The portfolio backtesting has been run by (1) measuring the cumulated performance of each single ETF daily owned in the portfolio after fees, and (2) measuring the discrete annual performance of the same moving parts The trading views are crystalized a day before model-trading and the performance of those views is then measured the day after. The S&P500 is measured via the iShares S&P500 ETF including fees, which actually over-performs the index according to Blackrock data. The neutral 60/40 index is composed by 4 ETFs, including their fees, as follows: 35% S&P500, 25% Stoxx600, 20% US Treasuries, 20% Euro govies. Portfolio performance includes our EURUSD model views (so FX management is active) while the comparable performance of the S&P500 and the neutral index are in their source currencies (and thus as if they were fully hedged back into EUR without hedging costs). Max drawdowns are measures on rolling 30-day periods.