If you wonder why the reshuffling comes ahead of time (usually the first day of the month), it’s because I am taking some time off in July. The August reshuffling will be delayed, likewise.
|S&P 500 (SPY)||24%||26%|
|MSCI EAFA (EFA)||7%||—|
|Emerging Markets (EEM)||—||19%|
|US Bonds (TLT)||35%||42%|
|Dow Jones US Real Estate (IYR)||34%||—|
|MSCI Japan (EWJ)||—||13%|
Both strategies are lightening their bond holdings, but allocating the freed capital differently. The bet on real estate by the original strategy is substantial – curious to see how it plays out, although I feel much more comfortable with the “modified” allocations.