TYC Diversified Portfolio

Please find attached the Diversified Portfolio Report.

The asset allocation remains defensive due to cyclical risk in an unusually
large number of countries, including the US and China. The strategy makes
smaller position adjustments this month, including small reductions of
equity, bond and USD exposure.

With regard to commodities, the expected correction has happened in recent
months, but the strategy is looking for an even better entry point. The
exact timing will primarily depend on the development of financial and
economic risk in China, as the current late-cycle phase of the global
economy normally comes with a positive return expectation for commodities.