MO Portfolio | Macro Ops: Unparalleled Investing Research

The Macro Ops Portfolio	nt_header_1	nt_header_2	nt_header_3	nt_header_4	nt_header_5	nt_header_6	nt_header_7	nt_header_8	nt_header_9	nt_header_10	nt_header_11	nt_header_12	nt_header_13	nt_header_14	nt_header_15
PDF: https://tinyurl.com/mo-portfolio-pdf
2025 YTD Return	30.90%					Thematic Allocation	Total Notional Exposure
Total Notional Exposure	125.85%					Aerospace & Defense	5.56%
Equity Exposure	82.46%					Metals & Mining	18.61%
Futures/Forex Exposure	43.40%					Oil & Gas / Energy	9.08%
Current Cash Value (%)	35.00%					Other	49.21%
Total Capital At-Risk (%)	10.29%	TTM 3YR Total Return		104.79%		Crypto	0.00%
Total Drawdown Risk (%)	10.13%	Rolling 3YR CAGR		26.99%
									Note: Stops are soft unless otherwise stated!
Futures, Bonds & FX	Ticker	Contracts	Capital	Notional	Actual Risk	DD Risk	Cost Basis	Current Price	Current Stop-Loss	Initial Stop-Loss	Current P&L	R-Multiple (Curr.)	Total Notional	Total Risk	Total Drawdown Risk
Note: Cost Basis Reflects Rolled Contract Cost Basis													43.40%	4.13%	4.51%
Micro Silver Futures	SILZ2025	3	$150,795.00	3.47%	-0.60%	0.16%	$39.14	$50.27	47.905	$37.72	28.42%	7.83
Micro Silver Futures (2nd leg)	SILZ2025	2	$100,530.00	2.31%	0.26%	0.11%	$53.60	$50.27	47.905	$45.60	-6.22%	-0.42
Micro Silver Futures (3rd leg)	SILZ2026	5	$251,325.00	5.78%	0.53%	0.59%	49.75	$50.27	$45.16	$45.16	1.04%	0.11
Micro Gold Futures	MGCZ2025	5	$203,795.00	4.68%	0.69%	0.78%	$3,996.50	$4,075.90	$3,394.00	$3,394.00	1.99%	0.13
Crude Oil Futures	CLF2026	17	$998,410.00	22.94%	0.98%	0.50%	59.97	58.73	$57.45	$55.95	-2.07%	-0.31
Soybean Futures	ZSF2026	9	$505,125.00	11.61%	0.61%	0.54%	$1,129.75	$1,122.50	$1,070.75	$1,070.75	-0.64%	-0.12
Soybean Oil Futures	ZLZ2025	8	$243,168.00	5.59%	0.29%	0.03%	$50.86	$50.66	$48.25	$48.25	-0.39%	-0.08
Euro Stoxx Bank futures	FESBZ2025	15	$399,573.63	9.18%	0.34%	0.16%	$271.68	$266.38	$261.72	$261.72	-1.95%	-0.53
Micro E-mini Nasdaq-100 Futures	MNQZ2025	-20	-$964,250.00	-22.16%	1.03%	1.64%	$24,774.25	$24,106.25	$25,895.00	$25,895.00	2.70%	0.60

Equities	Ticker	Shares	Capital	Notional	Actual Risk	DD Risk	Cost Basis	Current Price	Current Stop-Loss	Initial Stop-Loss	Current P&L	R-Multiple (Curr.)	Total Notional	Total Risk	Total Drawdown Risk
Aerospace & Defense													82.46%	6.15%	5.62%
Rheinmetall	RHM.XTE	53	$94,345.40	2.17%	0.39%	-0.05%	$2,137.43	$1,780.10	$1,818.07	$1,734.32	-16.72%	-0.89
Rheinmetall (2nd Leg)	RHM.XTE	83	$147,748.46	3.40%	0.93%	-0.07%	$2,305.50	$1,780.10	$1,818.07	$1,854.32	-22.79%	-1.16
Metals & Mining
Idaho Strategic Resources, Inc.	IDR	2,139	$68,191.32	1.57%	-0.26%	0.24%	$21.63	$31.88	$27.00	$12.19	47.39%	1.09
Idaho Strategic Resources, Inc. (2nd leg)	IDR	3569	$113,779.72	2.61%	0.55%	0.40%	$33.73	$31.88	$27.00	$26.60	-5.48%	-0.26
Magna Mining	NICU	4,367	$7,553.39	0.17%	0.00%	0.01%	$1.69	$1.73	$1.68	$1.37	2.11%	0.11
Magna Mining (2nd Leg)	NICU	19,851	$34,338.82	0.79%	0.16%	0.02%	$2.03	$1.73	$1.68	$1.74	-14.72%	-1.05
Magna Mining (3rd Leg)	NICU	146,547	$253,504.36	5.83%	0.84%	0.72%	$1.77	$1.73	$1.52	$1.52	-2.01%	-0.14
Emerita Resources Corp.	EMO.TSXV	16,927	$14,520.58	0.33%	0.09%	0.05%	$0.96	$0.86	$0.72	$0.72	-11.06%	-0.44
Metals X Limited	MLX.ASX	381,178	$188,678.08	4.34%	0.79%	0.68%	$0.5078	$0.49	$0.42	$0.3857	-2.53%	-0.11
Talon Metals Corp	TLO.T	244,829	$67,693.37	1.56%	0.04%	-0.14%	$0.3084	$0.28	$0.30	$0.25	-10.34%	-0.56
Blue Moon Metals	MOON.V	22,770	$61,504.47	1.41%	0.30%	0.15%	$2.98	$2.70	$2.41	$0.00	-9.29%	-0.09
Oil & Gas / Energy
Marathon Petroleum Corp	MPC	304.00	$57,112.48	1.31%	0.27%	0.22%	$196.00	$187.87	$157.00	$157.00	-4.15%	-0.21
Bloomberg Natural Gas ETF	BOIL	5,058	$173,135.34	3.98%	0.40%	0.35%	34.66	$34.23	$31.22	$29.88	-1.24%	-0.09
Valeura Energy Inc.	VLE.T	31,576	$164,984.55	3.79%	0.55%	0.76%	$4.94	$5.22	$4.18	$4.18	5.72%	0.37
Other
Apple Inc	AAPL	1,462	$389,257.50	8.94%	-1.14%	0.11%	$229.00	$266.25	$263.00	$215.00	16.27%	2.66
Semiconductor VanEck ETF	SMH	643	$209,039.30	4.80%	0.54%	0.67%	$316.80	$325.10	$280.00	$280.00	2.62%	0.23
Defiance Quantum ETF	QTUM	811	$81,391.96	1.87%	0.27%	0.16%	$106.50	$100.36	$92.00	$92.00	-5.77%	-0.42
Bloomberg All Commodity ETF	BCI	56,002	$1,243,244.40	28.57%	1.16%	1.16%	$22.20	$22.20	$21.30	$21.30	0.00%	0.00
Bloomberg All Commodity ETF (2nd Leg)	BCI	9,836	$218,359.20	5.02%	0.28%	0.20%	$22.54	$22.20	$21.30	$21.30	-1.51%	-0.27

Crypto

Options	Ticker	Contracts	Capital	Notional	Actual Risk	DD Risk	Cost Basis	Current (Mid) Price	Current Stop-Loss	Initial Stop-Loss	Current P&L	R-Multiple (Curr.)	Total Notional	Total Risk	Total Drawdown Risk

Cash Net Interest
Cash Value (as of 08/29)	$1,459,966
IBKR Interest on Cash	4.00%
YTD Interest Received	$48,479
Day	303

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Brandon Beylo

Value Investor

Brandon has been a professional investor focusing on value for over 13 years, spending his time in small to micro-cap companies, spin-offs, SPACs, and deep value liquidation situations. Over time, he’s developed a deeper understanding for what deep-value investing actually means, and refined his philosophy to include any business trading at a wild discount to what he thinks its worth in 3-5 years.

Brandon has a tenacious passion for investing, broad-based learning, and business. He previously worked for several leading investment firms before joining the team at Macro Ops. He lives by the famous Munger mantra of trying to get a little smarter each day.

AK

Investing & Personal Finance

AK is the founder of Macro Ops and the host of Fallible.

He started out in corporate economics for a Fortune 50 company before moving to a long/short equity investment firm.

With Macro Ops focused primarily on institutional clients, AK moved to servicing new investors just starting their journey. He takes the professional research and education produced at Macro Ops and breaks it down for beginners. The goal is to help clients find the best solution for their investing needs through effective education.

Tyler Kling

Volatility & Options Trader

Former trade desk manager at $100+ million family office where he oversaw multiple traders and helped develop cutting edge quantitative strategies in the derivatives market.

He worked as a consultant to the family office’s in-house fund of funds in the areas of portfolio manager evaluation and capital allocation.

Certified in Quantitative Finance from the Fitch Learning Center in London, England where he studied under famous quants such as Paul Wilmott.

Alex Barrow

Macro Trader

Founder and head macro trader at Macro Ops. Alex joined the US Marine Corps on his 18th birthday just one month after the 9/11 terrorist attacks. He subsequently spent a decade in the military. Serving in various capacities from scout sniper to interrogator and counterintelligence specialist. Following his military service, he worked as a contract intelligence professional for a number of US agencies (from the DIA to FBI) with a focus on counterintelligence and terrorist financing. He also spent time consulting for a tech company that specialized in building analytic software for finance and intelligence analysis.

After leaving the field of intelligence he went to work at a global macro hedge fund. He’s been professionally involved in markets since 2005, has consulted with a number of the leading names in the hedge fund space, and now manages his own family office while running Macro Ops. He’s published over 300 white papers on complex financial and macroeconomic topics, writes regularly about investment/market trends, and frequently speaks at conferences on trading and investing.

Macro Ops is a market research firm geared toward professional and experienced retail traders and investors. Macro Ops’ research has been featured in Forbes, Marketwatch, Business Insider, and Real Vision as well as a number of other leading publications.

You can find out more about Alex on his LinkedIn account here and also find him on Twitter where he frequently shares his market research.