April 9, 2025: We recommend the following changes…

The Model Fund Portfolio has remained resilient through severe volatility in major market indexes since the market peak. Over the past 9 months, gold has experienced a remarkable run from under $2,300 to over $3,100. As a result, the gold miners ETF has been one of the strongest performers in the Model Fund Portfolio, with the position up 30% year-to-date. With this rapid rise in price, prudent portfolio discipline compels us to trim the position and take some profit off the table.

Consequently, we recommend the following change to our Model Fund Portfolio:

• Decrease the VanEck Gold Miners ETF (Symbol: GDX) from 5.0% to 4.0%. This will maintain our commitment to this defensive hedge, while taking advantage of the opportunity to lock in some of the gains.

The Model Fund Portfolio now has a net “long” position of 54%. Current holdings include 57% quality ETFs, 3% in an inverse-index (bear) fund, and 40% cash. The cash portion of the Portfolio (40%) is held in short-term Treasurys or a money market fund.