Growth-for-this-climate is real assets (gold / TIPS) + energy & quality-cyclicals + defensives + a narrow contrarian recovery sleeve — not broad equities and not long bonds, which are both macro-penalised. The oil-supply shock re-rates Energy to Short SO (O/O across medium/long), lifting it to a top-line overweight; Industrials (O/O/SO), Aerospace & Defense (O/O/O) and Comm. Services (O/O/O) lead the quality-cyclical core, with re-rated Health Care and Utilities and Financials (O/O/N) on the steeper curve. Gold, TIPS and Agriculture are the real-asset ballast (gold N/O/O — a structural bid firming into the medium horizon). Technology is now Trend (N/O/O — a structural AI/productivity tilt), sized modestly against the armed S&P-concentration tail. The contrarian sleeve is narrowed to EM (U→N→O), Copper (N→O→SO) and Silver (U→N→O) — the genuine washed-out-now, recover-later plays. Long Treasuries (TLT U/U/N, 10Y elevated), HY and IG credit, broad SPY, Real Estate and Consumer Discretionary are penalised and carry zero weight; the ballast is gold + TIPS + cash instead of long nominal duration.
Each building block is scored from its Macro-Economic Short/Medium/Long signal (SO=+2, O=+1, N=0, U=−1, SU=−2) blended 0.25·Short + 0.50·Medium + 0.25·Long. Blocks fill five sleeves — real assets & inflation hedges, cyclical-growth equity, defensive equity, contrarian recovery, and cash & FX ballast — sized by relative tilt and scaled by the scenario weights. Here the combined Stagflation + Deflationary-Bust weight (52%) edges above Soft-Landing + Reacceleration (48%), a +4 defensiveness read that tilts all three tiers modestly toward ballast and real assets — unchanged from the 9-Jul run, but with the mix rotating from deep-reflation toward soft-landing disinflation, so the cyclical lean shifts to quality-cyclicals and defensives over deep cyclicals.
Trend vs Contrarian: a block is Trend when it rides a prevailing Outperform signal or is defensive ballast the regime favours now, and Contrarian when its Long signal is materially stronger than its Short (washed-out now, recovering later) or real money sits opposite fast money. This run’s contrarian lines are EM Equities, Copper and Silver — Technology is now Trend (a structural AI/productivity med-long tilt), no longer in the contrarian sleeve. Risk mitigation: uncorrelated sleeves; a safe-haven ballast (gold/TIPS/short-duration/cash) sized larger in the lower-risk tiers; position caps so no single non-ballast line dominates; and a cash buffer into the mid-July catalyst cluster.
Heaviest cyclical + real-asset exposure with a washed-out-recovery sleeve and light cash. Energy leads the book on the Hormuz supply shock; Industrials, Defense, Materials and Financials carry the rest of the cyclical growth; EM/Copper/Silver are the contrarian recovery bets; gold + TIPS + Agriculture are the real-asset ballast. Technology is now Trend but sized modestly against the armed S&P-concentration tail.
| Building Block | Asset Class | Sector | ETF (ref) | S | M | L | Tag | Weight | Rationale — driver link |
|---|---|---|---|---|---|---|---|---|---|
| Energy | Equity | Energy | XLE | SO | O | O | Trend | 11% | The live Iran/Hormuz supply shock re-rates Energy to Short SO (Brent risk-premium elevated); Outperform medium/long underpins the position — the top overweight this run. |
| Industrials | Equity | Industrials | XLI | O | O | SO | Trend | 10% | Reshoring + NATO rearmament + grid build — a top blended tilt (O/O/SO), strengthening out to the long horizon. |
| Materials | Equity | Materials | XLB | N | O | SO | Trend | 6% | Copper / de-dollar / China-stimulus drive an N→O→SO path; miners live here (not the metal itself). |
| Aerospace & Defense | Equity | Industrials | XAR | O | O | O | Trend | 6% | NATO rearmament is structural, multi-budget-cycle spend; steady Outperform (O/O/O) with order-book visibility. |
| Financials | Equity | Financials | XLF | O | O | N | Trend | 4% | Steeper curve + higher-for-longer NIM; O short/medium, fades to Neutral long as the cycle matures. |
| Comm. Services | Equity | Communication Services | XLC | O | O | O | Trend | 4% | AI-advertising + platform cash flows (O/O/O); sized modestly given the armed mega-cap S&P-concentration tail. |
| Health Care | Equity | Health Care | XLV | O | O | O | Trend | 4% | Defensive earnings stability, Outperform across all three horizons (O/O/O) as growth cools toward the soft-landing mix. |
| Utilities | Equity | Utilities | XLU | N | O | O | Trend | 2% | Electrification / data-centre power demand outweighs the rate headwind (N→O→O). |
| Gold | Commodity | — | GLD | N | O | O | Trend | 11% | Structural central-bank / de-dollarisation bid + fiscal-debasement hedge; short-term Neutral as fast-money hawkish selling caps it, the structural bid firming medium/long — the flagship stagflation ballast. |
| Inflation-linked (TIPS) | Fixed Income | — | TIP | N | O | O | Trend | 6% | Real-yield carry + break-evens firming as the oil shock lifts headline inflation; a duration-lite inflation hedge, not long nominal bonds. |
| Agriculture / Broad Commodities | Commodity | — | DBA | N | O | O | Trend | 5% | Food/ags inflation + tariff-driven goods pass-through; Outperform medium/long — a diversifying real-asset uncorrelated with the metals. |
| Technology | Equity | Information Technology | XLK | N | O | O | Trend | 7% | A structural AI/productivity tilt (N→O→O), scored on operating earnings — now Trend, but sized below index weight because the S&P-concentration / earnings-quality tail is armed. |
| EM Equities | Equity | EM Equities | EEM | U | N | O | Contrarian | 5% | Trimmed near-term on the tariff Aug-1 tail + a strong USD (U short); real money rebalances into China policy support / copper while fast money shorts the tail — accumulate the washed-out long-recovery (Long O). |
| Copper / Ind Metals | Commodity | — | CPER | N | O | SO | Contrarian | 8% | Persistent physical deficit + China policy support + the electrification supercycle drive an N→O→SO recovery; bought because near-term hawkish real rates cap it while the structural deficit builds. Direct metal (CPER), not miners. |
| Silver | Commodity | — | SLV | U | N | O | Contrarian | 3% | Hawkish real rates cap it now (U short); the electrification/solar deficit drives the recovery (Long O) — a contrarian accumulation, not a trend chase. |
| Cash / Short Treasuries | Cash | — | BIL / SHV | — | — | — | Trend | 8% | Higher-for-longer pays you to wait; dry powder into the 15–17 Jul catalyst cluster (PPI / China GDP / BoC, retail sales, housing / Michigan) and the live Hormuz situation. |
| Total | 100% | ||||||||
| Building Block | Weight | Dollars |
|---|---|---|
| Energy | 11% | $11,000 |
| Industrials | 10% | $10,000 |
| Materials | 6% | $6,000 |
| Aerospace & Defense | 6% | $6,000 |
| Financials | 4% | $4,000 |
| Comm. Services | 4% | $4,000 |
| Health Care | 4% | $4,000 |
| Utilities | 2% | $2,000 |
| Gold | 11% | $11,000 |
| Inflation-linked (TIPS) | 6% | $6,000 |
| Agriculture / Broad Commodities | 5% | $5,000 |
| Technology | 7% | $7,000 |
| EM Equities | 5% | $5,000 |
| Copper / Ind Metals | 8% | $8,000 |
| Silver | 3% | $3,000 |
| Cash / Short Treasuries | 8% | $8,000 |
| Total | 100% | $100,000 |
A quality-cyclical core (Energy/Industrials/Defense/Tech/Financials) balanced by a larger gold + TIPS + cash ballast and a full defensive-equity sleeve (Health/Utilities/Staples). The contrarian recovery sleeve (EM/Copper/Silver) is smaller than Aggressive.
| Building Block | Asset Class | Sector | ETF (ref) | S | M | L | Tag | Weight | Rationale — driver link |
|---|---|---|---|---|---|---|---|---|---|
| Gold | Commodity | — | GLD | N | O | O | Trend | 12% | Structural central-bank / de-dollarisation bid + fiscal-debasement hedge; short-term Neutral as fast-money hawkish selling caps it, the structural bid firming medium/long — the flagship stagflation ballast. |
| Inflation-linked (TIPS) | Fixed Income | — | TIP | N | O | O | Trend | 9% | Real-yield carry + break-evens firming as the oil shock lifts headline inflation; a duration-lite inflation hedge, not long nominal bonds. |
| Agriculture / Broad Commodities | Commodity | — | DBA | N | O | O | Trend | 4% | Food/ags inflation + tariff-driven goods pass-through; Outperform medium/long — a diversifying real-asset uncorrelated with the metals. |
| Energy | Equity | Energy | XLE | SO | O | O | Trend | 6% | The live Iran/Hormuz supply shock re-rates Energy to Short SO (Brent risk-premium elevated); Outperform medium/long underpins the position. |
| Industrials | Equity | Industrials | XLI | O | O | SO | Trend | 6% | Reshoring + NATO rearmament + grid build — a top blended tilt (O/O/SO), strengthening out to the long horizon. |
| Materials | Equity | Materials | XLB | N | O | SO | Trend | 3% | Copper / de-dollar / China-stimulus drive an N→O→SO path; miners live here (not the metal itself). |
| Aerospace & Defense | Equity | Industrials | XAR | O | O | O | Trend | 4% | NATO rearmament is structural, multi-budget-cycle spend; steady Outperform (O/O/O) with order-book visibility. |
| Financials | Equity | Financials | XLF | O | O | N | Trend | 2% | Steeper curve + higher-for-longer NIM; O short/medium, fades to Neutral long as the cycle matures. |
| Comm. Services | Equity | Communication Services | XLC | O | O | O | Trend | 3% | AI-advertising + platform cash flows (O/O/O); sized modestly given the armed mega-cap S&P-concentration tail. |
| Health Care | Equity | Health Care | XLV | O | O | O | Trend | 8% | Defensive earnings stability, Outperform across all three horizons (O/O/O) as growth cools toward the soft-landing mix. |
| Cons. Staples | Equity | Consumer Staples | XLP | O | O | N | Trend | 5% | Low-beta defensive ballast, re-rated Outperform short/medium (O/O/N) as the consumer softens (retail sales 16 Jul the tell). |
| Utilities | Equity | Utilities | XLU | N | O | O | Trend | 6% | Electrification / data-centre power demand outweighs the rate headwind (N→O→O). |
| Technology | Equity | Information Technology | XLK | N | O | O | Trend | 5% | A structural AI/productivity tilt (N→O→O), scored on operating earnings — now Trend, but sized below index weight because the S&P-concentration / earnings-quality tail is armed. |
| EM Equities | Equity | EM Equities | EEM | U | N | O | Contrarian | 3% | Trimmed near-term on the tariff Aug-1 tail + a strong USD (U short); real money rebalances into China policy support / copper while fast money shorts the tail — accumulate the washed-out long-recovery (Long O). |
| Copper / Ind Metals | Commodity | — | CPER | N | O | SO | Contrarian | 4% | Persistent physical deficit + China policy support + the electrification supercycle drive an N→O→SO recovery; bought because near-term hawkish real rates cap it while the structural deficit builds. Direct metal (CPER), not miners. |
| Silver | Commodity | — | SLV | U | N | O | Contrarian | 2% | Hawkish real rates cap it now (U short); the electrification/solar deficit drives the recovery (Long O) — a contrarian accumulation, not a trend chase. |
| Cash / Short Treasuries | Cash | — | BIL / SHV | — | — | — | Trend | 18% | Higher-for-longer pays you to wait; dry powder into the 15–17 Jul catalyst cluster (PPI / China GDP / BoC, retail sales, housing / Michigan) and the live Hormuz situation. |
| Total | 100% | ||||||||
| Building Block | Weight | Dollars |
|---|---|---|
| Gold | 12% | $12,000 |
| Inflation-linked (TIPS) | 9% | $9,000 |
| Agriculture / Broad Commodities | 4% | $4,000 |
| Energy | 6% | $6,000 |
| Industrials | 6% | $6,000 |
| Materials | 3% | $3,000 |
| Aerospace & Defense | 4% | $4,000 |
| Financials | 2% | $2,000 |
| Comm. Services | 3% | $3,000 |
| Health Care | 8% | $8,000 |
| Cons. Staples | 5% | $5,000 |
| Utilities | 6% | $6,000 |
| Technology | 5% | $5,000 |
| EM Equities | 3% | $3,000 |
| Copper / Ind Metals | 4% | $4,000 |
| Silver | 2% | $2,000 |
| Cash / Short Treasuries | 18% | $18,000 |
| Total | 100% | $100,000 |
Cash + TIPS + gold-heavy (64% combined) with defensive equity only (Health/Utilities/Staples), a small energy/defense/industrials inflation-hedge toe-hold, a token Technology sliver, and a token Copper/Silver contrarian sleeve. Long nominal bonds, HY credit and broad SPY are deliberately zero (the macro rates them Underperform / penalised).
| Building Block | Asset Class | Sector | ETF (ref) | S | M | L | Tag | Weight | Rationale — driver link |
|---|---|---|---|---|---|---|---|---|---|
| Cash / Short Treasuries | Cash | — | BIL / SHV | — | — | — | Trend | 38% | Higher-for-longer pays you to wait; dry powder into the 15–17 Jul catalyst cluster (PPI / China GDP / BoC, retail sales, housing / Michigan) and the live Hormuz situation. |
| Gold | Commodity | — | GLD | N | O | O | Trend | 12% | Structural central-bank / de-dollarisation bid + fiscal-debasement hedge; short-term Neutral as fast-money hawkish selling caps it, the structural bid firming medium/long — the flagship stagflation ballast. |
| Inflation-linked (TIPS) | Fixed Income | — | TIP | N | O | O | Trend | 14% | Real-yield carry + break-evens firming as the oil shock lifts headline inflation; a duration-lite inflation hedge, not long nominal bonds. |
| Agriculture / Broad Commodities | Commodity | — | DBA | N | O | O | Trend | 3% | Food/ags inflation + tariff-driven goods pass-through; Outperform medium/long — a diversifying real-asset uncorrelated with the metals. |
| Health Care | Equity | Health Care | XLV | O | O | O | Trend | 7% | Defensive earnings stability, Outperform across all three horizons (O/O/O) as growth cools toward the soft-landing mix. |
| Cons. Staples | Equity | Consumer Staples | XLP | O | O | N | Trend | 5% | Low-beta defensive ballast, re-rated Outperform short/medium (O/O/N) as the consumer softens (retail sales 16 Jul the tell). |
| Utilities | Equity | Utilities | XLU | N | O | O | Trend | 6% | Electrification / data-centre power demand outweighs the rate headwind (N→O→O). |
| Energy | Equity | Energy | XLE | SO | O | O | Trend | 3% | The live Iran/Hormuz supply shock re-rates Energy to Short SO (Brent risk-premium elevated); a small inflation hedge, Outperform medium/long. |
| Aerospace & Defense | Equity | Industrials | XAR | O | O | O | Trend | 3% | NATO rearmament is structural, multi-budget-cycle spend; steady Outperform (O/O/O) with order-book visibility. |
| Industrials | Equity | Industrials | XLI | O | O | SO | Trend | 2% | Reshoring + NATO rearmament + grid build — a top blended tilt (O/O/SO); a small quality-cyclical toe-hold. |
| Technology | Equity | Information Technology | XLK | N | O | O | Trend | 2% | A token structural AI/productivity tilt (N→O→O), scored on operating earnings — Trend, deliberately minimal given the armed S&P-concentration tail. |
| Copper / Ind Metals | Commodity | — | CPER | N | O | SO | Contrarian | 3% | Persistent physical deficit + China policy support + the electrification supercycle drive an N→O→SO recovery; bought while soft. Direct metal (CPER), not miners. |
| Silver | Commodity | — | SLV | U | N | O | Contrarian | 2% | Hawkish real rates cap it now (U short); the electrification/solar deficit drives the recovery (Long O) — a token contrarian accumulation. |
| Total | 100% | ||||||||
| Building Block | Weight | Dollars |
|---|---|---|
| Cash / Short Treasuries | 38% | $38,000 |
| Gold | 12% | $12,000 |
| Inflation-linked (TIPS) | 14% | $14,000 |
| Agriculture / Broad Commodities | 3% | $3,000 |
| Health Care | 7% | $7,000 |
| Cons. Staples | 5% | $5,000 |
| Utilities | 6% | $6,000 |
| Energy | 3% | $3,000 |
| Aerospace & Defense | 3% | $3,000 |
| Industrials | 2% | $2,000 |
| Technology | 2% | $2,000 |
| Copper / Ind Metals | 3% | $3,000 |
| Silver | 2% | $2,000 |
| Total | 100% | $100,000 |
| Tier | Trend | Contrarian | Contrarian position(s) |
|---|---|---|---|
| Aggressive | 84% | 16% | Copper / Ind Metals 8%, EM Equities 5%, Silver 3% |
| Balanced | 91% | 9% | Copper / Ind Metals 4%, EM Equities 3%, Silver 2% |
| Conservative | 95% | 5% | Copper / Ind Metals 3%, Silver 2% |
The spread across real assets / defensive equity / cyclical equity / contrarian recovery / cash — deliberately positioned across all four macro scenarios — is the primary risk control. The safe-haven ballast (gold + TIPS + short-duration cash) is sized progressively larger by tier: ~25% Aggressive → ~39% Balanced → ~64% Conservative. No single non-ballast line dominates any tier. Long-duration Treasuries are deliberately excluded (TLT Underperform short/medium) — duration risk is carried through TIPS and the front end instead.
The portfolio is only as current as the 14 July 2026 macro report it was built from; if the regime shifts, re-run the tiers.
{
"run_date": "2026-07-14",
"run_time": "20:15",
"macro_report_date": "2026-07-14",
"supersedes": "PortfolioAnalyst-state-20260709.json",
"dominant_regime": "Stagflation-lite - narrow lead (energy-supply-shock driven); Soft Landing closing on core disinflation",
"confidence": "Medium",
"scenario_weights": {
"Stagflation": 35,
"Soft Landing": 27,
"Reacceleration": 21,
"Deflationary Bust": 17
},
"defensiveness": 4,
"top_drivers": [
{
"name": "Iran/Hormuz Crisis",
"dominance": 5
},
{
"name": "Global Monetary Policy",
"dominance": 5
},
{
"name": "US Economic Health",
"dominance": 4
},
{
"name": "US Fiscal Trajectory & Sovereign Debt",
"dominance": 4
},
{
"name": "Tariff War (Aug 1)",
"dominance": 4
}
],
"key_changes": [
"Same defensiveness (+4) but composition rotates: Reacceleration 26->21, Soft Landing 22->27, Stagflation 38->35, Deflationary Bust 14->17 -> quality-cyclicals + defensives over deep cyclicals",
"New CRITICAL driver: Iran/Hormuz oil supply shock (Hormuz declared closed); Energy re-rated Short SO, Energy overweight raised near-term across all tiers",
"EM trimmed near-term (Short U) but kept as a contrarian long-recovery sleeve (Long O)",
"Technology reclassified Trend (Short N, Med/Long O) - a structural AI/productivity tilt, not a washed-out recovery; key risk is the armed S&P-concentration tail",
"Contrarian sleeve narrowed to EM / Copper / Silver (the genuine Long>>Short recovery plays)",
"Stable: Gold 11/12/12; long bonds (TLT), HY/IG credit, broad SPY, Real Estate, Discretionary all remain 0% (macro-penalised)"
],
"trend_contrarian_split": {
"Aggressive": "84/16",
"Balanced": "91/9",
"Conservative": "95/5"
},
"tiers": {
"Aggressive": {
"expected_behaviour": "Leads in Reacceleration/energy-shock paths (real-asset + cyclical heavy); its thin 8% cash and 16% contrarian sleeve make it the most volatile; the gold/TIPS/defensive core cushions a stagflation drift.",
"weights": {
"Energy": {
"pct": 11,
"asset_class": "equity",
"vehicle": "XLE",
"gics_sector": "Energy"
},
"Industrials": {
"pct": 10,
"asset_class": "equity",
"vehicle": "XLI",
"gics_sector": "Industrials"
},
"Materials": {
"pct": 6,
"asset_class": "equity",
"vehicle": "XLB",
"gics_sector": "Materials"
},
"Aerospace & Defense": {
"pct": 6,
"asset_class": "equity",
"vehicle": "XAR",
"gics_sector": "Industrials"
},
"Financials": {
"pct": 4,
"asset_class": "equity",
"vehicle": "XLF",
"gics_sector": "Financials"
},
"Comm. Services": {
"pct": 4,
"asset_class": "equity",
"vehicle": "XLC",
"gics_sector": "Communication Services"
},
"Health Care": {
"pct": 4,
"asset_class": "equity",
"vehicle": "XLV",
"gics_sector": "Health Care"
},
"Utilities": {
"pct": 2,
"asset_class": "equity",
"vehicle": "XLU",
"gics_sector": "Utilities"
},
"Gold": {
"pct": 11,
"asset_class": "commodity",
"vehicle": "GLD"
},
"Inflation-linked (TIPS)": {
"pct": 6,
"asset_class": "fixed_income",
"vehicle": "TIP"
},
"Agriculture / Broad Commodities": {
"pct": 5,
"asset_class": "commodity",
"vehicle": "DBA"
},
"Technology": {
"pct": 7,
"asset_class": "equity",
"vehicle": "XLK",
"gics_sector": "Information Technology"
},
"EM Equities": {
"pct": 5,
"asset_class": "equity",
"vehicle": "EEM",
"gics_sector": "EM Equities"
},
"Copper / Ind Metals": {
"pct": 8,
"asset_class": "commodity",
"vehicle": "CPER"
},
"Silver": {
"pct": 3,
"asset_class": "commodity",
"vehicle": "SLV"
},
"Cash / Short Treasuries": {
"pct": 8,
"asset_class": "cash",
"vehicle": "BIL"
}
}
},
"Balanced": {
"expected_behaviour": "Meaningful gold/TIPS/cash ballast (39%) + a defensive-equity core (19%) with a moderate cyclical tilt; designed to hold up across all four scenarios with muted drawdown.",
"weights": {
"Gold": {
"pct": 12,
"asset_class": "commodity",
"vehicle": "GLD"
},
"Inflation-linked (TIPS)": {
"pct": 9,
"asset_class": "fixed_income",
"vehicle": "TIP"
},
"Agriculture / Broad Commodities": {
"pct": 4,
"asset_class": "commodity",
"vehicle": "DBA"
},
"Energy": {
"pct": 6,
"asset_class": "equity",
"vehicle": "XLE",
"gics_sector": "Energy"
},
"Industrials": {
"pct": 6,
"asset_class": "equity",
"vehicle": "XLI",
"gics_sector": "Industrials"
},
"Materials": {
"pct": 3,
"asset_class": "equity",
"vehicle": "XLB",
"gics_sector": "Materials"
},
"Aerospace & Defense": {
"pct": 4,
"asset_class": "equity",
"vehicle": "XAR",
"gics_sector": "Industrials"
},
"Financials": {
"pct": 2,
"asset_class": "equity",
"vehicle": "XLF",
"gics_sector": "Financials"
},
"Comm. Services": {
"pct": 3,
"asset_class": "equity",
"vehicle": "XLC",
"gics_sector": "Communication Services"
},
"Health Care": {
"pct": 8,
"asset_class": "equity",
"vehicle": "XLV",
"gics_sector": "Health Care"
},
"Cons. Staples": {
"pct": 5,
"asset_class": "equity",
"vehicle": "XLP",
"gics_sector": "Consumer Staples"
},
"Utilities": {
"pct": 6,
"asset_class": "equity",
"vehicle": "XLU",
"gics_sector": "Utilities"
},
"Technology": {
"pct": 5,
"asset_class": "equity",
"vehicle": "XLK",
"gics_sector": "Information Technology"
},
"EM Equities": {
"pct": 3,
"asset_class": "equity",
"vehicle": "EEM",
"gics_sector": "EM Equities"
},
"Copper / Ind Metals": {
"pct": 4,
"asset_class": "commodity",
"vehicle": "CPER"
},
"Silver": {
"pct": 2,
"asset_class": "commodity",
"vehicle": "SLV"
},
"Cash / Short Treasuries": {
"pct": 18,
"asset_class": "cash",
"vehicle": "BIL"
}
}
},
"Conservative": {
"expected_behaviour": "Capital-preservation + inflation protection - 38% cash + 26% gold/TIPS ballast, defensive equity only, a token 5% contrarian sleeve and a small energy/defense inflation hedge. Minimal cyclicals; lowest volatility.",
"weights": {
"Cash / Short Treasuries": {
"pct": 38,
"asset_class": "cash",
"vehicle": "BIL"
},
"Gold": {
"pct": 12,
"asset_class": "commodity",
"vehicle": "GLD"
},
"Inflation-linked (TIPS)": {
"pct": 14,
"asset_class": "fixed_income",
"vehicle": "TIP"
},
"Agriculture / Broad Commodities": {
"pct": 3,
"asset_class": "commodity",
"vehicle": "DBA"
},
"Health Care": {
"pct": 7,
"asset_class": "equity",
"vehicle": "XLV",
"gics_sector": "Health Care"
},
"Cons. Staples": {
"pct": 5,
"asset_class": "equity",
"vehicle": "XLP",
"gics_sector": "Consumer Staples"
},
"Utilities": {
"pct": 6,
"asset_class": "equity",
"vehicle": "XLU",
"gics_sector": "Utilities"
},
"Energy": {
"pct": 3,
"asset_class": "equity",
"vehicle": "XLE",
"gics_sector": "Energy"
},
"Aerospace & Defense": {
"pct": 3,
"asset_class": "equity",
"vehicle": "XAR",
"gics_sector": "Industrials"
},
"Industrials": {
"pct": 2,
"asset_class": "equity",
"vehicle": "XLI",
"gics_sector": "Industrials"
},
"Technology": {
"pct": 2,
"asset_class": "equity",
"vehicle": "XLK",
"gics_sector": "Information Technology"
},
"Copper / Ind Metals": {
"pct": 3,
"asset_class": "commodity",
"vehicle": "CPER"
},
"Silver": {
"pct": 2,
"asset_class": "commodity",
"vehicle": "SLV"
}
}
}
}
}