PPP Changes – Taking Gains

Today we sold EEM; Emerging Markets (7.77 shares @ 41.39), IYE; Energy (12.11 shares @ 35.43), EWZ; Brazil (2.33 shares at 75.52), and DBB; Commodities (36.39 shares @ 20.20).  In all case we took take gains to bring each asset back to it’s neutral postion.  Each showed some recent weakness/slowing.   Japan remains the only asset class at the moment that we are holding at 1/2 its neutral position.  There have been strong upward movements in virtually all of the 16 asset classes in the portfolio, but there are definite signs of slowing at the moment.


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