Quarterly Report

Second Quarter of 2024

Portfolio Performance Summary

This report showcases the portfolio's performance for the second quarter of 2024, covering the period from Sunday, May 31, 2024, to Sunday, June 30, 2024.

The portfolio achieved a performance of 7.44% during this quarter, with a total return of €83.289,09

The graph below illustrates the portfolio's performance over the second quarter.

Asset Distribution During the Second Quarter

The portfolio assets for the second quarter were allocated as follows:

• DK Stocks
• Global Stocks
• EM Stocks

The graph below illustrates the portfolio's asset distribution across different categories and highlights how it evolved over the second quarter. It also depicts the portfolio's liquidity levels during this period. On May 15, 2024, a reallocation of assets was carried out, increasing DK Stocks to 50% of the portfolio's total value and reducing Global Stocks to 16%.

As of the end of the second quarter, on June 30, 2024, the portfolio's asset distribution is shown in the graph below:

The performance of each asset category is presented in the graph below:

As shown in the graph, Denmark stocks achieved significantly better performance during the second quarter, with a total weighted return (TWR) of 18,02%. In comparison, EM stocks recorded a performance of 4,23%, while Global stocks showed a negative performance of -1,72%.

This disparity in performance was a key factor in the decision to reallocate assets on May 15, 2024. The adjustment increased the proportion of Denmark stocks in the portfolio while reducing the allocation to Global stocks.

Transactions During the Second Quarter

A total of two transactions were made during the second quarter:

• On May 5, 2024, 2.890 units of Xtrackers MSCI World ESG UCITS ETF 1C were purchased at a unit price of €36,73, totaling €106.195,15. The corresponding graph below illustrates the performance of the ETF over the quarter, including the date of purchase. The graph highlights the price evolution before the transaction, providing context for the purchase decision.
• On May 5, 2024, 250 units of Microsoft Corporation were sold at a unit price of €385,19, totaling €96.158,73. For this transaction, calculations were also performed to compare the sale value in euros and dollars, reflecting the currency exchange rate at the time of the transaction. The corresponding graph below shows the stock's performance over the quarter, highlighting the sale date.

Additionally, the graph below summarizes the transactions made during the second quarter, organized by month. This visualization provides an overview of activity throughout the period.

Risk Analysis

The overall risk for the second quarter of 2024 was 1,09%. The quartile box plot shown below highlights the variability of returns over the year. A wider box plot indicates higher variability, whereas a more compact box plot, as observed in this figure, indicates lower variability during the quarter. Outliers are marked outside the box.

The median return for the period was 0,09%, with a maximum return of 5,25% and a minimum return of -3,02%. These values suggest that, on average, the portfolio's profitability was positive. Furthermore, the presence of few outliers indicates that the risk was not significantly affected by extreme deviations.