%LQD 6%
2014-08-29	IEF 25%QQQ 19%VWO 19%TLT 19%SPY 19%
2014-07-31	IEF 25%QQQ 19%VWO 19%TLT 19%VNQ 19%
2014-06-30	GLD 25%QQQ 25%IWM 25%VWO 25%
2014-05-30	QQQ 25%VNQ 25%VWO 25%SPY 25%
2014-04-30	VNQ 25%SPY 25%VEA 25%DBC 25%
2014-03-31	VWO 25%SPY 25%VNQ 25%IWM 25%
2014-02-28	QQQ 25%VNQ 25%IWM 25%SPY 25%
2014-01-31	IEF 75%TLT 6%QQQ 6%VNQ 6%LQD 6%
2013-12-31	BIL 25%QQQ 19%IWM 19%SPY 19%VEA 19%
2013-11-29	SHY 25%QQQ 19%IWM 19%SPY 19%VEA 19%
2013-10-31	QQQ 25%SPY 25%IWM 25%VEA 25%
2013-09-30	VEA 25%IWM 25%QQQ 25%SPY 25%
2013-08-30	BIL 100%
2013-07-31	SHY 50%IWM 13%QQQ 13%SPY 13%VEA 13%
2013-06-28	BIL 75%IWM 6%SPY 6%QQQ 6%HYG 6%
2013-05-31	BIL 50%IWM 13%QQQ 13%SPY 13%VEA 13%
2013-04-30	VNQ 25%VEA 25%SPY 25%QQQ 25%
2013-03-28	IEF 50%IWM 13%SPY 13%VNQ 13%QQQ 13%
2013-02-28	IEF 25%IWM 19%SPY 19%VNQ 19%VEA 19%
2013-01-31	BIL 25%IWM 19%VEA 19%SPY 19%VNQ 19%
2012-12-31	BIL 25%VWO 19%VEA 19%IWM 19%VNQ 19%
2012-11-30	VEA 25%VWO 25%SPY 25%DBC 25%
2012-10-31	BIL 50%LQD 13%HYG 13%VEA 13%SPY 13%
2012-09-28	GLD 25%IWM 25%SPY 25%DBC 25%
2012-08-31	IEF 25%QQQ 19%DBC 19%IWM 19%GLD 19%
2012-07-31	IEF 50%TLT 13%LQD 13%DBC 13%VNQ 13%
2012-06-29	TLT 25%VNQ 25%QQQ 25%LQD 25%
2012-05-31	IEF 75%TLT 6%LQD 6%VNQ 6%HYG 6%
2012-04-30	IEF 50%VNQ 13%TLT 13%QQQ 13%SPY 13%
2012-03-30	BIL 25%QQQ 19%VNQ 19%SPY 19%IWM 19%
2012-02-29	QQQ 25%VWO 25%SPY 25%IWM 25%
2012-01-31	GLD 25%QQQ 25%VNQ 25%IWM 25%
2011-12-30	IEF 50%TLT 13%VNQ 13%HYG 13%LQD 13%
2011-11-30	IEF 100%
2011-10-31	VNQ 25%GLD 25%IWM 25%QQQ 25%
2011-09-30	IEF 75%TLT 6%LQD 6%GLD 6%QQQ 6%
2011-08-31	IEF 75%GLD 6%TLT 6%DBC 6%LQD 6%
2011-07-29	IEF 50%GLD 13%TLT 13%DBC 13%QQQ 13%
2011-06-30	IEF 25%VEA 19%GLD 19%VWO 19%QQQ 19%
2011-05-31	VNQ 25%GLD 25%TLT 25%IWM 25%
2011-04-29	GLD 25%DBC 25%VNQ 25%IWM 25%
2011-03-31	IEF 50%DBC 13%IWM 13%VWO 13%VNQ 13%
2011-02-28	BIL 25%DBC 19%IWM 19%VNQ 19%QQQ 19%
2011-01-31	SHY 50%DBC 13%QQQ 13%SPY 13%VNQ 13%
2010-12-31	BIL 25%DBC 19%IWM 19%QQQ 19%SPY 19%
2010-11-30	BIL 100%
2010-10-29	BIL 100%
2010-09-30	BIL 100%
2010-08-31	BIL 100%
2010-07-30	BIL 100%
2010-06-30	BIL 100%
2010-05-28	BIL 100%
2010-04-30	BIL 100%
2010-03-31	BIL 100%
2010-02-26	BIL 100%
2010-01-29	BIL 100%
2010-01-04	BIL 100%