Liber Portfolio

Asset Allocation

Position	Category/Sector	Target Weight
AGG iShares Core U.S. Aggregate Bond ETF	Total Bond Market	10.16%
BABA Alibaba Group Holding Limited	Consumer Cyclical	5.04%
BIDU Baidu, Inc.	Communication Services	5.04%
BND Vanguard Total Bond Market ETF	Total Bond Market	10.12%
PBR Petróleo Brasileiro S.A. - Petrobras	Energy	17.49%
PFE Pfizer Inc.	Healthcare	11.02%
QCOM QUALCOMM Incorporated	Technology	10.62%
SQM Sociedad Química y Minera de Chile S.A.	Basic Materials	9.78%
USD=X USD Cash		1.82%
VALE Vale S.A.	Basic Materials	6.38%
XLE State Street Energy Select Sector SPDR ETF	Energy Equities	12.53%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Liber Portfolio, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

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The earliest data available for this chart is Sep 19, 2014, corresponding to the inception date of BABA

Returns By Period

As of Apr 2, 2026, the Liber Portfolio returned 18.56% Year-To-Date and 16.33% of annualized return in the last 10 years.

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-3.43%	-3.84%	-1.98%	16.08%	16.86%	10.37%	12.29%
Portfolio Liber Portfolio	0.00%	7.13%	18.56%	23.72%	34.31%	13.83%	15.12%	16.33%
Portfolio components:
PBR Petróleo Brasileiro S.A. - Petrobras	2.39%	21.23%	73.50%	68.74%	53.49%	38.06%	45.50%	26.58%
AGG iShares Core U.S. Aggregate Bond ETF	0.23%	-1.00%	0.32%	0.90%	4.41%	3.55%	0.29%	1.68%
XLE State Street Energy Select Sector SPDR ETF	0.47%	5.52%	33.39%	36.01%	29.93%	14.70%	23.16%	11.36%
BND Vanguard Total Bond Market ETF	0.22%	-0.98%	0.31%	0.85%	4.27%	3.53%	0.30%	1.70%
VALE Vale S.A.	0.87%	1.38%	24.25%	49.54%	68.87%	9.34%	8.69%	22.93%
QCOM QUALCOMM Incorporated	-0.38%	-7.61%	-25.39%	-24.04%	-15.78%	2.87%	0.53%	12.71%
BABA Alibaba Group Holding Limited	-1.36%	-9.99%	-16.73%	-35.54%	-4.37%	9.31%	-10.55%	4.98%
PFE Pfizer Inc.	-0.81%	6.55%	15.64%	8.20%	22.98%	-6.37%	0.03%	4.18%
SQM Sociedad Química y Minera de Chile S.A.	1.70%	20.94%	20.94%	86.82%	109.60%	5.04%	13.45%	20.09%
BIDU Baidu, Inc.	-0.84%	-6.53%	-15.08%	-20.87%	20.70%	-9.40%	-12.77%	-5.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Sep 20, 2014, Liber Portfolio's average daily return is +0.04%, while the average monthly return is +1.06%. At this rate, your investment would double in approximately 5.5 years.

Historically, 59% of months were positive and 41% were negative. The best month was Nov 2020 with a return of +19.5%, while the worst month was Mar 2020 at -17.2%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.

On a daily basis, Liber Portfolio closed higher 37% of trading days. The best single day was Mar 13, 2020 with a return of +8.0%, while the worst single day was Mar 9, 2020 at -9.8%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	10.96%	1.87%	5.25%	-0.35%									18.56%
2025	6.12%	0.19%	2.41%	-8.47%	-1.83%	6.22%	0.27%	6.33%	4.92%	0.54%	4.71%	0.73%	23.27%
2024	-3.86%	1.18%	1.13%	-0.02%	2.95%	-3.75%	0.48%	0.82%	2.81%	-4.61%	0.08%	-3.94%	-6.91%
2023	8.37%	-6.56%	0.42%	-3.77%	-1.23%	9.05%	5.79%	-5.00%	-0.99%	-5.13%	5.13%	4.95%	9.76%
2022	6.09%	3.55%	5.18%	-5.77%	10.76%	-9.09%	6.43%	2.37%	-8.86%	2.00%	7.34%	-4.34%	14.01%
2021	-0.40%	-1.30%	0.57%	3.00%	2.40%	7.40%	-3.55%	1.26%	-3.24%	1.44%	6.76%	2.94%	17.99%

Benchmark Metrics

Liber Portfolio has an annualized alpha of 3.39%, beta of 0.81, and R² of 0.50 versus S&P 500 Index. Calculated based on daily prices since September 20, 2014.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (86.76%) than losses (81.08%) — typical of diversified or defensive assets.
R² of 0.50 means the benchmark explains less than half of this portfolio's behavior — treat beta with caution or consider switching to a more representative benchmark.

Alpha: 3.39%

Beta: 0.81

R²: 0.50

Upside Capture: 86.76%

Downside Capture: 81.08%

Expense Ratio

Liber Portfolio has an expense ratio of 0.02%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

XLE

State Street Energy Select Sector SPDR ETF

AGG

iShares Core U.S. Aggregate Bond ETF

BND

Vanguard Total Bond Market ETF

Return for Risk

Risk / Return Rank

Liber Portfolio ranks 88 for risk / return — in the top 88% of portfolios on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	2.15	0.88	+1.27
Sortino ratio Return per unit of downside risk	2.76	1.37	+1.39
Omega ratio Gain probability vs. loss probability	1.41	1.21	+0.20
Calmar ratio Return relative to maximum drawdown	9.30	1.39	+7.91
Martin ratio Return relative to average drawdown	34.35	6.43	+27.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
PBR Petróleo Brasileiro S.A. - Petrobras	79	1.63	2.14	1.30	2.39	4.69
AGG iShares Core U.S. Aggregate Bond ETF	49	1.02	1.44	1.18	1.70	4.71
XLE State Street Energy Select Sector SPDR ETF	54	1.19	1.58	1.23	1.60	4.21
BND Vanguard Total Bond Market ETF	48	1.00	1.42	1.18	1.71	4.64
VALE Vale S.A.	88	2.11	2.64	1.35	3.46	11.57
QCOM QUALCOMM Incorporated	21	-0.41	-0.35	0.95	-0.48	-1.18
BABA Alibaba Group Holding Limited	33	-0.10	0.20	1.02	-0.18	-0.41
PFE Pfizer Inc.	68	0.87	1.38	1.17	1.89	4.26
SQM Sociedad Química y Minera de Chile S.A.	88	2.14	2.69	1.33	4.42	10.82
BIDU Baidu, Inc.	54	0.44	0.99	1.12	0.61	1.62

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

Liber Portfolio Sharpe ratios as of Apr 2, 2026 (values are recalculated daily):

1-Year: 2.15
5-Year: 0.85
10-Year: 0.82
All Time: 0.56

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 1.00 to 1.70, this portfolio's current Sharpe ratio is in the top 25%. This signifies superior risk-adjusted performance, meaning the portfolio is delivering strong returns for the level of risk taken compared to most others.

The chart below shows the rolling Sharpe ratio of Liber Portfolio compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

Liber Portfolio provided a 3.12% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.12%	3.97%	5.56%	5.22%	12.82%	6.32%	2.25%	2.99%	2.77%	2.14%	2.06%	2.38%
Portfolio components:
PBR Petróleo Brasileiro S.A. - Petrobras	4.09%	7.10%	14.73%	10.91%	55.64%	18.95%	0.84%	1.59%	1.03%	0.00%	0.00%	0.00%
AGG iShares Core U.S. Aggregate Bond ETF	3.94%	3.89%	3.74%	3.13%	2.39%	1.77%	2.14%	2.70%	2.72%	2.32%	2.39%	2.45%
XLE State Street Energy Select Sector SPDR ETF	2.52%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%
BND Vanguard Total Bond Market ETF	3.92%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
VALE Vale S.A.	3.55%	7.29%	11.41%	7.75%	8.63%	19.70%	2.72%	2.63%	4.16%	3.77%	1.06%	7.48%
QCOM QUALCOMM Incorporated	2.81%	2.06%	2.18%	2.18%	2.67%	1.47%	1.69%	2.81%	4.27%	3.50%	3.17%	3.72%
BABA Alibaba Group Holding Limited	1.64%	1.36%	1.96%	1.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PFE Pfizer Inc.	6.07%	6.91%	6.33%	5.70%	3.12%	2.64%	3.92%	3.68%	3.12%	3.53%	3.69%	3.47%
SQM Sociedad Química y Minera de Chile S.A.	0.15%	0.18%	0.59%	8.34%	9.66%	3.92%	1.64%	4.55%	5.37%	2.73%	4.77%	2.00%
BIDU Baidu, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the Liber Portfolio. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Liber Portfolio was 38.94%, occurring on Feb 11, 2016. Recovery took 238 trading sessions.

The current Liber Portfolio drawdown is 0.83%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-38.94%	Sep 20, 2014	510	Feb 11, 2016	238	Oct 6, 2016	748
-37.24%	Jan 21, 2020	58	Mar 18, 2020	236	Nov 9, 2020	294
-17.04%	Oct 8, 2024	183	Apr 8, 2025	156	Sep 11, 2025	339
-16.17%	Oct 10, 2018	76	Dec 24, 2018	385	Jan 13, 2020	461
-14.06%	Jan 27, 2023	98	May 4, 2023	82	Jul 25, 2023	180

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 11 assets, with an effective number of assets of 9.15, reflecting the diversification based on asset allocation. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	Benchmark	USD=X	AGG	BND	PFE	BABA	BIDU	QCOM	SQM	PBR	VALE	XLE	Portfolio
Benchmark	1.00	0.00	0.01	-0.01	0.40	0.44	0.45	0.66	0.42	0.34	0.41	0.49	0.62
USD=X	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AGG	0.01	0.00	1.00	0.96	0.05	-0.02	-0.02	0.01	-0.01	-0.04	-0.01	-0.13	0.01
BND	-0.01	0.00	0.96	1.00	0.05	-0.05	-0.04	-0.01	-0.03	-0.05	-0.02	-0.15	-0.01
PFE	0.40	0.00	0.05	0.05	1.00	0.17	0.16	0.23	0.16	0.13	0.20	0.24	0.33
BABA	0.44	0.00	-0.02	-0.05	0.17	1.00	0.61	0.34	0.29	0.21	0.32	0.21	0.45
BIDU	0.45	0.00	-0.02	-0.04	0.16	0.61	1.00	0.33	0.31	0.23	0.31	0.22	0.47
QCOM	0.66	0.00	0.01	-0.01	0.23	0.34	0.33	1.00	0.31	0.21	0.29	0.28	0.50
SQM	0.42	0.00	-0.01	-0.03	0.16	0.29	0.31	0.31	1.00	0.33	0.39	0.35	0.62
PBR	0.34	0.00	-0.04	-0.05	0.13	0.21	0.23	0.21	0.33	1.00	0.52	0.51	0.73
VALE	0.41	0.00	-0.01	-0.02	0.20	0.32	0.31	0.29	0.39	0.52	1.00	0.40	0.67
XLE	0.49	0.00	-0.13	-0.15	0.24	0.21	0.22	0.28	0.35	0.51	0.40	1.00	0.61
Portfolio	0.62	0.00	0.01	-0.01	0.33	0.45	0.47	0.50	0.62	0.73	0.67	0.61	1.00

The correlation results are calculated based on daily price changes starting from Sep 20, 2014

Liber Portfolio

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Return for Risk

Risk / Return Rank

Return / Risk — by metrics

Sharpe ratio

Sortino ratio

Omega ratio

Calmar ratio

Martin ratio

Sharpe Ratio

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table