x-forecast · paper portfolio
Paper Portfolio · Live

Macro views, translated into a verifiable allocation

Three parallel groups (Base / Bull / Bear), cross-asset, paper portfolio. NAV updates daily; rebalance and commentary post monthly. Not investment advice — a public, systematic log of a research workflow.

base
103.56
-1.73% live (since 2026-05-25)
backtest +5.38%
bull
105.14
-2.10% live (since 2026-05-25)
backtest +7.40%
bear
101.39
-1.59% live (since 2026-05-25)
backtest +3.02%
98.9 104.1 109.3 25-12-0126-03-2326-07-10 ← backtest live →
┄ dashed = backtest / framework-monitoring (2025-12-01 → 2026-05-25) · — solid = live paper (since 2026-05-26) · ┄ grey = 60/40 benchmark
Base 103.56
live -1.73% · bt +5.38%
Bull 105.14
live -2.10% · bt +7.40%
Bear 101.39
live -1.59% · bt +3.02%
60/40 104.80
live -1.60%
NAV starts at 100 · 158 trading days · last update 2026-07-10

Current allocation · 2025-12-01

details →
Asset Base Bull Bear
CSI 300 510300.SH 10% 14% 5%
CSI 500 510500.SH 8% 12% 3%
Hang Seng Index ^HSI 8% 10% 4%
S&P 500 SPY 10% 13% 5%
NASDAQ 100 QQQ 5% 8% 2%
CN 10Y Treasury ETF 511260.SH 20% 10% 30%
CN Credit (CityInvest) 511220.SH 10% 5% 10%
US 20Y+ Treasury (TLT) TLT 7% 5% 10%
Gold ETF GLD 12% 15% 13%
Cash (Money Market proxy) 511990.SH 10% 8% 18%
macro view 起点位置 (2026-05): 美联储 5 月 FOMC 维持利率不变, 市场定价年内 1-2 次降息; 美国通胀核心 PCE 仍黏在 2.5-2.7% 区间, 劳动力数据 (NFP / 初请) 走弱但尚未 capitulation; 10Y UST 4.3% 附近 2y 4.8% 仍倒挂; 国内 5 年期 LPR 维持, M2 / 社融温和. Base case (60%): 美降息推迟, 美元高位震荡, 国内政策托底但弱复苏; A 股震荡偏弱, 美股估值高位有调整压力, 黄金支撑. Bull case (25%): 美联储确认 9 月降息, 美元转弱, 资金回流 EM, A 股 + 黄金双升. Bear case (15%): 通胀反弹, 降息推迟到 2027, 美元再走强 7.3+, A 股二次探底.

Behind the book: the AI agent research pipeline

vN.3 · research

See how a DAG of single-purpose agents turns the macro regime into a reviewable proposal — explicit hypothesis, out-of-sample search, a red-team DSR gate, real asset-shock stress re-sim, and a hard human gate. Fully audited, offline. View →

About this site

x-forecast is a paper portfolio reflecting the author’s macro views — not a fund, not advisory, not accepting capital. Goals:

  • Translate macro research into traceable allocation decisions
  • Use monthly attribution to route excess return back to macro factors, not just NAV
  • Benchmark publicly against 60/40, equal-weight, and risk-parity to test whether views actually add value

Sister sites: economic-forecasting.com forecasts macro indicators; macro-forecast.com produces monthly allocation views; this site closes the loop with actual paper-portfolio performance.

Last NAV update: 2026-07-10T10:32:27.