Executing on our passive investing strategy, which involves buying the top volume stocks from sectors that react positively to periods of high inflation. As most of the top volume companies are based in the US, we want geographical diversity whenever possible. This stock matches our criteria: it is within a sector that reacts favorably to periods of high inflation and the stock has high trading volume. We pick 5 stocks from each of the following sectors: Mining and metallurgy, Food, tobacco and farm products, Electric Utilities, Railroad & infrastructure and Construction & engineering.

Industry-based momentum strategy | Equal weighted (5%) | Short position | Worst 10 performers in S&P 500 Utilities sector (3-month performance)

In line with the investment strategy. The weight is 5% of the portfolio. Acquiring low P/B-ratio stocks from S&P 500.

Momentum strategy | Equal weighting, 5% per stock | 10 long and 10 short positions based on companies with the strongest and the worst momentum. Momentum indicator determined by dividing 3 day simple moving average by 10 day simple moving average. Portfolio rebalanced once a week. | Short position: Xcel Energy Inc.| Rank: 1

Passive Utilities Index investing strategy | Cap-weighted |Xcel Energy is found in MSCI USA Utilities Index.