XLI: 60-day history, VaR(99%)=-0.0218, max drawdown threshold=10%.

Question:
Asset: XLI
Daily returns (past 60 days): mean=-0.0006, std=0.0090, worst_day=-0.0287
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 2024-10-31 0000104169 2023-08-01 2023-10-31 0000104169 2023-02-01 2023-10-31 0000104169 2024-10-31 0000104169 2024-01-31 0000104169 2023-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-08-01 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-10-31 0000104169 us-gaap:RetainedEarningsMember 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-31 0000104169 us-gaap:ParentMember 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-10-31 0000104169 us-gaap:CommonStockMember 2023-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-31 0000104169 us-gaap:ParentMember 2023-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-01-31 0000104169 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-02-01 2023-04-30 0000104169 us-gaap:ParentMember 2023-02-01 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-02-01 2023-04-30 0000104169 2023-02-01 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-02-01 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-30 0000104169 us-gaap:ParentMember 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-04-30 0000104169 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-05-01 2023-07-31 0000104169 us-gaap:ParentMember 2023-05-01 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-05-01 2023-07-31 0000104169 2023-05-01 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-05-01 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-31 0000104169 us-gaap:ParentMember 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-07-31 0000104169 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-08-01 2023-10-31 0000104169 us-gaap:ParentMember 2023-08-01 2023-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-08-01 2023-10-31 0000104169 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 XLI, 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 = 0.0218 (i.e., a 2.18% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0218 = 4.5899, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLU: 60-day history, VaR(99%)=-0.0152, max drawdown threshold=10%.

Question:
Asset: XLU
Daily returns (past 60 days): mean=0.0008, std=0.0077, worst_day=-0.0176
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-26] ["Apple\u2019s August Stock Revival Gives Hope to Concerned Investors (Bloomberg) -- Apple Inc.\u2019s stock is showing signs of life after struggling through most of 2025, as the tariff-related risks that have weighed on the company start to ease. Shares of the tech giant entered August down 17% for the year due in part to concerns about the impact of President Donald Trump\u2019s sweeping levies, which cost the company $800 million in its fiscal third quarter alone. The US president has long criticized Apple for its reliance on overseas production partners, at one point even threatening to punish the company with tariffs if it didn\u2019t make its iPhones in the US. Most Read from Bloomberg In Trump\u2019s DC Crackdown, the National Park Service Leads Homeless Sweeps Germany Revives a Building Style With a Bleak History: Prefab Housing Chicago Schools\u2019 Late Pension Payment Magnifies Fiscal Mess To Boost Housing, Chicago Kills Parking Minimums Central Glasgow Could Be Poised for a Revival Then, at an event in the Oval Office on Aug. 6, Apple Chief Executive Officer Tim Cook committed to spending an additional $100 billion on manufacturing in the US. Combined with the iPhone maker\u2019s expansion of a long-standing deal with glass-supplier Corning Inc., the risk of additional Trump tariffs were seen as diminishing and the stock took off, soaring 8.7% in August, putting it on pace for its best month since June 2024. The stock fell 0.7% on Tuesday. \u201cThe picture is a lot clearer from a tariff standpoint,\u201d said George Cipolloni, a veteran portfolio manager. Apple \u201cwas in Trump\u2019s crosshairs, but Cook kissed the ring and now it no longer seems to be, which removes a headwind.\u201d It\u2019s been a strange stretch for Apple. The stock has been a reliable winner for years, soaring more than 240% from 2020 through 2024, putting it among the 20 best performers in the tech-heavy Nasdaq 100 Index. But this year has been different. Even with its August run, the shares are still down 10% in 2025, putting them among the worst performers in the benchmark. In addition to tariffs, the company is facing skepticism about its artificial intelligence plans and sluggish sales growth. The stock also remains relatively expensive. Even with this year\u2019s selloff, it\u2019s trading at 29 times projected earnings, a premium to its average over the past decade of 21 times and to the Nasdaq 100\u2019s multiple of 27. However, sentiment is clearly improving. Late last month, Apple reported its fastest quarterly revenue growth in more than three years, supported by its iPhone business and strength in the China market. AI Strategy More importantly, the Cupertino, California-based company is working on a revamped AI strategy that will include robots, a lifelike version of its Siri digital assistant, and a smart speaker with a display, Bloomberg News reported two weeks ago. It\u2019s also said to be in early discussions about using Google Gemini to po

Determine the maximum fraction of total portfolio capital that should be allocated to XLU, 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 = 0.0152 (i.e., a 1.52% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0152 = 6.5947, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.1341, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0065, std=0.0510, worst_day=-0.1391
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 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: 0.7458

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1341 (i.e., a 13.41% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1341 = 0.7458, capped at 1.0.
Maximum position size = 0.7458 (74.6% of portfolio).


QUAL: 60-day history, VaR(99%)=-0.0175, max drawdown threshold=10%.

Question:
Asset: QUAL
Daily returns (past 60 days): mean=0.0008, std=0.0073, worst_day=-0.0246
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 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-26 0001045810 us-gaap:RetainedEarningsMember 2025-10-26 0001045810 us-gaap:CommonStockMember 2024-07-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-28 0001045810 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-07-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-27 0001045810 us-gaap:RetainedEarningsMember 2024-10-27 0001045810 2024-10-27 0001045810 us-gaap:CommonStockMember 2025-01-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-27 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-27 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-01-27 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-27 2025-10-26 0001045810 us-gaap:CommonStockMember 2024-01-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-28 0001045810 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-01-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-29 2024-10-27 0001045810 us-gaap:CostOfSalesMember 2025-07-28 2025-10-26 0001045810 us-gaap:CostOfSalesMember 2024-07-29 2024-10-27 0001045810 us-gaap:CostOfSalesMember 2025-01-27 2025-10-26 0001045810 us-gaap:CostOfSalesMember 2024-01-29 2024-10-27 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2025-07-28 2025-10-26 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2024-07-29 2024-10-27 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-27 2025-10-26 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2024-01-29 2024-10-27 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-07-28 2025-10-26 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-07-29 2024-10-27 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-01-27 2025-10-26 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-01-29 2024-10-27 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-01-26 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-01-27 2025-10-26 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-10-26 0001045810 us-gaap:EmployeeStockMember 2025-01-27 2025-10-26 0001045810 us-gaap:USTreasurySecuritiesMember 2025-10-26 0001045810 us-gaap:CorporateDebtSecuritiesMember 2025-10-26 0001045810 us-gaap:MoneyMarketFundsMember 2025-10-26 0001045810 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-10-26 0001045810 us-gaap:CertificatesOfDepositMember 2025-10-26 0001045810 us-gaap:ForeignGovernmentDebtMember 2025-10-26 0001045810 nvda:MarketableSecuritiesWithFairValueAdjustmentsRecordedInOtherComprehensiveIncomeMember 2025-10-26 0001045810 nvda:PubliclyHeldEquitySecuritiesMember 2025-10-26 0001045810 2025-01-27 2025-04-27 0001045810 us-gaap:CorporateDebtSecuritiesMember 2025-01-26 0001045810 us-gaap:USTreasurySecuritiesMember 2025-01-26 0001045810 us-gaap:MoneyMarketFundsMember 2025-01-26 0001045810 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-01-26 0001045810 us-gaap:ForeignGovernmentDebtMember 2025-01-26 0001045810 us-gaap:CertificatesOfDepositMember 2025-01-26 0001045810 nvda:MarketableSecuritiesWithFairValueAdjustmentsRecordedInOtherComprehensiveIncomeMember 2025-01-26 0001045810 nvda:PubliclyHeldEquitySecuritiesMember 2025-01-26 0001045810 nvda:IntangibleAssetsArisingFromBusinessCombinationMember 2025-10-26 0001045810 nvda:IntangibleAssetsArisingFromBusinessCombinationMember 2025-01-26 0001045810 nvda:PatentsAndLicensedTechnologyMember 2025-10-26 0001045810 nvda:PatentsAndLicensedTechnologyMember 2025-01-26 0001045810 nvda:CustomerOneMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:CustomerTwoMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:CustomerThreeMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:CustomerFourMember us-gaap:CustomerConcentrationRiskMember 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 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 = 0.0175 (i.e., a 1.75% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0175 = 5.7169, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.0682, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0123, std=0.0466, worst_day=-0.0752
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 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 = 0.0682 (i.e., a 6.82% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0682 = 1.4661, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VEA: 60-day history, VaR(99%)=-0.0184, max drawdown threshold=10%.

Question:
Asset: VEA
Daily returns (past 60 days): mean=0.0018, std=0.0085, worst_day=-0.0233
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-03-19] KLA Corporation (KLAC): Among Stocks to Buy That May Be Splitting Soon We recently published a list of the 12 Stocks to Buy That May Be Splitting Soon. In this article, we are going to take a look at where KLA Corporation (NASDAQ:KLAC) stands against other stocks that may be splitting soon. Stock splits change the number of outstanding shares of a company, but not the company’s overall value. A forward split makes each share cheaper and easier to buy. Splits can range from 2-for-1 to 100-for-1 or more. In a 2-for-1 split, one share becomes two by cutting the price in half. For instance, a $100 share becomes two $50 shares. This makes shares more affordable and attracts more investors. Even though the price per share drops, the total value held by shareholders stays the same. So, splits don’t change who controls the company. The main reason for a split is to make the stock more appealing, or accessible for retail investors. Dan Suzuki, Deputy CIO at Bernstein Advisors, joined CNBC’s ‘Squawk on the Street’ on March 14 to share his perspective on the recent persistent three-week downtrend in the indexes during an interview. He explained that the sell-off is largely driven by uncertainty and its negative impact on sentiment. According to Suzuki, analyzing market movements reveals that the stocks that rallied most after the election until mid-February have seen significant declines since then and create a mirror image effect. Additionally, the most expensive and high-beta stocks have been hit hardest as the market prices are in an uncertainty risk premium. These dynamics are central to what is driving markets currently. Despite this, Suzuki noted that hard economic data remains strong and suggests that relief from headline uncertainties could reduce the risk premium. Suzuki noted concerns over soft retail sales and spending figures, which might be due to weather or seasonal factors. However, he highlighted resilience in weekly retail sales and strong leading indicators. Prolonged uncertainty could still impact growth. Suzuki linked consumer trends to disappointing corporate guidance and persistently high inflation, which affected sentiment. He also pointed out the wealth effect caused by a stock market decline of 10% or more, particularly for investors in crowded names. Markets are adjusting to persistent uncertainty, which will continue even with relief anticipated within the next month or two, which will prevent a return to the high multiples seen in 2020-2023. In an uncertain market with heightened risk premiums, companies considering stock splits may need to weigh the potential benefits against the backdrop of overall market sentiment. The ongoing economic uncertainty and changes in consumer behavior might impact how companies approach decisions about stock splits, especially if they are concerned about maintaining investor confidence in a volatile market. With that being said, we’re here with a list of the 12 stocks to buy that may be splitting s

Determine the maximum fraction of total portfolio capital that should be allocated to VEA, 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 = 0.0184 (i.e., a 1.84% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0184 = 5.4301, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLE: 60-day history, VaR(99%)=-0.0481, max drawdown threshold=10%.

Question:
Asset: XLE
Daily returns (past 60 days): mean=0.0004, std=0.0176, worst_day=-0.0481
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-13] ["Warren Buffett Is Wagering 72% of Berkshire Hathaway's $283 Billion of Invested Capital on These 7 Unstoppable Stocks Riding Warren Buffett's coattails and mirroring his trading activity has been a profitable venture for decades. Buffett and his late right-hand man Charlie Munger have long believed in putting most of Berkshire's capital to work in their top ideas. Seven magnificent stocks account for more than $203 billion of Berkshire Hathaway's $283 billion investment portfolio. 10 stocks we like better than Apple \u203a There's probably not a money manager on Wall Street who garners as much attention as Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett. The appropriately named \"Oracle of Omaha\" has overseen a nearly 6,000,000% aggregate return in his company's Class A shares (BRK.A) through the closing bell on June 9. For the sake of comparison, the broad-based S&P 500's total return, including dividends, is a shade over 40,000% over the same 60-year timeline. Despite Buffett being 94 years old and planning to step down as CEO by the end of the year, investors still eagerly follow his investing activity. Riding Buffett's coattails and mirroring his trading activity has been a profitable venture for decades. But one of the most defining aspects of Warren Buffett's investment philosophy has been his penchant for portfolio concentration. Both Buffett and late right-hand man Charlie Munger believed in putting an outsized percentage of their company's invested assets to work in their best ideas. With less than seven months to go before Buffett officially cedes his long-held executive role to Greg Abel, he's wagering 72% ($203.3 billion) of Berkshire Hathaway's $283 billion of invested assets on just seven unstoppable stocks. Despite Buffett paring down 67% of Berkshire's stake in Apple (NASDAQ: AAPL) since Sept. 30, 2023, it still represents the Oracle of Omaha's largest holding by a substantial amount. While Apple's calling card has often been its innovation, as well as its ongoing transformation into a higher-margin subscription-driven operating model, Buffett's investment in Apple primarily revolves around his keen understanding of consumer behaviors. Apple has an exceptionally loyal customer base, and most importantly consumers trust the brand. Additionally, Apple has the world's leading share-repurchase program. Since kicking off its buyback initiative in 2013, Apple has spent more than $750 billion to reduce its outstanding share count by 43.3%. Lowering its share count has undoubtedly had a positive impact on the company's earnings per share. Credit-services titan American Express (NYSE: AXP) is one of eight holdings Berkshire's chief has no intention of ever selling, based on his 2023 annual letter to shareholders. Shares of AmEx, as American Express is more-commonly known, have been held continuously by Berkshire Hathaway since 1991. What's made AmEx so special is its ability to benefit from both sides of a transaction.

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 = 0.0481 (i.e., a 4.81% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0481 = 2.0787, 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=0.0007, std=0.0133, worst_day=-0.0339
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-09] ["Apple's WWDC: Analyst Sees AI Unveil, Siri Revamp And Alibaba Deal As Catalyst For iPhone Upgrade Wedbush analyst Daniel Ives maintained an Outperform rating on Apple Inc (NASDAQ:AAPL) with a price forecast of $270. On Monday, Apple will host WWDC in Cupertino at Apple Park, where it will present its key annual conference for developers. Ives stated in the analyst note that Apple\u2019s AI strategy has faced many challenges since the launch of Apple Intelligence, as this ultimately unlocks the developer ecosystem, which remains the heart and lungs of the Apple story. Also Read: Tariffs, AI And Trade War: Apple\u2019s Smartphone Growth To Take A Hit, Experts Say While many on the Street are heading into WWDC as underwhelming, given the slower-than-expected rollout of Apple Intelligence, the analyst strongly noted that this will be the start of the AI monetization period of the Apple ecosystem as the company will continue to lay the foundation through its new operating system updates across Mac, iOS, iPad, and others with its \u201c26\u201d update. Ives will seek the blueprint for the next frontier of the AI and developer strategy from Chief Tim Cook and Apple. The analyst continues to view this first launch of Apple Intelligence as just the beginning of a broader AI strategy for Apple, as he estimated roughly 25% of the world\u2019s population will eventually access AI through an Apple device over the next few years. Ives said the company will provide a wide array of new features through Apple Intelligence, including a revamped operating system, while answering key questions about the overall AI strategy that has recently come under fire from the Street. The company will likely provide some crucial updates on Siri\u2019s integration with Gemini and ChatGPT and the progress of integrating this technology deeper into its app ecosystem, which will be key to unlocking the iPhone upgrade cycle for iPhone 17, as per the analyst. Ives expects Alibaba Group Holding (NYSE:BABA) to be announced as its AI partner in China before the Fall timeframe, ideally ahead of iPhone 17. The analyst said Apple Intelligence is a catalyst for upgrades in the U.S., and now, heading into 2026, the Golden Goose China region will be getting this technology launched. This Alibaba partnership is key to the long-awaited growth catalyst in this region. Ives estimates that over 100 million of the roughly 200 million iPhones in China are in the window of an upgrade opportunity. Ives projected fiscal 2025 revenue of $404.09 billion and EPS of $6.90. AAPL Price Action: Apple stock is up 0.45% to $204.83 at last check Monday. Read Next: Apple App Store Sales Jump In May, Boosting Outlook For Services Growth Image via Shutterstock View More Analyst Ratings for AAPL View the Latest Analyst Ratings UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock ana

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).


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

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0012, std=0.0308, 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).


XLV: 60-day history, VaR(99%)=-0.0148, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=0.0019, std=0.0087, worst_day=-0.0151
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2025-12-03] wmt-20251031 0000104169 1/31 2026 Q3 false 178 340 294 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure wmt:state wmt:territory wmt:case wmt:classAction wmt:securitiesClassAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN wmt:segment 0000104169 2025-02-01 2025-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2025-02-01 2025-10-31 0000104169 wmt:A2.550NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1050NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1500NotesDue2028Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2029Member 2025-02-01 2025-10-31 0000104169 wmt:A5750NotesDue2030Member 2025-02-01 2025-10-31 0000104169 wmt:A1800NotesDue2031Member 2025-02-01 2025-10-31 0000104169 wmt:A5625NotesDue2034Member 2025-02-01 2025-10-31 0000104169 wmt:A5250NotesDue2035Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2039Member 2025-02-01 2025-10-31 0000104169 2025-12-02 0000104169 2025-08-01 2025-10-31 0000104169 2024-08-01 2024-10-31 0000104169 2024-02-01 2024-10-31 0000104169 2025-10-31 0000104169 2025-01-31 0000104169 2024-10-31 0000104169 us-gaap:CommonStockMember 2025-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-31 0000104169 us-gaap:ParentMember 2025-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-02-01 2025-04-30 0000104169 us-gaap:ParentMember 2025-02-01 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-02-01 2025-04-30 0000104169 2025-02-01 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-02-01 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-30 0000104169 us-gaap:ParentMember 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-04-30 0000104169 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-05-01 2025-07-31 0000104169 us-gaap:ParentMember 2025-05-01 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-05-01 2025-07-31 0000104169 2025-05-01 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-05-01 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-31 0000104169 us-gaap:ParentMember 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-07-31 0000104169 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0000104169 us-gaap:ParentMember 2025-08-01 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0000104169 us-gaap:RetainedEarningsMember 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0000104169 us-gaap:ParentMember 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 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 XLV, 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 = 0.0148 (i.e., a 1.48% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0148 = 6.7764, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLE: 60-day history, VaR(99%)=-0.0481, max drawdown threshold=10%.

Question:
Asset: XLE
Daily returns (past 60 days): mean=-0.0004, std=0.0180, worst_day=-0.0481
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-30] ["Simon Boosts Portfolio With Brickell City Centre's Retail Arm Buyout Simon Property Group SPG recently announced that it has purchased Swire Properties\u2019 stake in Brickell City Centre\u2019s open-air shopping center and will now wholly own and manage the asset. Earlier, SPG held a 25% non-managing interest in the retail at the property. The move will boost Simon\u2019s portfolio, aiding leasing and future revenue growth and creating shareholder value. A mixed-use destination, Brickell City Centre spans five million square feet and is well-recognized for its architectural sophistication. It features a 500,000-square-foot open-air shopping center completed in 2016. Located in the heart of the Brickell district of downtown Miami, the shopping center is anchored by a Saks Fifth Avenue with a Casa Tua Cucina location. The property comprises four levels of dining and entertainment interconnected across three city blocks. With more than 90 retail stores, including the likes of Apple, Zara, and Coach and more than 15 premium dining and entertainment locations, the center will act as a major footfall driver for SPG. Simon Property owns a diversified portfolio of premium retail assets in some of the key markets across the United States and globally. For the past several years, the company has been investing billions to transform its properties and is focused on creating value and driving footfall at the properties. The company has been restructuring its portfolio, aiming at premium acquisitions and transformative redevelopments. In January 2025, Simon Property announced that it had taken over 100% of The Mall Luxury Outlets entities from Kering. In February 2025, Simon Property announced that it would launch a multimillion-dollar redevelopment at Smith Haven Mall, which it plans to begin this summer and complete in 2026. However, growing e-commerce adoption and high debt burden raise concerns for Simon. Moreover, macroeconomic uncertainty can result in strain on retailers' balance sheets, leading to bankruptcies. In the past three months, shares of this Zacks Rank #3 (Hold) company have lost 3.4% compared to the industry\u2019s decline of 3.1%. Analysts seem bearish on the stock, with its 2025 funds from operations (FFO) per share revised marginally southward to $12.45 over the past month. Image Source: Zacks Investment Research Some better-ranked stocks from the broader REIT sector are VICI Properties VICI and W.P. Carey WPC, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today\u2019s Zacks #1 Rank (Strong Buy) stocks here. The Zacks Consensus Estimate for VICI\u2019s 2025 FFO per share is pegged at $2.35, implying year-over-year growth of 4%. The Zacks Consensus Estimate for WPC\u2019s 2025 FFO per share is pegged at $4.88, indicating an increase of 3.8% from the year-ago reported figure. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to ga

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


XRP-USD: 60-day history, VaR(99%)=-0.1035, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0019, std=0.0478, worst_day=-0.1056
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: 0.9658

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1035 (i.e., a 10.35% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1035 = 0.9658, capped at 1.0.
Maximum position size = 0.9658 (96.6% of portfolio).


XLU: 60-day history, VaR(99%)=-0.0122, max drawdown threshold=10%.

Question:
Asset: XLU
Daily returns (past 60 days): mean=0.0004, std=0.0074, worst_day=-0.0134
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 XLU, 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 = 0.0122 (i.e., a 1.22% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0122 = 8.1943, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLI: 60-day history, VaR(99%)=-0.0129, max drawdown threshold=10%.

Question:
Asset: XLI
Daily returns (past 60 days): mean=0.0005, std=0.0070, worst_day=-0.0150
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 XLI, 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 = 0.0129 (i.e., a 1.29% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0129 = 7.7352, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SCHP: 60-day history, VaR(99%)=-0.0041, max drawdown threshold=10%.

Question:
Asset: SCHP
Daily returns (past 60 days): mean=0.0006, std=0.0024, worst_day=-0.0045
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to SCHP, 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 = 0.0041 (i.e., a 0.41% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0041 = 24.6835, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ICSH: 60-day history, VaR(99%)=-0.0003, max drawdown threshold=10%.

Question:
Asset: ICSH
Daily returns (past 60 days): mean=0.0002, std=0.0002, worst_day=-0.0004
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to ICSH, 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 = 0.0003 (i.e., a 0.03% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0003 = 359.5645, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


UNG: 60-day history, VaR(99%)=-0.0665, max drawdown threshold=10%.

Question:
Asset: UNG
Daily returns (past 60 days): mean=-0.0036, std=0.0361, worst_day=-0.0709
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to UNG, 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 = 0.0665 (i.e., a 6.65% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0665 = 1.5036, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLB: 60-day history, VaR(99%)=-0.0176, max drawdown threshold=10%.

Question:
Asset: XLB
Daily returns (past 60 days): mean=0.0018, std=0.0102, worst_day=-0.0208
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-16] ["Tariffs Are Showing Up in Inflation. Why Trump Can\u2019t Afford to Ditch Powell. House deals a blow to \u201cCrypto Week,\u201d ASML warns on 2026 growth, a promising Chinese weight-loss drug, and more news to start your day.", "Top Midday Gainers Longevity Health (XAGE) shares almost doubled amid heavy trading after the company said late Monday", "Why Is Jamf (JAMF) Stock Soaring Today Shares of apple device management company, Jamf (NASDAQ:JAMF) jumped 7.2% in the morning session after the company announced it expects to exceed the high end of its second-quarter 2025 guidance and revealed a new strategic reinvestment plan. The Apple device management company now anticipates both revenue and non-GAAP operating income to surpass its previous forecasts. The original guidance for the second quarter, which ended June 30, projected total revenue between $167.5 million and $169.5 million, with non-GAAP operating income of $29.5 million to $30.5 million. In a move to bolster long-term growth, Jamf also announced a strategic plan that includes reducing its workforce by about 6.4% and reallocating resources. The company will increase its focus on enterprise customers and accelerate investments in artificial intelligence. While the restructuring will result in one-time charges of $11.0 million to $12.5 million, investors appear to be focused on the positive outlook and the company's efforts to improve operational efficiency and drive future profitability. After the initial pop the shares cooled down to $8.30, up 1% from previous close. Is now the time to buy Jamf? Access our full analysis report here, it\u2019s free. Jamf\u2019s shares are somewhat volatile and have had 12 moves greater than 5% over the last year. In that context, today\u2019s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 4 days ago when the stock dropped 3.9% after a broader market sell-off triggered by renewed trade tensions. U.S. stock indices fell after the Trump administration announced intentions to impose a 35% tariff on many goods imported from Canada. This move is far more than a typical trade dispute; it targets the United States' largest and most deeply integrated trading partner. Canada is not merely a neighbor but a critical component of North American supply chains, particularly in sectors like automotive, energy, and critical minerals. This move sparked concerns about potential retaliatory actions and a wider impact on the North American economy, leading to a risk-off sentiment among investors. The S&P 500, Dow Jones Industrial Average, and Nasdaq all opened lower, pulling back from recent record highs and heading for their first weekly loss in three weeks. Jamf is down 41.1% since the beginning of the year, and at $8.30 per share, it is trading 56.1% below its 52-week high of $18.91 from July 2024. Investors who bought $1,000 worth of Jam

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 = 0.0176 (i.e., a 1.76% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0176 = 5.6921, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0023, std=0.0179, worst_day=-0.0393
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 = 0.0339 (i.e., a 3.39% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0339 = 2.9516, capped at 1.0.
Maximum position size = 1.0000 (100.0% 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=-0.0007, std=0.0305, 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


AVAX-USD: 60-day history, VaR(99%)=-0.1503, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0095, std=0.0573, worst_day=-0.1606
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 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: 0.6655

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1503 (i.e., a 15.03% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1503 = 0.6655, capped at 1.0.
Maximum position size = 0.6655 (66.5% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.0825, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=-0.0020, std=0.0352, worst_day=-0.1033
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 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 = 0.0825 (i.e., a 8.25% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0825 = 1.2117, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VLUE: 60-day history, VaR(99%)=-0.0356, max drawdown threshold=10%.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=0.0008, std=0.0135, worst_day=-0.0356
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-24] ["Trump\u2019s Chip Tariff Threat Sparks Pushback From Auto Industry to Tech (Bloomberg) -- Blowback to President Donald Trump\u2019s idea of tariffs on imported semiconductors is proving to be broad and deep, stretching from auto companies and boat makers to the technology industry and crypto enthusiasts, according to a review of more than 150 public comments on the proposal. Most Read from Bloomberg Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US State Budget Wounds Intensify From Trump, DOGE Policy Shifts US Renters Face Storm of Rising Costs Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags The possible levy of up to 25% has united rivals like Tesla Inc., General Motors Co. and Ford Motor Co. in voicing reservations. It\u2019s brought together industry lobbies from the Crypto Council for Innovation to the National Marine Manufacturers Association. Even Taiwan and the People\u2019s Republic of China are finding common cause, along with predictable parts of the tech sector including chipmakers and wireless providers. The reason is that chips are now in almost everything: refrigerators and microwaves, tire pressure sensors and navigation systems, electronic bidets and sonar equipment and, of course, smartphones and computers. Tariffs threaten to snarl supply lines and jack up costs for consumers. \u201cThere\u2019s a large mismatch between the amount of chips we use in this country in various products and the supply created here in the US,\u201d JoAnne Feeney, a partner and portfolio manager at Advisors Capital Management, said in an interview. \u201cPutting a tax on those imports will simply raise the cost, and that\u2019s not a good thing for consumers.\u201d Case in point is the marine association, which warns the impact would be felt by more than 1,300 manufacturers who face higher expenses for essentials like propulsion technology, engines and GPS systems. \u201cThese systems are not optional luxuries \u2014 they are fundamental to safety, function and performance,\u201d the association said. \u201cMany components have no US equivalent or are only available from highly concentrated suppliers overseas.\u201d The boating sector\u2019s concerns were among comments from 154 stakeholders submitted to a Commerce Department review of whether to slap tariffs on chips as part of Trump\u2019s campaign to redraw global supply lines and boost domestic manufacturing. Predictable tech sources weighed in, including chipmakers Taiwan Semiconductor Manufacturing Co. and Intel Corp. But feedback also landed from a wide spectrum of sectors, along with trading partners like Japan and Brazil. The companies, trade groups and individuals who commented on the chips investigation largely signaled support for the president\u2019s vision of deepening the US manufacturing base and expanding the American workforce. Yet most expressed concern over the potential consequences and urged making any levies that emerge as targeted as pos

Determine the maximum fraction of total portfolio capital that should be allocated to VLUE, 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 = 0.0356 (i.e., a 3.56% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0356 = 2.8129, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLF: 60-day history, VaR(99%)=-0.0195, max drawdown threshold=10%.

Question:
Asset: XLF
Daily returns (past 60 days): mean=0.0010, std=0.0082, worst_day=-0.0206
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-20] ["SoftBank and Trump may not be enough to save Intel Intel (INTC) rose roughly 7% on Tuesday, a day after SoftBank Group announced it would take a $2 billion stake in the struggling chipmaker. News of SoftBank's investment follows a Bloomberg report last week that said the Trump administration is considering taking up to a 10% position in the company. Treasury Secretary Scott Bessent confirmed in a CNBC interview Tuesday that the investment would involve the US government converting Intel's grants from the Biden-era CHIPS and Science Act \u2014 worth $10.9 billion \u2014 into an equity stake aimed at stabilizing the company's US manufacturing business. Bessent did not confirm the size of the stake the government would take. Intel has fallen behind in an industry it once dominated. Its manufacturing division is bleeding cash, just as its legacy computer chip segment forfeits market share to rivals Advanced Micro Devices (AMD) and Qualcomm (QCOM) in the PC space. Intel is also woefully behind AMD and Nvidia (NVDA) in the AI race. The company's market capitalization of $111 billion is less than half of its value in 2021. And CEO Lip-Bu Tan has been forced to lay off 15% of the company's workforce and shelve plans to build plants in Europe. But the troubled chipmaker is the only large-scale US-based leading-edge chip manufacturer, giving it geopolitical significance as the nation looks to reshore semiconductor production. Intel's problems, however, may be too big for either SoftBank or the Trump administration to solve on their own. Deutsche Bank analyst Ross Seymore said news of the US potentially taking a stake in Intel, combined with the SoftBank investment, shows that \"[Tan] is taking bold actions to solidify Intel's financial and strategic positioning during its ongoing difficult transformation process.\" Tan became CEO in March after Intel's board ousted former CEO Pat Gelsinger late last year. But others on Wall Street expressed skepticism that those investments would be enough to save Intel from its decline, which resulted from years of missteps. Loop Capital analyst Gary Mobley wrote in a recent note to clients that the support from SoftBank and, potentially, the US government may be \"akin to a lifeline with no secure anchor at the other end,\" because while Intel may be \"finding new buyers of its primary equity capital,\" that may not guarantee it can find customers for its manufacturing business. Gelsinger established Intel's third-party chip manufacturing business, otherwise known as its Foundry, in 2021 as a means of competing with rival TSMC, which produces chips for companies including Nvidia, Apple (AAPL), AMD, and others. But so far, its Foundry business has been a disappointment, struggling to secure customers. While Intel has said it reached agreements to build chips for Amazon (AMZN) and Microsoft (MSFT), the company is still its own largest manufacturing client. Intel's plan includes building chips based on newer technologies,

Determine the maximum fraction of total portfolio capital that should be allocated to XLF, 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 = 0.0195 (i.e., a 1.95% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0195 = 5.1341, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.0739, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0005, std=0.0420, worst_day=-0.0759
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 = 0.0739 (i.e., a 7.39% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0739 = 1.3525, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EWJ: 60-day history, VaR(99%)=-0.0244, max drawdown threshold=10%.

Question:
Asset: EWJ
Daily returns (past 60 days): mean=0.0016, std=0.0110, worst_day=-0.0325
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 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 = 0.0244 (i.e., a 2.44% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0244 = 4.0942, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


USO: 60-day history, VaR(99%)=-0.0414, max drawdown threshold=10%.

Question:
Asset: USO
Daily returns (past 60 days): mean=-0.0004, std=0.0160, worst_day=-0.0430
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to USO, 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 = 0.0414 (i.e., a 4.14% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0414 = 2.4147, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0570, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0065, std=0.0321, worst_day=-0.0737
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 = 0.0570 (i.e., a 5.70% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0570 = 1.7548, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VTI: 60-day history, VaR(99%)=-0.0300, max drawdown threshold=10%.

Question:
Asset: VTI
Daily returns (past 60 days): mean=-0.0015, std=0.0112, worst_day=-0.0335
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2025-04-03] SMCI Stock Set to Transition from Micro to Mighty as Wall St. Analysts Eye 40% Upside Super Micro Computer (SMCI) might have the word “micro” in its name, but make no mistake—this Silicon Valley-based server and storage powerhouse has been delivering mighty growth over the past three years. With the boom in AI training, cloud data centers, and enterprise IT, Super Micro has surged 829%, alongside some of the hottest trends in technology. Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks. Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter. While the company’s most explosive alpha years—2023 and 2024—are now behind us, I believe the runway is far from finished. Based on projected earnings per share growth and only a slight expansion in the price-to-earnings ratio, I’m targeting a 40% return from the stock over the next twelve months. Let’s start with the obvious: Super Micro’s growth has been anything but modest. The surge in artificial intelligence workloads and expansion in cloud infrastructure has created ideal conditions for the company to thrive. Management has been bold, too. They’ve described the AI revolution as “much more impactful than the Industrial Revolution,” and they’re positioning Super Micro accordingly. If that thesis holds true—and I believe it does—then the company is in a superb position to capitalize over the coming years. One specific area where Super Micro stands out is liquid-cooled server design. According to the company’s CEO, roughly 30% of new data centers are expected to adopt direct liquid cooling over the next twelve months. That’s significant—and Super Micro is already a frontrunner in this space. According to Main Street Data, SMCI’s revenues have grown as segment proportions have remained broadly consistent. Let’s talk numbers. In FY2024, SMCI posted 110% year-over-year revenue growth. GAAP net income also surged, climbing 80% from the previous year. Looking further back, from FY2021 through FY2024, Super Micro pulled off a stunning 60% compound annual growth rate in revenue—while only growing its operating expenses by 25%. The company is scaling with discipline and efficiency, an increasingly rare feat in today’s hyper-growth tech landscape. We’re already well into FY2025, with Q3 results expected in May. For the full year, management is guiding toward approximately $24 billion in revenue, representing about 60% year-over-year growth. They’re also quite bullish about FY2026, setting expectations for $40 billion in annual revenue. That forecast may be optimistic, but the broader growth trajectory is undeniably strong—and the valuation doesn’t seem overstretched given the potential upside ahead. Currently, Super Micro stock is trading at ~$35 per share after a sharp pullback, meaning it’s priced at less than its trailing twelve-month revenue—a clear signal of value. But investor sentiment has understandably cooled. Th

Determine the maximum fraction of total portfolio capital that should be allocated to VTI, 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 = 0.0300 (i.e., a 3.00% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0300 = 3.3316, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


USMV: 60-day history, VaR(99%)=-0.0101, max drawdown threshold=10%.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0003, std=0.0052, worst_day=-0.0114
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 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 = 0.0101 (i.e., a 1.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0101 = 9.9213, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNB-USD: 60-day history, VaR(99%)=-0.0986, max drawdown threshold=10%.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=-0.0009, std=0.0415, worst_day=-0.1186
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 = 0.0986 (i.e., a 9.86% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0986 = 1.0142, capped at 1.0.
Maximum position size = 1.0000 (100.0% 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=-0.0009, std=0.0350, 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).


XLI: 60-day history, VaR(99%)=-0.0248, max drawdown threshold=10%.

Question:
Asset: XLI
Daily returns (past 60 days): mean=-0.0008, std=0.0096, worst_day=-0.0287
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K PFE 2025-02-27] pfe-20241231 0000078003 2024 FY false P4Y Consolidated Statements of Operations Consolidated Statements of Operations Consolidated Statements of Operations http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2024#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2024#LongTermDebtNoncurrent http://fasb.org/us-gaap/2024#LongTermDebtNoncurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent 0 10 10 40 45 80 5 35 0% 10 10 20 45 70 15 35 0 5 95 100 P5Y P7Y P3Y P3Y P5Y P1Y P3Y P1Y P5Y P7Y P3Y P5Y P7Y P3Y 33 33 33 P3Y P3Y P5Y P3Y http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherNonoperatingIncomeExpense iso4217:USD xbrli:shares iso4217:USD xbrli:shares pfe:segment xbrli:pure pfe:medicine iso4217:EUR iso4217:GBP pfe:employeeStockOwnershipPlan pfe:tradingDay pfe:measure pfe:period pfe:company pfe:patent pfe:Patent pfe:complaint pfe:operatingSegment pfe:facility pfe:country pfe:treatmentCourse 0000078003 2024-01-01 2024-12-31 0000078003 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0000078003 pfe:NotesDue20271.000Member 2024-01-01 2024-12-31 0000078003 2024-06-30 0000078003 2025-02-20 0000078003 us-gaap:ProductMember 2024-01-01 2024-12-31 0000078003 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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 XLI, 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 = 0.0248 (i.e., a 2.48% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0248 = 4.0295, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0570, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0066, std=0.0322, worst_day=-0.0737
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