TYC Diversified Portfolio

Please find attached the Diversified Portfolio Report.

The strategy finds that the US and a growing number of other countries are
in the tightening phase, which is defined as rising interest rates
negatively affecting growth. As a result, the portfolio increases the
exposure to flattening yield curves in order to profit more from rising
short-term rates.

Increased balance-of-payments risk in emerging markets even causes a
temporary net-short stance in equities, which will be reversed as soon as
capital flows stabilize.