AugurMax Asset Allocation Changes 2020-12-31
Equity exposure remains maxed out at year-end and there were sizable shifts into the UK and the Euro-land from Japan and small cap US stocks. Exposure to US large cap was raised somewhat while substantial shorts are now prescribed for stocks in Australia and Canada. Currencies catapulted into positive territory from a prior short with the Yen gaining the most. An implicit bet against the US dollar is evident in the new year. Tips moved back into a long position while Ten Year Treasuries and US investment grade bonds were throttled back so that both now represent shorts. Corn moved from a short to a long and is now the biggest commodity bet. These asset allocation changes are largely influenced by our ECO methodology and performance results on stand-alone assets like gold and others are shown here.