IVV: 60-day history, VaR(99%)=-0.0134, max drawdown threshold=10%.

Question:
Asset: IVV
Daily returns (past 60 days): mean=0.0029, std=0.0076, worst_day=-0.0168
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-18] ["MP Materials (MP) Completes US$650 Million Equity Offering MP Materials has made significant announcements recently, including the completion of a follow-on equity offering of nearly $650 million and new high-profile partnerships with Apple and the Department of Defense. These developments coincide with a remarkable share price increase of 122% over the last quarter. The equity offering indicates strong market confidence, while the strategic partnerships bolster MP's long-term prospects in the rare earth sector. The broader market, with major indexes reaching record highs, provides a favorable backdrop, further enhancing MP's upward momentum. Such positive corporate maneuvers align well with the ongoing bullish trends in stock markets. Every company has risks, and we've spotted 1 warning sign for MP Materials you should know about. AI is about to change healthcare. These 27 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The recent announcements of MP Materials' successful equity offering and strategic partnerships with Apple and the Department of Defense could significantly impact its long-term narrative as it positions itself strongly within the rare earths sector. These developments are expected to enhance production capabilities and revenue opportunities, aligning with the company's strategy to expand into ex-China markets. Potential advancements in efficiency and sales volumes could positively influence future earnings and revenue forecasts, which analysts anticipate to grow robustly over the next three years. Over a five-year period, MP Materials has achieved a total return of 293.48%, which underscores its substantial growth trajectory. Notably, over the past year, its performance surpassed the US Metals and Mining industry, which returned 6.1%. However, despite recent impressive share price gains, the current price of US$58.55 contrasts with the consensus price target of US$38. This discrepancy highlights a potential overvaluation according to analysts, suggesting investors might benefit from tempering expectations in light of market factors and the company's execution of future growth plans. The strategic moves could help mitigate risks associated with heavy reliance on NdPr pricing and variable Chinese policies. However, executing its growth strategy without significant revenue or margin interruptions remains crucial. Although the company's long-term viability appears promising, as evidenced by planned expansions in the Upstream and Midstream segments, immediate financial forecasts also depend on external factors and successful integration of new processes. Thus, MP Materials' future prospects will largely depend on its ability to navigate these challenges effectively while aligning with analyst earnings forecasts and market expectations. Explore historical data to track MP Materials' performance over time in our past

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0134 (i.e., a 1.34% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0134 = 7.4370, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.1752, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=-0.0073, std=0.0645, worst_day=-0.2043
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 SOL-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.5706

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1752 (i.e., a 17.52% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1752 = 0.5706, capped at 1.0.
Maximum position size = 0.5706 (57.1% of portfolio).


VNQ: 60-day history, VaR(99%)=-0.0251, max drawdown threshold=10%.

Question:
Asset: VNQ
Daily returns (past 60 days): mean=0.0002, std=0.0091, worst_day=-0.0266
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0251 (i.e., a 2.51% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0251 = 3.9823, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.0833, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0058, std=0.0401, worst_day=-0.0902
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0833 (i.e., a 8.33% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0833 = 1.1999, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLF: 60-day history, VaR(99%)=-0.0245, max drawdown threshold=10%.

Question:
Asset: XLF
Daily returns (past 60 days): mean=0.0002, std=0.0086, worst_day=-0.0282
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q BA 2025-10-29] ba-20250930 FALSE 2025 Q3 0000012927 --12-31 P1Y http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure ba:extension_period ba:aircraft ba:tanker ba:lot ba:simulator ba:segment 0000012927 2025-01-01 2025-09-30 0000012927 us-gaap:CommonStockMember 2025-01-01 2025-09-30 0000012927 ba:DepositarySharesMember 2025-01-01 2025-09-30 0000012927 2025-10-22 0000012927 us-gaap:ProductMember 2025-01-01 2025-09-30 0000012927 us-gaap:ProductMember 2024-01-01 2024-09-30 0000012927 us-gaap:ProductMember 2025-07-01 2025-09-30 0000012927 us-gaap:ProductMember 2024-07-01 2024-09-30 0000012927 us-gaap:ServiceMember 2025-01-01 2025-09-30 0000012927 us-gaap:ServiceMember 2024-01-01 2024-09-30 0000012927 us-gaap:ServiceMember 2025-07-01 2025-09-30 0000012927 us-gaap:ServiceMember 2024-07-01 2024-09-30 0000012927 2024-01-01 2024-09-30 0000012927 2025-07-01 2025-09-30 0000012927 2024-07-01 2024-09-30 0000012927 2025-09-30 0000012927 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-01-01 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2025-01-01 2025-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2025-09-30 0000012927 2023-12-31 0000012927 2024-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2023-12-31 0000012927 us-gaap:CommonStockMember 2023-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2023-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2024-01-01 2024-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2024-09-30 0000012927 us-gaap:CommonStockMember 2024-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-09-30 0000012927 us-gaap:RetainedEarningsMember 2024-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2024-12-31 0000012927 us-gaap:CommonStockMember 2024-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2024-12-31 0000012927 us-gaap:RetainedEarningsMember 2024-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2024-12-31 0000012927 us-gaap:RetainedEarningsMember 2025-01-01 2025-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2025-09-30 0000012927 us-gaap:CommonStockMember 2025-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2025-09-30 0000012927 us-gaap:RetainedEarningsMember 2025-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2025-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2024-06-30 0000012927 us-gaap:CommonStockMember 2024-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-06-30 0000012927 us-gaap:RetainedEarningsMember 2024-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-06-30 0000012927 2024-06-30 0000012927 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-07-01 2024-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-07-01 2024-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2025-06-30 0000012927 us-gaap:CommonStockMember 2025-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2025-06-30 0000012927 us-gaap:RetainedEarningsMember 2025-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2025-06-30 0000012927 2025-06-30 0000012927 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2025-07-01 2025-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2025-07-01 2025-09-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2025-01-01 2025-09-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2024-01-01 2024-09-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2025-07-01 2025-09-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2024-07-01 2024-09-30 0000012927 us-gaap:OperatingSegmentsMem [...TRUNCATED...] #160;of Shares That May Yet be Purchased Under the Plans or Programs 7/1/2025 thru 7/31/2025 28,866  $232.93  8/1/2025 thru 8/31/2025 6,963  229.15  9/1/2025 thru 9/30/2025 3,728  235.24  Total 39,557  $232.48  (1) A total of 39,557 shares were transferred to us from employees in satisfaction of minimum tax withholding obligations associated with the vesting of restricted stock units during the period. We did not purchase any shares of our common stock in the open market pursuant to a repurchase program. Item 3. Defaults Upon Senior Securities Not applicable. Item 4. Mine Safety Disclosures Not applicable. 57 Table of Contents Item 5. Other Information During the three months ended September 30, 2025, none of our directors or officers adopted , modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as such terms are defined under Item 408 of Regulation S-K. 58 Table of Contents Item 6. Exhibits 10.1 364-Day Credit Agreement, dated as of August 25, 2025, among The Boeing Company for itself and on behalf of its Subsidiaries, as a Borrower, the Lenders party hereto, Citibank, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. as Syndication Agent and Citibank, N.A. and JPMorgan Chase Bank N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated August 25, 2025) 15 Letter from Independent Registered Public Accounting Firm regarding unaudited interim financial information 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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 Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) 59 Table of Contents 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. THE BOEING COMPANY (Registrant) October 29, 2025 /s/ Michael J. Cleary (Date) Michael J. Cleary Senior Vice President and Controller 60

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 = 0.0245 (i.e., a 2.45% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0245 = 4.0756, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.0653, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0041, std=0.0337, worst_day=-0.0764
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 ADA-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0653 (i.e., a 6.53% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0653 = 1.5318, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.0780, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0021, std=0.0475, worst_day=-0.0817
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 SOL-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0780 (i.e., a 7.80% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0780 = 1.2824, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


CSHI: 60-day history, VaR(99%)=-0.0006, max drawdown threshold=10%.

Question:
Asset: CSHI
Daily returns (past 60 days): mean=0.0002, std=0.0005, worst_day=-0.0006
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to CSHI, 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 = 0.0006 (i.e., a 0.06% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0006 = 165.9805, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ACWI: 60-day history, VaR(99%)=-0.0126, max drawdown threshold=10%.

Question:
Asset: ACWI
Daily returns (past 60 days): mean=0.0013, std=0.0062, worst_day=-0.0127
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q UNH 2025-08-11] unh-20250630 false 2025 Q2 0000731766 12/31 50 xbrli:shares iso4217:USD iso4217:USD xbrli:shares utr:Rate xbrli:pure unh:reportableSegments 0000731766 2025-01-01 2025-06-30 0000731766 2025-07-31 0000731766 2025-06-30 0000731766 2024-12-31 0000731766 2025-04-01 2025-06-30 0000731766 2024-04-01 2024-06-30 0000731766 2024-01-01 2024-06-30 0000731766 us-gaap:ProductMember 2025-04-01 2025-06-30 0000731766 us-gaap:ProductMember 2024-04-01 2024-06-30 0000731766 us-gaap:ProductMember 2025-01-01 2025-06-30 0000731766 us-gaap:ProductMember 2024-01-01 2024-06-30 0000731766 us-gaap:ServiceMember 2025-04-01 2025-06-30 0000731766 us-gaap:ServiceMember 2024-04-01 2024-06-30 0000731766 us-gaap:ServiceMember 2025-01-01 2025-06-30 0000731766 us-gaap:ServiceMember 2024-01-01 2024-06-30 0000731766 us-gaap:CommonStockMember 2025-03-31 0000731766 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0000731766 us-gaap:RetainedEarningsMember 2025-03-31 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-03-31 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2025-03-31 0000731766 us-gaap:NoncontrollingInterestMember 2025-03-31 0000731766 2025-03-31 0000731766 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0000731766 us-gaap:NoncontrollingInterestMember 2025-04-01 2025-06-30 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-04-01 2025-06-30 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2025-04-01 2025-06-30 0000731766 us-gaap:CommonStockMember 2025-04-01 2025-06-30 0000731766 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0000731766 us-gaap:CommonStockMember 2025-06-30 0000731766 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0000731766 us-gaap:RetainedEarningsMember 2025-06-30 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-06-30 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2025-06-30 0000731766 us-gaap:NoncontrollingInterestMember 2025-06-30 0000731766 us-gaap:CommonStockMember 2024-03-31 0000731766 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0000731766 us-gaap:RetainedEarningsMember 2024-03-31 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-03-31 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2024-03-31 0000731766 us-gaap:NoncontrollingInterestMember 2024-03-31 0000731766 2024-03-31 0000731766 us-gaap:RetainedEarningsMember 2024-04-01 2024-06-30 0000731766 us-gaap:NoncontrollingInterestMember 2024-04-01 2024-06-30 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-04-01 2024-06-30 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2024-04-01 2024-06-30 0000731766 us-gaap:CommonStockMember 2024-04-01 2024-06-30 0000731766 us-gaap:AdditionalPaidInCapitalMember 2024-04-01 2024-06-30 0000731766 us-gaap:CommonStockMember 2024-06-30 0000731766 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0000731766 us-gaap:RetainedEarningsMember 2024-06-30 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-06-30 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2024-06-30 0000731766 us-gaap:NoncontrollingInterestMember 2024-06-30 0000731766 2024-06-30 0000731766 us-gaap:CommonStockMember 2024-12-31 0000731766 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000731766 us-gaap:RetainedEarningsMember 2024-12-31 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-12-31 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-31 0000731766 us-gaap:NoncontrollingInterestMember 2024-12-31 0000731766 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0000731766 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-06-30 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-01-01 2025-06-30 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2025-01-01 2025-06-30 0000731766 us-gaap:CommonStockMember 2025-01-01 2025-06-30 0000731766 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0000731766 us-gaap:CommonStockMember 2023-12-31 0000731766 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000731766 us-gaap:RetainedEarningsMember 2023-12-31 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000731766 us-gaap:NoncontrollingInterestMember 2023-12-31 0000731766 2023-12-31 0000731766 us-gaap:RetainedEarningsMember 2024-01-01 2024-06-30 0000731766 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-06-30 0000731766 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-06-30 0000731766 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-06-30 0000731766 us-gaap:CommonStockMember 2024-01-01 2024-06-30 0000731766 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-06-30 0000731766 unh:ProductsAndServicesMember 2025-06-30 0000731766 unh:ProductsAndServicesMember 2024-12-31 0000731766 2025-07-01 2025-06-30 0000731766 us-gaap:USTreasuryAndGovernmentMember 2025-06-30 0000731766 us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-06-30 0000731766 us-gaap:CorporateDebtSecuritiesMember 2025-06-30 0000731766 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2025-06-30 0000731766 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2025-06-30 0000731766 us-gaap:USTreasuryAndGovernmentMember 2024-12-31 0000731766 us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0000731766 us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0000731766 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2024-12-31 0000731766 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2024-12-31 0000731766 us-gaap:DebtSecuritiesMember 2025-06-30 0000731766 us-gaap:DebtSecuritiesMember 2024-12-31 0000731766 us-gaap:FairValueInputsLevel1Member 2025-06-30 0000731766 us-gaap:FairValueInputsLevel2Member 2025-06-30 0000731766 us-gaap:FairValueInputsLevel3Member 2025-06-30 0000731766 us-gaap:USTr [...TRUNCATED...] #8217;s Current Report on Form 8-K filed on February 26, 2021) 4.1 Amended and Restated Indenture, dated as of April 27, 2023, between UnitedHealth Group Incorporated and Wilmington Trust Company, as successor trustee (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 28, 2023) 4.2 Indenture, dated as of February 4, 2008, between UnitedHealth Group Incorporated and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-3, SEC File Number 333-149031, filed on February 4, 2008) 4.3 Supplemental Indenture, dated as of April 18, 2023, between UnitedHealth Group Incorporated and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.875% Senior Notes due 2038 (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 24, 2023) * 10. 1 Employment Agreeme nt, effective as of May 12, 2025, between United HealthC are Services, Inc. and Stephen Hemsely 31.1 Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 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 Label Linkbase Document. 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. 104  Cover Page Interactive Data File (formatted as Inline XBRL and embedded within Exhibit 101).  ________________ * Denotes management contracts and compensation plans in which certain directors and named executive officers participate and which are being filed pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K. ** Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of certain holders of long-term debt are not filed. The Company will furnish copies thereof to the SEC upon request. 27 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.   UNITEDHEALTH GROUP INCORPORATED   /s/ S TEPHEN H EMSLEY Chair and Chief Executive Officer (principal executive officer) Dated: August 11, 2025 Stephen Hemsley    /s/ J OHN R EX President and Chief Financial Officer (principal financial officer) Dated: August 11, 2025 John Rex    /s/ T HOMAS R OOS Senior Vice President and Chief Accounting Officer (principal accounting officer) Dated: August 11, 2025 Thomas Roos    28

Determine the maximum fraction of total portfolio capital that should be allocated to ACWI, 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 = 0.0126 (i.e., a 1.26% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0126 = 7.9600, 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=0.0012, std=0.0068, worst_day=-0.0150
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-18] ["FRT- A Retail REIT Targeting Markets with Strong Demographics Federal Realty Investment Trust (FRT) is among the oldest US Real Estate Investment Trusts (REITs) and ranks first in terms of dividend growth. The company focuses on the ownership, operation, and development of high-quality retail properties, from grocery-anchored shopping centers to large-scale mixed-use malls, writes Martin Fridson, editor of Forbes/Fridson Income Securities Investor. To get more articles and chart analysis from MoneyShow, subscribe to our Top Pros\u2019 Top Picks newsletter here.) FRT\u2019s properties are largely centered in nine major metropolitan markets with excellent demographics: Washington DC, New York, Boston, Philadelphia, Miami, Chicago, Phoenix, Southern California, and Silicon Valley. Federal Realty Investment Trust (FRT) The portfolio is well diversified, with a broad property mix and wide range of tenants that include TJX Companies, Williams Sonoma Companies, Whole Foods, PetSmart, Apple, AT&T, Verizon, Chipotle, and Gold\u2019s Gym. As of March 31, the portfolio consisted of 103 properties with approximately 3,500 tenants and 3,100 residential units. Occupancy was a strong 93.6% at quarter-end, with limited troubled retailer exposure. FRT reported Q1 2025 funds from operations (FFO) of $146.5 million, or $1.70 per share, topping analyst estimates by a penny. FFO climbed 7.2% from a year ago. Quarterly rental income of $309.2 million rose 6.1% year-over-year and was slightly ahead of consensus. Higher operating results were driven by increased same-property operating income and strong leasing activity. See also: VNT: A New \"Buy\" in the Industrial Tech Space FRT has demonstrated a proven history of delivering solid operating results and the longest record of dividend growth, with 57 consecutive years of increased dividends. FRT\u2019s common shares are suitable for low- to medium-risk tax-deferred portfolios. Dividends are taxed as ordinary income. Recommended Action: Buy FRT. More From MoneyShow.com: TXRH: A Casual Dining Chain with Solid Q2 Sales Growth ORLY: A \"Cannibal\" Stock that You Should Consider Market Minute 8/15/25: UNH Gets Buffett Boost, AMAT Falls Flat!", "Buffett's Shot in the Arm Sends UnitedHealth Soaring Against the Odds Shares of UnitedHealth Group Incorporated UNH jumped nearly 12% last Friday after Warren Buffett's Berkshire Hathaway Inc. (BRK.B) revealed that it had snapped up a significant number of shares of the troubled health insurer. As of June 30, 2025, Berkshire had amassed more than 5 million UNH shares, a stake worth roughly $1.57 billion. The disclosure came despite Berkshire maintaining its broader net-seller stance, marking the 11th consecutive quarter in which it sold more than it bought. That contrast underscores the significance of this investment: a classic Buffett-style contrarian bet on long-term value. When Buffett takes a stake, it sends a powerful message that he sees enduring potential, sparking a wave

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).


QUAL: 60-day history, VaR(99%)=-0.0215, max drawdown threshold=10%.

Question:
Asset: QUAL
Daily returns (past 60 days): mean=0.0004, std=0.0079, worst_day=-0.0265
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q MSFT 2025-01-29] 10-Q Q2 --06-30 false 0000789019 2025 http://fasb.org/us-gaap/2024#DerivativeAssets http://fasb.org/us-gaap/2024#DerivativeAssets http://fasb.org/us-gaap/2024#DerivativeLiabilities http://fasb.org/us-gaap/2024#DerivativeLiabilities http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent 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 2014 2015 2016 2017 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0000789019 us-gaap:NonUsMember 2024-10-01 2024-12-31 0000789019 msft:MicrosoftCloudMember 2023-07-01 2023-12-31 0000789019 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-07-01 2023-12-31 0000789019 us-gaap:EquityContractMember us-gaap:LongMember us-gaap:NondesignatedMember 2024-12-31 0000789019 us-gaap:CommercialPaperMember 2024-06-30 0000789019 us-gaap:ForeignGovernmentDebtSecuritiesMember 2024-06-30 0000789019 msft:MicrosoftThreeSixFiveConsumerProductsAndCloudServicesMember 2023-10-01 2023-12-31 0000789019 msft:IssuanceOfLongTermDebtOneMember 2024-06-30 0000789019 us-gaap:UnsecuredDebtMember 2024-07-01 2024-12-31 0000789019 srt:MinimumMember msft:IssuanceOfLongTermDebtSixMember 2024-07-01 2024-12-31 0000789019 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:ForeignGovernmentDebtSecuritiesMember 2024-06-30 0000789019 msft:IssuanceOfLongTermDebtElevenMember 2024-12-31 0000789019 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2024-12-31 0000789019 msft:SearchAndNewsAdvertisingMember 2023-07-01 2023-12-31 0000789019 msft:AccumulatedTranslationAdjustmentAndOtherMember 2024-12-31 0000789019 msft:ShareRepurchaseProgramTwentyTwentyOneMember 2023-07-01 2023-12-31 0000789019 2023-07-01 2023-12-31 0000789019 us-gaap:EquityContractMember us-gaap:NonoperatingIncomeExpenseMember 2024-10-01 2024-12-31 0000789019 srt:MinimumMember us-gaap:CommercialPaperMember 2023-07-01 2024-06-30 0000789019 msft:MorePersonalComputingMember 2024-06-30 0000789019 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2024-06-30 0000789019 msft:InflectionAiIncMember msft:GreylockVenturesMember srt:MaximumMember 2024-12-31 0000789019 msft:SearchAndNewsAdvertisingMember 2024-07-01 2024-12-31 0000789019 msft:OperatingLeaseLiabilitiesMember 2024-12-31 0000789019 msft:IssuanceOfLongTermDebtElevenMember srt:MaximumMember 2024-12-31 0000789019 msft:DynamicsProductsAndCloudServicesMember 2023-10-01 2023-12-31 0000789019 msft:IssuanceOfLongTermDebtSevenMember 2024-06-30 0000789019 msft:IssuanceOfLongTermDebtTwelveMember srt:MaximumMember 2024-07-01 2024-12-31 0000789019 us-gaap:FairValueInputsLevel2Member 2024-12-31 0000789019 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0000789019 us-gaap:CustomerRelationshipsMember 2024-12-31 0000789019 us-gaap:FairValueInputsLevel3Member us-gaap:DebtSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-06-30 0000789019 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-12-31 0000789019 us-gaap:FairValueInputsLevel1Member 2024-06-30 0000789019 us-gaap:RetainedEarningsMember 2023-09-30 0000789019 us-gaap:RetainedEarningsMember 2024-07-01 2024-12-31 0000789019 us-gaap:CashFlowHedgingMember us-gaap:OtherComprehensiveIncomeMember 2024-07-01 2024-12-31 0000789019 us-gaap:NonUsMember 2024-07-01 2024-12-31 0000789019 msft:ServerProductsAndCloudServicesMember 2023-10-01 2023-12-31 0000789019 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-07-01 2023-12-31 0000789019 us-gaap:ProductMember 2023-07-01 2023-12-31 0000789019 msft:IssuanceOfLongTermDebtFourMember 2024-07-01 2024-12-31 0000789019 us-gaap:ServiceOtherMember 2023-07-01 2023-12-31 0000789019 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-10-01 2023-12-31 0000789019 us-gaap:ShortTermInvestmentsMember 2024-12-31 0000789019 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-06-30 0000789019 msft:LinkedInCorporationMember 2024-10-01 2024-12-31 0000789019 us-gaap:FairValueInputsLevel3Member 2024-06-30 0000789019 msft:InflectionAiIncMember msft:ReprogrammedInterchangeLLCMember srt:MaximumMember 2024-12-31 0000789019 msft:IssuanceOfLongTermDebtSevenMember 2024-12-31 0000789019 msft:IssuanceOfLongTermDebtTenMember srt:MinimumMember 2024-07-01 2024-12-31 0000789019 2023-07-01 2023-09-30 0000789019 msft:ActivisionBlizzardIncMember us-gaap:MarketingRelatedIntangibleAssetsMember 2023-10-13 0000789019 us-gaap:DebtSecuritiesMember 2024-12-31 0000789019 msft:OtherProductsAndServicesMember 2024-07-01 2024-12-31 0000789019 us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0000789019 msft:EnterpriseAndPartnerServicesMember 2024-10-01 2024-12-31 0000789019 us-gaap:TechnologyBasedIntangibleAssetsMember 2024-12-31 0000789019 us-gaap:NondesignatedMember us-gaap:ShortMember us-gaap:ForeignExchangeContractMember 2024-12-31 0000789019 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2024-12-31 0000789019 msft:AccumulatedTranslationAdjustmentAndOtherMember 2023-06-30 0000789019 msft:IssuanceOfLongTermDebtThirteenMember 2024-06-30 0000789019 msft:IssuanceOfLongTermDebtFiveMember 2024-06-30 0000789019 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-12-31 0000789019 msft:SearchAndNewsAdvertisingMember 2024-10-01 2024-12-31 0000789019 msft:MicrosoftThreeSixFiveCommerci [...TRUNCATED...]  terminated a “ Rule 10b5-1 trading arrangement” or a “ non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, during the three months ended December 31, 2024. 65 PART II Item 6   ITEM 6. E XHIBITS               Incorporated by Reference Exhibit Number   Exhibit Description   Filed Herewith   Form   Period Ending   Exhibit   Filing Date                                                     15.1 Letter regarding unaudited interim financial information   X                                           31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002   X                                       31.2 Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002   X                                       32.1* Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   X                                       32.2* Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   X                                       101.INS Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document   X                                       101.SCH Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents   X                                       104 Cover page formatted as Inline XBRL and contained in Exhibit 101   X                   * Furnished, not filed.   Items 3 and 4 are not applicable and have been omitted. 66   SIGNAT URE 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.   M ICROSOFT  C ORPORATION /s/ A LICE  L. J OLLA Alice L. Jolla Corporate Vice President and Chief Accounting Officer (Duly Authorized Officer) January 29, 2025   67

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 = 0.0215 (i.e., a 2.15% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0215 = 4.6614, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MTUM: 60-day history, VaR(99%)=-0.0383, max drawdown threshold=10%.

Question:
Asset: MTUM
Daily returns (past 60 days): mean=-0.0008, std=0.0140, worst_day=-0.0383
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 us-gaap:ProductMember 2023-01-01 2023-12-31 0000078003 us-gaap:ProductMember 2022-01-01 2022-12-31 0000078003 2023-01-01 2023-12-31 0000078003 2022-01-01 2022-12-31 0000078003 us-gaap:RoyaltyMember 2024-01-01 2024-12-31 0000078003 us-gaap:RoyaltyMember 2023-01-01 2023-12-31 0000078003 us-gaap:RoyaltyMember 2022-01-01 2022-12-31 0000078003 2024-12-31 0000078003 2023-12-31 0000078003 us-gaap:CommonStockMember 2021-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2021-12-31 0000078003 us-gaap:RetainedEarningsMember 2021-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000078003 us-gaap:ParentMember 2021-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2021-12-31 0000078003 2021-12-31 0000078003 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0000078003 us-gaap:ParentMember 2022-01-01 2022-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0000078003 us-gaap:CommonStockMember 2022-01-01 2022-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2022-01-01 2022-12-31 0000078003 us-gaap:CommonStockMember 2022-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2022-12-31 0000078003 us-gaap:RetainedEarningsMember 2022-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000078003 us-gaap:ParentMember 2022-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2022-12-31 0000078003 2022-12-31 0000078003 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0000078003 us-gaap:ParentMember 2023-01-01 2023-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0000078003 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-12-31 0000078003 us-gaap:CommonStockMember 2023-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2023-12-31 0000078003 us-gaap:RetainedEarningsMember 2023-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000078003 us-gaap:ParentMember 2023-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2023-12-31 0000078003 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0000078003 us-gaap:ParentMember 2024-01-01 2024-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0000078003 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-12-31 0000078003 us-gaap:CommonStockMember 2024-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2024-12-31 0000078003 us-gaap:RetainedEarningsMember 2024-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000078003 us-gaap:ParentMember 2024-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2024-12-31 0000078003 us-gaap:ProductConcentrationRiskMember pfe:TopElevenProductsMember us-gaap:SalesRevenueProductLineMember 2024-01-01 2024-12-31 0000078003 us-gaap:ProductConcentrationRiskMember pfe:TopTenProductsMember us-gaap:SalesRevenueProductLineMember 2022-01-01 2022-12-31 0000078003 us-gaap:ProductConcentrationRiskMember pfe:TopNineProductsMember us-gaap:SalesRevenueProductLineMember 2023-01-01 2023-12-31 0000078003 us-gaap:AccountsReceivableMember 2024-12-31 0000078003 us-gaap:AccountsReceivableMember 2023-12-31 0000078003 us-gaap:OtherCurrentLiabilitiesMember 2024-12-31 0000078003 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 MTUM, 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 = 0.0383 (i.e., a 3.83% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0383 = 2.6134, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VTI: 60-day history, VaR(99%)=-0.0335, max drawdown threshold=10%.

Question:
Asset: VTI
Daily returns (past 60 days): mean=-0.0014, std=0.0144, worst_day=-0.0335
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-09] ["Cathie Wood Just Bought These 2 Stocks Down 42% and 87%. Should You? Airbnb looks like a value stock today, but it's planning a new launch next week that could boost its position. Roku is still reporting strong growth, but investors are still waiting for profits. 10 stocks we like better than Airbnb \u203a Cathie Wood has made a name for herself as a top growth investor. She has made some bold moves as head of investing company Ark Invest. Although some of Ark's exchange-traded funds (ETFs) have a spotty track record, some of them have outperformed the market, and she has drawn attention to her company's trades, which are reported daily. Although Wood has a specific, innovation-driven approach to investing, her model is the same \"buy low, sell high\" model that underpins most successful investing. When stocks she likes go on sale, you're more likely to see them in Ark's shopping cart. Airbnb (NASDAQ: ABNB) and Roku (NASDAQ: ROKU) are two disruptive, high-opportunity stocks Ark just bought. Should they be in your shopping cart, too? Airbnb is a top brand name in travel, but its stock has been in the doldrums for quite a while. It's a case of skyrocketing too quickly based on market hype, and the stock has never been able to find its ground. Each time it looks compelling, the stock soars before dropping down in the aftermath. With all that volatility, it's only gained 84% since its first-day closing price. Will things finally start changing for this beleaguered stock? There are a lot of things happening at Airbnb, and the time might be ripe for taking off. Performance-wise, things have only been so-so. Revenue increased 6% year over year in the 2025 first quarter, which doesn't sound like a growth stock. Airbnb has made the jump from unprofitable growth stock to profitable industry leader, which is when many value investors might jump in if the price is right. Net income was lower in Q1, but the company is generating lots of cash, and trailing 12-month free cash flow is $4.4 billion with a 39% margin. The question is how much bigger Airbnb can grow. Management is expecting revenue to increase about 10% year over year in the second quarter, which would be a welcome acceleration. It's keeping a lid on a major launch that it's unveiling next week, but that's going to expand \"beyond the core,\" something it's been talking about for years already. As the platform it is today, investors can expect continued growth from tech enhancements, more hosts, and better features, but these are likely to be incremental. A huge shift in business could boost growth potential, so investors should follow what the company announced on May 13. At the current price, Airbnb stock trades at a forward, 1-year price-to-earnings (P/E) ratio of 25, and price-to-free cash flow is a strong value at 18. I wouldn't call it bargain territory, but it doesn't look overvalued. If you have a long time horizon, Airbnb stock should eventually find its footing and reward investors, but

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 = 0.0335 (i.e., a 3.35% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0335 = 2.9889, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.0964, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=0.0024, std=0.0428, worst_day=-0.1251
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 ADA-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0964 (i.e., a 9.64% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0964 = 1.0377, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0534, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0009, std=0.0231, worst_day=-0.0575
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 = 0.0534 (i.e., a 5.34% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0534 = 1.8742, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


PDBC: 60-day history, VaR(99%)=-0.0157, max drawdown threshold=10%.

Question:
Asset: PDBC
Daily returns (past 60 days): mean=0.0005, std=0.0073, worst_day=-0.0178
Maximum acceptable portfolio drawdown: 10%
Market regime: bear

Determine the maximum fraction of total portfolio capital that should be allocated to PDBC, 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 = 0.0157 (i.e., a 1.57% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0157 = 6.3572, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLP: 60-day history, VaR(99%)=-0.0200, max drawdown threshold=10%.

Question:
Asset: XLP
Daily returns (past 60 days): mean=-0.0011, std=0.0072, worst_day=-0.0239
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q CVX 2025-11-06] cvx-20250930 0000093410 12/31 2025 Q3 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish 0000093410 2025-01-01 2025-09-30 0000093410 2025-09-30 0000093410 2025-07-01 2025-09-30 0000093410 2024-07-01 2024-09-30 0000093410 2024-01-01 2024-09-30 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-06-30 0000093410 us-gaap:ParentMember 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-06-30 0000093410 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-07-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-07-01 2024-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-07-01 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-09-30 0000093410 us-gaap:ParentMember 2024-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-06-30 0000093410 us-gaap:RetainedEarningsMember 2025-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-06-30 0000093410 us-gaap:ParentMember 2025-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-06-30 0000093410 2025-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0000093410 us-gaap:ParentMember 2025-07-01 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-07-01 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-07-01 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-09-30 0000093410 us-gaap:ParentMember 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 0000093410 us-gaap:RetainedEarningsMember 2023-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2023-12-31 0000093410 us-gaap:ParentMember 2023-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2023-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-01-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-01-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-01-01 2024-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-31 0000093410 us-gaap:RetainedEarningsMember 2024-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2024-12-31 0000093410 us-gaap:ParentMember 2024-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2024-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0000093410 us-gaap:ParentMember 2025-01-01 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-09-30 0000093410 [...TRUNCATED...] 160; $154.38 16,620,000   (1) Includes common shares repurchased from participants in the company’s executive compensation plans for personal income tax withholdings. (2) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program. Item 5. Other Information Rule 10b5-1 Plan Elections During the three months ended September 30, 2025, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K. 47 Table of Contents Item 6. Exhibits Exhibit Index Exhibit Number Description 4.1 Fourth Supplemental Indenture, dated as of August 13, 2025, among Chevron U.S.A. Inc., Chevron Corporation, as guarantor, and Deutsche Bank Trust Company Americas, as trustee, filed as Exhibit 4. 2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 4.2 Forms of 3.950% Notes Due 2027, 4.050% Notes Due 2028, Floating Rate Notes Due 2028-B, 4.300% Notes Due 2030, Floating Rate Notes due 2030, 4.500% Notes Due 2032 and 4.850% Notes Due 2035, contained in Exhibit 4.2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 10.1+* Aircraft Time-Sharing Agreement, dated as of February 24, 2015, between Hess Corporation and John B. Hess. 10.2* Transition Services Agreement, dated as of July 14, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.3* Amendment One to Transition Services Agreement, dated as of August 27, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.4* Membership Interest Purchase Agreement, dated as of September 10, 2025, between Hess Corporation and JBH Ventures, LLC . 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer 32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer 32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer 101* Interactive data files (formatted as Inline XBRL) 104* Cover Page Interactive Data File (contained in Exhibit 101) ____________________________________________ + Indicates a management contract or compensatory plan or arrangement. *    Filed herewith. **     Furnished herewith. 48 Table of Contents 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.   C HEVRON C ORPORATION (R EGISTRANT ) / S /   A LANA K. K NOWLES Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) Date: November 6, 2025 49

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0200 (i.e., a 2.00% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0200 = 5.0097, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.1825, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0056, std=0.0920, worst_day=-0.1825
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2025-06-06] wmt-20250430 0000104169 1/31 2026 Q1 false 440 440 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure wmt:state wmt:territory wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN wmt:segment 0000104169 2025-02-01 2025-04-30 0000104169 dei:FormerAddressMember 2025-02-01 2025-04-30 0000104169 wmt:CommonStockparvalue0.10pershareMember 2025-02-01 2025-04-30 0000104169 wmt:A2.550NotesDue2026Member 2025-02-01 2025-04-30 0000104169 wmt:A1050NotesDue2026Member 2025-02-01 2025-04-30 0000104169 wmt:A1500NotesDue2028Member 2025-02-01 2025-04-30 0000104169 wmt:A4875NotesDue2029Member 2025-02-01 2025-04-30 0000104169 wmt:A5750NotesDue2030Member 2025-02-01 2025-04-30 0000104169 wmt:A1800NotesDue2031Member 2025-02-01 2025-04-30 0000104169 wmt:A5625NotesDue2034Member 2025-02-01 2025-04-30 0000104169 wmt:A5250NotesDue2035Member 2025-02-01 2025-04-30 0000104169 wmt:A4875NotesDue2039Member 2025-02-01 2025-04-30 0000104169 2025-06-04 0000104169 2024-02-01 2024-04-30 0000104169 2025-04-30 0000104169 2025-01-31 0000104169 2024-04-30 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 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 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 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 us-gaap:AccumulatedTranslationAdjustmentMember 2025-01-31 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-31 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2025-02-01 2025-04-30 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-02-01 2025-04-30 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2025-04-30 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-04-30 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-31 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-31 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedTranslationAdjustmentMember 2024-04-30 0000104169 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-04-30 0000104169 us-gaap:RevolvingCreditFacilityMember us-gaap:DomesticLineOfCreditMember 2025-04-01 2025-04-30 0000104169 us-gaap:RevolvingCreditFacilityMember us-gaap:DomesticLineOfCreditMember 2025-04-30 0000104169 wmt:FiveYearCreditFacilityMember us-gaap:DomesticLineOfCreditMember 2025-04-01 2025-04-30 0000104169 wmt:FiveYearCreditFacilityMember us-gaap:DomesticLineOfCreditMember 2025-04-30 0000104169 us-gaap:DomesticLineOfCreditMember 2025-01-31 0000104169 us-gaap:DomesticLineOfCreditMember 2025-04-30 0000104169 wmt:FloatingDebtDue2027Member wmt:SeniorUnsecuredNotesMember 2025-04-30 0000104169 wmt:FloatingDebtDue2027Member wmt:SeniorUnsecuredNotesMember 2025-02-01 2025-04-30 0000104169 wmt:A4.100DebtDue2027Member wmt:SeniorUnsecuredNotesMember 2025-04-30 0000104169 wmt:A4.100DebtDue2027Member wmt:SeniorUnsecuredNotesMember 2025-02-01 2025-04-30 0000104169 wmt:A4.350DebtDue2030Member wmt:SeniorUnsecuredNotesMember 2025-04-30 0000104169 wmt:A4.350DebtDue2030Member wmt:SeniorUnsecuredNotesMember 2025-02-01 2025-04-30 0000104169 wmt:A4.900DebtDue2035Member wmt:SeniorUnsecuredNotesMember 2025-04-30 0000104169 wmt:A4.900DebtDue2035Member wmt:SeniorUnsecuredNotesMember 2025-02-01 2025-04-30 0000104169 wmt:SeniorUnsecuredNotesMember 2025-02-01 2025-04-30 0000104169 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-04-30 0000104169 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-01-31 0000104169 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-04-30 0000104169 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-01-31 0000104169 us-gaap:FairValueMeasurementsRecurringMember 2025 [...TRUNCATED...] 2 to the Report on Form 8-K filed by the Company on April 28, 2025 Exhibit 4.3 S eries Terms Certificate Pursuant to the Indenture Relating to 4.350% Notes Due 20 30 of the Company is incorporated herein by reference to Exhibit 4.3 to the Report on Form 8-K filed by the Company on April 28, 2025 Exhibit 4.4 S eries Terms Certificate Pursuant to the Indenture Relating to 4.900% Notes Due 2035 of the Company is incorporated herein by reference to Exhibit 4.4 to the Report on Form 8-K filed by the Company on April 28, 2025 Exhibit 4.5 Form of Global Note to represent the Floating Rate Notes Due 2027 of the Company is inc orporated herein by reference to Exhibit 4.5 to the Report on Form 8-K filed by the Company on April 28, 2025 Exhibit 4.6 F or m of Global Note to represent the 4.100% Notes Due 2027 of the Company is incorporated herein by reference to Exhibit 4.6 to the Report on Form 8-K filed by the Company on April 28, 2025 Exhibit 4.7 F orm of Global Note to represent the 4.350% Notes Due 2030 of the Company is incorporated herein by reference to Exhibit 4.7 to the Report on Form 8-K filed by the Company on April 28, 2025 Exhibit 4.8 F orm of Global Note to represent the 4.900% Notes Due 2035 of the Company is incorporated herein by reference to Exhibit 4.8 to the Report on Form 8-K filed by the Company on April 28, 2025 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 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 April 30, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 34 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: June 6, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: June 6, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: June 6, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 35

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

Answer: 0.5480

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1825 (i.e., a 18.25% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1825 = 0.5480, capped at 1.0.
Maximum position size = 0.5480 (54.8% of portfolio).


VTI: 60-day history, VaR(99%)=-0.0139, max drawdown threshold=10%.

Question:
Asset: VTI
Daily returns (past 60 days): mean=0.0014, std=0.0064, worst_day=-0.0167
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 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 = 0.0139 (i.e., a 1.39% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0139 = 7.2145, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.1022, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0065, std=0.0510, worst_day=-0.1354
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: 0.9782

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1022 (i.e., a 10.22% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1022 = 0.9782, capped at 1.0.
Maximum position size = 0.9782 (97.8% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0509, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=-0.0003, std=0.0188, worst_day=-0.0698
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 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 = 0.0509 (i.e., a 5.09% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0509 = 1.9653, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


TLH: 60-day history, VaR(99%)=-0.0087, max drawdown threshold=10%.

Question:
Asset: TLH
Daily returns (past 60 days): mean=0.0006, std=0.0047, worst_day=-0.0091
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to TLH, 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 = 0.0087 (i.e., a 0.87% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0087 = 11.4797, 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=-0.0005, std=0.0143, worst_day=-0.0356
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-27] ["Company News for May 27, 2025 Shares of Apple Inc. AAPL lost 3% after Donald Trump warned the company it could face potential 25% tariffs on phones sold domestically in the United States, but are manufactured outside. Shares of Booz Allen Hamilton Holding Corporation BAH plummeted 16.5% after reporting fourth-quarter 2025 revenues of $2.97 billion, missing the Zacks Consensus Estimate of $3.01 billion. Shares of Intuit Inc. INTU gained 8.1% after reporting third-quarter fiscal 2025 earnings of $11.65 per share, beating the Zacks Consensus Estimate of $10.89. Shares of National Grid plc NGG rose 1.6% on Utilities emerging as the biggest winning sector of the day. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL) : Free Stock Analysis Report Intuit Inc. (INTU) : Free Stock Analysis Report National Grid Transco, PLC (NGG) : Free Stock Analysis Report Booz Allen Hamilton Holding Corporation (BAH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research", "Apple Shares Face More Pain as Trump\u2019s Tariff Threat Looms (Bloomberg) -- Apple Inc. shares are coming off their longest selloff in more than three years, as escalating attacks from the White House threaten to further erode the company\u2019s profit outlook, suggesting the stock\u2019s struggles this year are far from over. Most Read from Bloomberg UAE\u2019s AI University Aims to Become Stanford of the Gulf Pacific Coast Highway to Reopen Near Malibu After January Fires NY Wins Order Against US Funding Freeze in Congestion Fight President Donald Trump on Friday threatened to levy a 25% tariff on the company\u2019s products if it doesn\u2019t shift iPhone production to the US. Shares fell 3% to end the week, their eighth straight negative session, the longest such selloff since January 2022. The stock rose 1.7% on Tuesday. Some analysts are skeptical that the tariffs will come to pass, but any movement in this direction will put the company in a position where it either has to absorb the higher costs, weighing on its earnings and margins, or pass along higher prices to consumers, which could erode demand at a time when Apple is already struggling with tepid growth and difficulties with its artificial intelligence offerings. \u201cThe threat may be politically motivated but markets can\u2019t ignore the headline risk,\u201d said Haris Khurshid, chief investment officer at Karobaar Capital. \u201cThis kind of tariff rhetoric, even if it never materializes, chips away at investor confidence. You can\u2019t run a $3 trillion company with a trade grenade hanging overhead.\u201d Apple is the worst-performing Magnificent Seven stock this year, and its 2025 drop of 21% stands in stark contrast to the 1% rise of the Nasdaq 100 Index. The stock has broken under key moving averages, but isn\u2019t yet at the le

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).


XLU: 60-day history, VaR(99%)=-0.0235, max drawdown threshold=10%.

Question:
Asset: XLU
Daily returns (past 60 days): mean=-0.0011, std=0.0107, worst_day=-0.0239
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 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 = 0.0235 (i.e., a 2.35% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0235 = 4.2519, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).