MOOD

MOOD considers the difference in sentiment between institutional and retail investors, or relative sentiment, to manage a multi-asset portfolio of equities, bonds, and gold. To assess investor sentiment, the fund adviser uses public and third-party data sources and applies four indicators, three reflective of relative sentiment (position-based, survey-based, and cross asset), and the last one indicative of retail macro sentiment. To determine allocation to equity ETFs, the adviser takes the average of the four indicators. The remainder of the portfolio is allocated to fixed income ETFs including TIPS, and in some instances, gold ETPs. The fund may invest in gold if US dollar relative sentiment and Federal Reserve policy sentiment meet bearish parameters. The adviser typically allocates non-equity holdings evenly between bonds and gold, with an allocation limit of 20% in gold. Indicators are computed weekly, except for surveys, but rebalancing is done at the discretion of the adviser.