USMV: 60-day history, VaR(99%)=-0.0110, max drawdown threshold=10%.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0000, std=0.0052, worst_day=-0.0127
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q NVDA 2025-11-19] nvda-20251026 0001045810 1/25 2026 Q3 FALSE 478 469 278 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure nvda:investment nvda:segment 0001045810 2025-01-27 2025-10-26 0001045810 2025-11-14 0001045810 2025-07-28 2025-10-26 0001045810 2024-07-29 2024-10-27 0001045810 2024-01-29 2024-10-27 0001045810 2025-10-26 0001045810 2025-01-26 0001045810 us-gaap:CommonStockMember 2025-07-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-27 0001045810 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-28 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-07-28 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 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us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:Cust [...TRUNCATED...] President, Operations Adoption 9/9/2025 309,840 12/31/2026 Donald Robertson Vice President and Chief Accounting Officer Adoption 9/18/2025 138,042 * 12/31/2026 Ajay Puri Executive Vice President, Worldwide Field Operations Adoption 9/19/2025 1,000,000 6/24/2026 * Includes 38,042 shares from future vests of equity awards, and the actual number of shares to be sold will be net of shares withheld by the Company for taxes. 42 Item 6. Exhibits Exhibit No.  Exhibit Description 31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. * Filed herewith. # In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Copies of above exhibits not contained herein are available to any shareholder upon written request to: Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051. 43 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 19, 2025   NVIDIA Corporation  By:    /s/ Colette M. Kress   Colette M. Kress   Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) 44

Determine the maximum fraction of total portfolio capital that should be allocated to USMV, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0110 (i.e., a 1.10% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0110 = 9.0925, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.1140, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0025, std=0.0471, worst_day=-0.1463
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to SOL-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8775

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1140 (i.e., a 11.40% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1140 = 0.8775, capped at 1.0.
Maximum position size = 0.8775 (87.8% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.1099, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0013, std=0.0500, worst_day=-0.1161
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to XRP-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.9099

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1099 (i.e., a 10.99% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1099 = 0.9099, capped at 1.0.
Maximum position size = 0.9099 (91.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.0606, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0010, std=0.0286, worst_day=-0.0675
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to XRP-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0606 (i.e., a 6.06% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0606 = 1.6508, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNB-USD: 60-day history, VaR(99%)=-0.0553, max drawdown threshold=10%.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=0.0020, std=0.0310, worst_day=-0.0718
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to BNB-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0553 (i.e., a 5.53% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0553 = 1.8067, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLE: 60-day history, VaR(99%)=-0.0208, max drawdown threshold=10%.

Question:
Asset: XLE
Daily returns (past 60 days): mean=0.0012, std=0.0104, worst_day=-0.0227
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Determine the maximum fraction of total portfolio capital that should be allocated to XLE, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0208 (i.e., a 2.08% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0208 = 4.8070, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


FXI: 60-day history, VaR(99%)=-0.0299, max drawdown threshold=10%.

Question:
Asset: FXI
Daily returns (past 60 days): mean=-0.0001, std=0.0121, worst_day=-0.0438
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Determine the maximum fraction of total portfolio capital that should be allocated to FXI, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0299 (i.e., a 2.99% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0299 = 3.3442, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.1498, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=-0.0053, std=0.0603, worst_day=-0.1701
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to LINK-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.6678

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1498 (i.e., a 14.98% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1498 = 0.6678, capped at 1.0.
Maximum position size = 0.6678 (66.8% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.1614, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0036, std=0.0448, worst_day=-0.1989
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.6194

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1614 (i.e., a 16.14% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1614 = 0.6194, capped at 1.0.
Maximum position size = 0.6194 (61.9% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.0795, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0010, std=0.0352, worst_day=-0.0949
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0795 (i.e., a 7.95% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0795 = 1.2585, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0996, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=-0.0003, std=0.0408, worst_day=-0.1204
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to ETH-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0996 (i.e., a 9.96% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0996 = 1.0043, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IVV: 60-day history, VaR(99%)=-0.0328, max drawdown threshold=10%.

Question:
Asset: IVV
Daily returns (past 60 days): mean=0.0007, std=0.0133, worst_day=-0.0328
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-16] ["My Top 5 AI Stocks to Buy Before the Second Half AI stocks drove market gains over the past two years, but earlier this year they led declines. Investors, worried about the potential impact of import tariffs on the economy, avoided growth stocks. Since, pressure has eased, opening up the door to more possible gains for AI players. 10 stocks we like better than Nvidia \u203a The first half of the year was a turbulent one for stocks in general amid concern President Trump's planned import tariffs would hurt the economy. And this problem weighed most heavily on stocks that depend on growth and investment -- such as those in the field of artificial intelligence (AI). These particular players led indexes higher over the past two years on optimism about spending and the technology's potential, but they lost momentum in March and April. Since, though, the U.S. has made progress on trade talks, and this has lifted market sentiment. Meanwhile, tech companies' earnings reports show no signs of a slowdown in AI spending. This has spurred new gains in AI stocks, and if the U.S. trade situation resolves without excessively high tariffs, these players could continue to advance. With this in mind, here are my top five AI stocks to buy before the second half. Nvidia (NASDAQ: NVDA) soared more than 800% over the past two years as investors piled into this stock driving the AI revolution. The company dominates the AI chip market, and these chips are used for the most essential AI tasks. Nvidia hasn't had to wait to benefit from the AI market. The company already has delivered double- or triple-digit growth, with revenue attaining record levels. This momentum is likely to continue as Nvidia is well positioned to power AI across every stage of development, from training through the creation of humanoid robots. I'm confident about this thanks to Nvidia's commitment to innovation -- it's already set out a calendar of chip updates through 2028. This makes it very difficult for rivals to upset its position. Now is a great time to get in on this high-potential player as it's on sale, trading for 33 times forward earnings estimates -- down from more than 50 earlier in the year. Amazon (NASDAQ: AMZN), which sells some imported goods on its e-commerce site and also works with sellers that import goods, may benefit as trade tensions ease. The company also is winning from AI in two ways: Amazon uses AI tools to streamline operations, resulting in lower costs and greater efficiency. And Amazon, through its cloud unit Amazon Web Services (AWS), sells AI services to customers. AI services already have helped AWS reach a $117 billion annual revenue run rate. All of this could make Amazon a winner in the second half of this year and beyond. On top of this, the company already has demonstrated its earnings strength, growing revenue and profit over time. And its overhaul of its cost structure in recent years should drive even more gains moving forward. Amazon's valuation has falle

Determine the maximum fraction of total portfolio capital that should be allocated to IVV, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0328 (i.e., a 3.28% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0328 = 3.0503, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


QUAL: 60-day history, VaR(99%)=-0.0339, max drawdown threshold=10%.

Question:
Asset: QUAL
Daily returns (past 60 days): mean=-0.0009, std=0.0141, worst_day=-0.0339
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-21] ["China AI Rally Laggard Baidu Faces Low Bar for Earnings Boost (Bloomberg) -- The current earnings season has largely been a letdown for China\u2019s big tech stocks, lowering the hurdle for Baidu Inc. to impress investors seeking a fresh angle on the artificial intelligence theme. Most Read from Bloomberg Can Frank Gehry\u2019s \u2018Grand LA\u2019 Make Downtown Feel Like a Neighborhood? Chicago\u2019s O\u2019Hare Airport Seeks Up to $4.3 Billion of Muni Debt NJ Transit Makes Deal With Engineers, Ending Three-Day Strike China\u2019s top search engine had made early advances in AI but fell behind as DeepSeek shocked the world with its low-cost model and Alibaba Group Holding Ltd. grabbed headlines as well. Baidu\u2019s shares are up 6% in Hong Kong this year, while Alibaba has surged 48% and the Hang Seng Tech Index has climbed 19%. The street has drastically lowered its view on Baidu ahead of its results due later Wednesday, with the average 12-month analyst price target for the stock down 26% over the past year. It\u2019s also now trading at a big discount relative to peers and historical levels. In a similar vein to Alphabet Inc.\u2019s results beat last month, \u201cif Baidu can build a strong case that search is not an ex-growth business and GenAI can boost its existing business including search, that will make the low expectation into the earnings play in favor of the stock price,\u201d said Xiadong Bao, a fund manager at Edmond de Rothschild Asset Management. China tech stocks have lost some steam since March\u2019s DeepSeek-fueled peak amid concerns over tensions with the US, the health of China\u2019s economy and Beijing\u2019s stimulus plans. Recent earnings from Alibaba and Tencent Holdings Ltd. underwhelmed investors looking for a new catalyst. Advertising still accounts for the bulk of Baidu\u2019s revenue, and investors will be closely watching for clear signs of improvement in the macro-dependent business. UBS AG estimates its ad revenue declined 5.7%, a smaller drop than in the December quarter. The slow ad recovery has been weighing on Baidu\u2019s shares the most, said Kai Wang, a Morningstar Inc. analyst. \u201cOnce advertising comes back, Baidu\u2019s valuation should come up pretty quickly, as that\u2019s likely holding the AI business back,\u201d he said. \u201cIt\u2019s one of the few players in China that can actually build out the data centers and AI infrastructure, while its AI offerings with the Ernie model have improved.\u201d The stock\u2019s underperformance has made it cheaper, currently trading at 8.6 times forward earnings estimates, well below its longer-term averages as well as the Hang Seng Tech Index\u2019s 16 times. On the positive side, UBS, Morgan Stanley and others expect Baidu to post robust cloud sales growth of more than 20% for the three months ended March, extending the December period\u2019s AI-driven momentum. Analysts project it will report a narrower decline in overall quarterly revenue and retur

Determine the maximum fraction of total portfolio capital that should be allocated to QUAL, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0339 (i.e., a 3.39% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0339 = 2.9513, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.1252, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=-0.0083, std=0.0444, worst_day=-0.1485
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to ETH-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.7989

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1252 (i.e., a 12.52% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1252 = 0.7989, capped at 1.0.
Maximum position size = 0.7989 (79.9% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0415, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=-0.0001, std=0.0209, worst_day=-0.0505
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to BTC-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0415 (i.e., a 4.15% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0415 = 2.4082, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLB: 60-day history, VaR(99%)=-0.0337, max drawdown threshold=10%.

Question:
Asset: XLB
Daily returns (past 60 days): mean=-0.0008, std=0.0149, worst_day=-0.0337
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-15] ["Trump Says India Offered to Remove All Tariffs on US Goods (Bloomberg) -- Sign up for the India Edition newsletter by Menaka Doshi \u2013 an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. Most Read from Bloomberg As Coastline Erodes, One California City Considers \u2018Retreat Now\u2019 As Coastline Erodes, One California City Considers \u2018Retreat Now\u2019 How a Highway Became San Francisco\u2019s Newest Park How a Highway Became San Francisco\u2019s Newest Park Power-Hungry Data Centers Are Warming Homes in the Nordics Power-Hungry Data Centers Are Warming Homes in the Nordics Maryland\u2019s Credit Rating Gets Downgraded as Governor Blames Trump Maryland\u2019s Credit Rating Gets Downgraded as Governor Blames Trump NYC Commuters Brace for Chaos as NJ Transit Rail Strike Looms NYC Commuters Brace for Chaos as NJ Transit Rail Strike Looms President Donald Trump said India has made an offer to drop tariffs on US goods, as the Asian nation negotiates a deal to avert higher import taxes. Speaking Thursday at an event with business leaders in Qatar, Trump said the Indian government has \u201coffered us a deal where basically they are willing to literally charge us no tariff.\u201d Trump didn\u2019t provide further details of New Delhi\u2019s apparent offer and the Indian Ministry of Commerce and Industry didn\u2019t immediately respond to a request for comment. India\u2019s External Affairs Minister Subrahmanyam Jaishankar told reporters later in the day that trade talks between India and the US are ongoing and \u201cany judgment on it would be premature\u201d until a \u201cmutually beneficial\u201d agreement is reached, according to local media. India was one of the first countries to begin trade negotiations with the US following Prime Minister Narendra Modi\u2019s visit to the White House in February, with both sides agreeing to finalize the first phase of a bilateral deal by the fall. India\u2019s trade minister is expected to meet Trump administration officials in the US from May 17-20 for further negotiations. Trump\u2019s comments came days after India threatened to impose retaliatory tariffs in response to higher US duties on steel and aluminum, a sign that New Delhi may be adopting a more assertive approach in its trade negotiations with the White House. The trade talks remain on track though, people familiar with the matter have said. Some analysts in New Delhi suggested that Trump\u2019s remarks could indicate either that India is close to finalizing a deal, or that the comments are a negotiating tactic by the White House. \u201cAn India\u2013US trade deal may be on the cards,\u201d said Ajay Srivastava, founder of New Delhi-based think tank Global Trade Research Institute. \u201cBut the deal must ensure strict reciprocity, with both sides eliminating tariffs equally.\u201d Market reaction was relatively muted after Trump\u2019s comments with the rupee recou

Determine the maximum fraction of total portfolio capital that should be allocated to XLB, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0337 (i.e., a 3.37% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0337 = 2.9659, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.1527, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0051, std=0.0637, worst_day=-0.1548
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-22] ["Sector Update: Tech Stocks Decline Thursday Afternoon Tech stocks retreated Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasi", "Steve Jobs didn\u2019t actually become a billionaire thanks to leading Apple\u2014but rather from his work with a film company he bought off George Lucas The late billionaire Steve Jobs is known for being cofounder and CEO of Apple\u2014and introducing the iPhone, iPad, and iMac to the world. However, his time at the computer company wasn\u2019t what helped strike gold for his net worth. Jobs actually made the billions in 1995\u2014three years before the iMac hit shelves\u2014after using an unexpected career roadblock to his advantage, with a little help from Tom Hanks and Tim Allen. \u201cTo infinity and beyond!\u201d wasn\u2019t just the catchphrase of Toy Story\u2019s Buzz Lightyear\u2014it was the turning point that turned Steve Jobs into a billionaire. After a power struggle that forced Jobs out of Apple in 1985, Jobs bought Lucasfilm\u2019s computer graphics division the next year for $10 million. The seller was George Lucas, fresh off creating the Star Wars empire. That small acquisition would soon be renamed Pixar\u2014and would change both Hollywood and Jobs\u2019 fortune forever. The company got off to a rocky start, with Jobs questioning whether to sell it multiple times, thanks in part to having to personally cover its monthly cash shortfall. But by 1995, Jobs believed Pixar was ready for primetime. In a week\u2019s span in November, it would release its first major film, Toy Story, as well as launch an IPO. Lawrence Levy, the company\u2019s then-CFO, wrote that it reminded him of the 100-meter sprint in the Olympic Games: a lifetime of training that comes down to a snapshot performance. \u201cIf the world fell in love with Toy Story, Pixar would have a chance to usher in a new era of animated entertainment,\u201d he said in his book, To Pixar and Beyond: My Unlikely Journey With Steve Jobs to Make Entertainment History. \u201cIf it didn\u2019t, Pixar might be written off as another company that tried but never quite hit the mark.\u201d As the 80% owner of Pixar, the IPO stakes were even higher for Jobs. If everything went well, he was hoping to finally see some return on his Pixar investment. If everything went south, it might have shut the door on any future collaboration with Disney and led to the waste of a decade of his entrepreneurial life. Luckily, all expectations were shattered. Pixar\u2019s initial stock price was predicted to reach between $12 and $14, but at the end of the first day of trading, it was worth 175% more, at $39 a share. This was thanks largely to Toy Story, with Tom Hanks and Tim Allen as lead voices, nearly doubling its box office expectations. Jobs\u2019 stake sent his net worth soaring to over $1 billion. Jobs would later rejoin Apple in 1997, but he remained involved in Pixar as it churned out hit after hit, including Finding Nemo, The Incredibles,

Determine the maximum fraction of total portfolio capital that should be allocated to ^VIX, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.6550

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1527 (i.e., a 15.27% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1527 = 0.6550, capped at 1.0.
Maximum position size = 0.6550 (65.5% of portfolio).


BNDX: 60-day history, VaR(99%)=-0.0064, max drawdown threshold=10%.

Question:
Asset: BNDX
Daily returns (past 60 days): mean=-0.0001, std=0.0025, worst_day=-0.0064
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to BNDX, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0064 (i.e., a 0.64% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0064 = 15.7147, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.0974, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=-0.0053, std=0.0425, worst_day=-0.1339
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to LINK-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0974 (i.e., a 9.74% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0974 = 1.0265, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IWM: 60-day history, VaR(99%)=-0.0371, max drawdown threshold=10%.

Question:
Asset: IWM
Daily returns (past 60 days): mean=-0.0023, std=0.0160, worst_day=-0.0371
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q PFE 2025-05-05] pfe-20250330 0000078003 12/31 2025 Q1 false P1Y P3Y P5Y P7Y xbrli:shares iso4217:USD iso4217:USD xbrli:shares pfe:segment xbrli:pure pfe:company pfe:patent pfe:complaint pfe:treatment_course 0000078003 2025-01-01 2025-03-30 0000078003 us-gaap:CommonStockMember 2025-01-01 2025-03-30 0000078003 pfe:NotesDue20271.000Member 2025-01-01 2025-03-30 0000078003 2025-04-30 0000078003 us-gaap:ProductMember 2025-01-01 2025-03-30 0000078003 us-gaap:ProductMember 2024-01-01 2024-03-31 0000078003 2024-01-01 2024-03-31 0000078003 us-gaap:RoyaltyMember 2025-01-01 2025-03-30 0000078003 us-gaap:RoyaltyMember 2024-01-01 2024-03-31 0000078003 2025-03-30 0000078003 2024-12-31 0000078003 us-gaap:CommonStockMember 2024-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2024-12-31 0000078003 us-gaap:RetainedEarningsMember 2024-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000078003 us-gaap:ParentMember 2024-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2024-12-31 0000078003 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-30 0000078003 us-gaap:ParentMember 2025-01-01 2025-03-30 0000078003 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-03-30 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-30 0000078003 us-gaap:CommonStockMember 2025-01-01 2025-03-30 0000078003 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-30 0000078003 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-03-30 0000078003 us-gaap:CommonStockMember 2025-03-30 0000078003 us-gaap:AdditionalPaidInCapitalMember 2025-03-30 0000078003 us-gaap:TreasuryStockCommonMember 2025-03-30 0000078003 us-gaap:RetainedEarningsMember 2025-03-30 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-30 0000078003 us-gaap:ParentMember 2025-03-30 0000078003 us-gaap:NoncontrollingInterestMember 2025-03-30 0000078003 us-gaap:CommonStockMember 2023-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2023-12-31 0000078003 us-gaap:RetainedEarningsMember 2023-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000078003 us-gaap:ParentMember 2023-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2023-12-31 0000078003 2023-12-31 0000078003 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0000078003 us-gaap:ParentMember 2024-01-01 2024-03-31 0000078003 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-03-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0000078003 us-gaap:CommonStockMember 2024-01-01 2024-03-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0000078003 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-03-31 0000078003 us-gaap:CommonStockMember 2024-03-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0000078003 us-gaap:TreasuryStockCommonMember 2024-03-31 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us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-01-01 2024-03-31 0000078003 us-gaap:ResearchAnd [...TRUNCATED...] f Shares Purchased as Part of Publicly Announced Plan Approximate Value of Shares That May Yet Be Purchased Under the Plan (b) January 1 through January 26, 2025 25,387  $ 26.65  —  $ 3,292,882,444  January 27 through February 23, 2025 1,107,921  $ 26.29  —  $ 3,292,882,444  February 24 through March 30, 2025 8,191,799  $ 26.23  —  $ 3,292,882,444  Total 9,325,107  $ 26.24  —  50 (a) Represents (i) 9,321,821 shares of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of awards under our long-term incentive programs and (ii) the open market purchase by the trustee of 3,286 shares of common stock in connection with the reinvestment of dividends paid on common stock held in trust for employees who deferred receipt of performance share awards. (b) See Note 12 in our 2024 Form 10-K. ITEM 5. OTHER INFORMATION During the three months ended March 30, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K. ITEM 6. EXHIBITS   Exhibit 31.1 Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   Exhibit 31.2 Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   Exhibit 32.1 Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   Exhibit 32.2 Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   Exhibit 101:     EX-101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.   EX-101.SCH EX-101.CAL EX-101.LAB EX-101.PRE EX-101.DEF   Inline XBRL Taxonomy Extension Schema Inline XBRL Taxonomy Extension Calculation Linkbase Inline XBRL Taxonomy Extension Label Linkbase Inline XBRL Taxonomy Extension Presentation Linkbase Inline XBRL Taxonomy Extension Definition Document Exhibit 104 Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   Pfizer Inc.   (Registrant)         Dated: May 5, 2025 /s/ Jennifer B. Damico   Jennifer B. Damico Senior Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) 51

Determine the maximum fraction of total portfolio capital that should be allocated to IWM, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0371 (i.e., a 3.71% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0371 = 2.6978, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EWJ: 60-day history, VaR(99%)=-0.0226, max drawdown threshold=10%.

Question:
Asset: EWJ
Daily returns (past 60 days): mean=-0.0006, std=0.0095, worst_day=-0.0254
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Determine the maximum fraction of total portfolio capital that should be allocated to EWJ, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0226 (i.e., a 2.26% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0226 = 4.4193, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VNQ: 60-day history, VaR(99%)=-0.0197, max drawdown threshold=10%.

Question:
Asset: VNQ
Daily returns (past 60 days): mean=0.0004, std=0.0089, worst_day=-0.0241
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to VNQ, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0197 (i.e., a 1.97% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0197 = 5.0883, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EFA: 60-day history, VaR(99%)=-0.0192, max drawdown threshold=10%.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0012, std=0.0083, worst_day=-0.0248
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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us-gaap:OtherCurrentLiabilitiesMember 2023-12-31 0 [...TRUNCATED...] my Extension Presentation Linkbase *101.DEF Inline XBRL Taxonomy Extension Definition Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. ITEM 16. FORM 10-K SUMMARY None. SIGNATURES Under the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this report was signed on behalf of the Registrant by the authorized person named below. Pfizer Inc. Dated: February 27, 2025 By: /S/    MARGARET M. MADDEN Margaret M. Madden Senior Vice President and Corporate Secretary Chief Governance Counsel We, the undersigned directors and officers of Pfizer Inc., hereby severally constitute Douglas M. Lankler and Margaret M. Madden, and each of them singly, our true and lawful attorneys with full power to them and each of them to sign for us, in our names in the capacities indicated below, any and all amendments to this Annual Report on Form 10-K filed with the Securities and Exchange Commission. Under the requirements of the Securities Exchange Act of 1934, this report was signed by the following persons on behalf of the Registrant and in the capacities and on the date indicated . Pfizer Inc. 2024 Form 10-K 113 Signature Title Date /S/    ALBERT BOURLA Albert Bourla Chairman, Chief Executive Officer and Director (Principal Executive Officer) February 27, 2025 /S/    DAVID M. DENTON David M. Denton Chief Financial Officer, Executive Vice President (Principal Financial Officer) February 27, 2025 /S/    JENNIFER B. DAMICO Jennifer B. Damico Senior Vice President and Controller (Principal Accounting Officer) February 27, 2025 /S/    RONALD E. BLAYLOCK Ronald E. Blaylock Director February 27, 2025 /S/    MORTIMER J. BUCKLEY Mortimer J. Buckley Director February 27, 2025 /S/    SUSAN DESMOND-HELLMANN Susan Desmond-Hellmann Director February 27, 2025 /S/    JOSEPH J. ECHEVARRIA Joseph J. Echevarria Director February 27, 2025 /S/    SCOTT GOTTLIEB Scott Gottlieb Director February 27, 2025 /S/    HELEN H. HOBBS Helen H. Hobbs Director February 27, 2025 /S/    SUSAN HOCKFIELD Susan Hockfield Director February 27, 2025 /S/    DAN R. LITTMAN Dan R. Littman Director February 27, 2025 /S/    SHANTANU NARAYEN Shantanu Narayen Director February 27, 2025 /S/    SUZANNE NORA JOHNSON Suzanne Nora Johnson Director February 27, 2025 /S/    JAMES QUINCEY James Quincey Director February 27, 2025 /S/    JAMES C. SMITH James C. Smith Director February 27, 2025 /S/    CYRUS TARAPOREVALA Cyrus Taraporevala Director February 27, 2025 Pfizer Inc. 2024 Form 10-K 114

Determine the maximum fraction of total portfolio capital that should be allocated to EFA, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0192 (i.e., a 1.92% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0192 = 5.1997, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLB: 60-day history, VaR(99%)=-0.0206, max drawdown threshold=10%.

Question:
Asset: XLB
Daily returns (past 60 days): mean=0.0004, std=0.0100, worst_day=-0.0211
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2025-03-31] LTRX Transforms Edge AI Computing by Unveiling Open-Q 8550CS SOM Lantronix, Inc. LTRX introduced its latest offering, the Open-Q 8550CS System-on-Module (SOM). Powered by Qualcomm’s Dragonwing QCS8550 processor, this production-ready module is designed to bring low-power, high-performance AI and Machine Learning capabilities to the Edge computing. This innovation aims to accelerate the development of AI-driven applications across a broad spectrum of industries like smart warehousing, manufacturing, transportation, logistics and retail. Lantronix’s Open-Q 8550CS SOM is built specifically to meet the extreme Edge AI demands, making it an ideal solution for advanced video applications, robotics, drones, industrial automation and smart warehousing. This Lantronix platform exhibits characteristics similar to all its embedded compute technology and delivers a full solution with hardware, software, Device Management, and services, allowing customers to accelerate time to market. Lantronix Open-Q solutions are TAA and NDAA-compliant, ensuring a minimum of 10 years of longevity with strict quality control. With more than 20 years of expertise, LTRX has delivered more than 1,200 hardware and software projects, fostering reliability and innovation. The state-of-the-art solution is a high-performance, power-efficient computing platform designed with best-in-class AI capabilities, security and connectivity. It has a powerful 4nm Octa-core CPU (up to 3.2 GHz), Adreno A740 GPU, dual AI engines, and strong security. Supports Wi-Fi 7 (5.8Gbps), up to 8GB LPDDR5 RAM, 128GB UFS storage, and runs Android 13 & Linux Yocto Kirkstone. It also features a Computer Vision Engine, multiple camera/display ports, and Qualcomm Sensing Hub 3.0 for top-tier AI, multimedia, and connectivity performance. This platform boosts video conferencing, AGV pathing, smart camera quality and Edge AI scalability with octa-core computing and 48 AI TOPS tensor performance. The platform handles 3D rendering and computer vision with Adreno 740 GPU, ray tracing and 4K/8K video support while enabling Edge AI with 2.5G and 10G Ethernet. To support developers in evaluating and integrating the Open-Q 8550CS SOM, Lantronix offers a comprehensive Development Kit. This kit provides a fully-featured carrier board exposing all I/O interfaces, support for multiple camera configurations (C-PHY and D-PHY MIPI CSI, GMSL), AI accelerators for always-on applications (voice, contextual data, sensors) and comprehensive connectivity options, including Gigabit Ethernet, GNSS and DisplayPort. This kit is designed to reduce development time, allowing developers to quickly test, validate and deploy AI-powered solutions. Apart from hardware and software, Lantronix Engineering Services provides turn-key product development support for Open-Q platforms and kits. With expertise in more than 1,500 successful products, the team specializes in camera tuning, voice control, machine learning, RF and mechanical design and powe

Determine the maximum fraction of total portfolio capital that should be allocated to XLB, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0206 (i.e., a 2.06% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0206 = 4.8577, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.1460, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0066, std=0.0598, worst_day=-0.1761
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to ADA-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.6849

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1460 (i.e., a 14.60% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1460 = 0.6849, capped at 1.0.
Maximum position size = 0.6849 (68.5% of portfolio).


XLP: 60-day history, VaR(99%)=-0.0232, max drawdown threshold=10%.

Question:
Asset: XLP
Daily returns (past 60 days): mean=0.0000, std=0.0106, worst_day=-0.0250
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-23] ["Gold Climbs After Trump\u2019s EU and Apple Threats Stoke Trade Fears (Bloomberg) -- Gold extended its weekly gain toward 5% after Donald Trump threatened to impose sweeping tariffs on the European Union and Apple Inc., fueling demand for haven assets. Most Read from Bloomberg NY Private School Pleads for Donors to Stay Open After Declaring Bankruptcy Can Frank Gehry\u2019s \u2018Grand LA\u2019 Make Downtown Feel Like a Neighborhood? UAE\u2019s AI University Aims to Become Stanford of the Gulf NYC\u2019s War on Trash Gets a Glam Squad Chicago\u2019s O\u2019Hare Airport Seeks Up to $4.3 Billion of Muni Debt Spot bullion rose by as much as 2.1% after the US President threatened a 50% tariff on goods from the European Union starting on June 1, saying \u201cour discussions with them are going nowhere.\u201d US equity futures fell. Trump also threatened Apple with a tariff of at least 25% if it does not manufacture its iPhones in the US. Bullion has surged by more than a quarter this year and is about $150 below the all-time-high reached last month. Its ascent has been underpinned by the fallout from the US-led tariff war, which sent investors fleeing from equities exposed to the disruptions in trade. Concerns about the fiscal position of the US government have also supported demand for haven assets. After the decision by Moody\u2019s Ratings to strip the US of its top credit rating, investors are now concerned that President Donald Trump\u2019s signature tax bill \u2014 which passed the House and now goes to the Senate \u2014 will boost the already swelling deficit. Yields on 10-year US Treasuries pushed higher this week, hovering around 4.5%. In earlier years, such a move would have been a major headwind for gold as it doesn\u2019t pay interest, with bullion prices and yields typically moving inversely. That correlation has now weakened, as investors forgo higher interest payments for safe havens. Meanwhile platinum rose to the highest in two years and is on track for a weekly gain of more than 10%, the biggest such advance in more than four years. Gold traded 1.9% higher to $3,357.78 an ounce as of 11:33 a.m. in New York. The Bloomberg Dollar Spot Index slipped 0.6%, on course for a weekly drop. Silver advanced while palladium slipped. --With assistance from John Deane, Jason Scott, Yihui Xie and Yvonne Yue Li. Most Read from Bloomberg Businessweek Why Apple Still Hasn\u2019t Cracked AI How Coach Handbags Became a Gen Z Status Symbol Inside the First Stargate AI Data Center Microsoft\u2019s CEO on How AI Will Remake Every Company, Including His Anthropic Is Trying to Win the AI Race Without Losing Its Soul \u00a92025 Bloomberg L.P.", "US Long-Term Borrowing Costs Surge Over Deficit Concerns (Bloomberg) -- Bond investors are demanding more and more compensation to hold long-dated US debt as global markets grow anxious about the widening fiscal deficit in the world\u2019s biggest economy. Most Read from Bloomberg NY Private School Pleads for Donors

Determine the maximum fraction of total portfolio capital that should be allocated to XLP, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0232 (i.e., a 2.32% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0232 = 4.3067, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


AVAX-USD: 60-day history, VaR(99%)=-0.1475, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0059, std=0.0497, worst_day=-0.1912
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to AVAX-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.6781

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1475 (i.e., a 14.75% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1475 = 0.6781, capped at 1.0.
Maximum position size = 0.6781 (67.8% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.1119, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0024, std=0.0399, worst_day=-0.1761
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to ADA-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8938

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1119 (i.e., a 11.19% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1119 = 0.8938, capped at 1.0.
Maximum position size = 0.8938 (89.4% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.1219, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0050, std=0.0428, worst_day=-0.1391
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8201

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1219 (i.e., a 12.19% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1219 = 0.8201, capped at 1.0.
Maximum position size = 0.8201 (82.0% of portfolio).


EFA: 59-day history, VaR(99%)=-0.0193, max drawdown threshold=10%.

Question:
Asset: EFA
Daily returns (past 59 days): mean=0.0013, std=0.0075, worst_day=-0.0248
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time. Item 16.  Form 10-K Summary. None. 129 Table of Contents Form 10-K   SIGNATURES   Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.     CATERPILLAR INC.   Registrant     February 14, 2025 By: /s/ Derek Owens     Derek Owens Chief Legal Officer and General Counsel   Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.       Chairman of the Board  and Chief Executive Officer February 14, 2025 /s/ D. James Umpleby III   D. James Umpleby III       February 14, 2025 /s/ Andrew R.J. Bonfield Chief Financial Officer Andrew R.J. Bonfield     February 14, 2025 /s/ William E. Schaupp Vice President and Chief Accounting Officer   William E. Schaupp             February 14, 2025 /s/ Daniel M. Dickinson Director   Daniel M. Dickinson   February 14, 2025 /s/ James C. Fish, Jr. Director James C. Fish, Jr.       130 Table of Contents February 14, 2025 /s/ Gerald Johnson Director   Gerald Johnson   February 14, 2025 /s/ Nazzic S. Keene Director Nazzic S. Keene       February 14, 2025 /s/ David W. MacLennan Director   David W. MacLennan   February 14, 2025 /s/ Judith F. Marks Director Judith F. Marks February 14, 2025 /s/ Debra L. Reed-Klages Presiding Director Debra L. Reed-Klages       February 14, 2025 /s/ Susan C. Schwab Director   Susan C. Schwab             February 14, 2025 /s/ Rayford Wilkins, Jr. Director   Rayford Wilkins, Jr.   131

Determine the maximum fraction of total portfolio capital that should be allocated to EFA, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0193 (i.e., a 1.93% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0193 = 5.1742, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).