What this does
Every weekday a separate project writes a macro letter: a regime call and an active trade list of US stocks and futures. None of that is buyable as a Swedish fund, so this maps each long position to a theme, weights each theme by its share of the letter's long book, and buys the fund that best represents it. Nothing is ranked by past performance. Rebalanced on Fridays.
The regime call driving this
Read the letter from 2026-09-25 →Stagflation, hawkish tilt — unchanged.
Track record · since Sep 17
Of the letter mirrored: 80%Model portfolio — macro-mirrored funds
2026-09-17 → 2026-09-25 · indexed to 100
+1.6%
Paper trading marked to published NAVs (typically one day behind). Not a real account — not investment advice.
Positioning — themes from the letter
Not mirrored: TLT (short long-dated Treasuries) · CCL (short cruise lines) — a fund cannot be held short, so these legs of the letter are left out rather than approximated.
Position calculator
| Fund | Share | Amount | Since buy |
|---|---|---|---|
| BGF World Energy A2 | 37.5% | — | -0.3% |
| Danske Invest Defence & Security Acc SEK | 12.5% | — | +1.1% |
| BGF World Mining A2 | 12.5% | — | -0.8% |
| Swedbank Robur Technology A | 12.5% | — | +9.2% |
| Jupiter Gold & Silver L USD Acc | 25.0% | — | +2.3% |
| Total | 100.0% | — |
Enter your account size to see the amount for each fund. It is remembered in this browser only.
This week's changes
Holdings · 3 months, daily NAV
Energy / oil
Branschfond, Energi · since 2026-09-17
Weight
37.5%
P&L -0.3%
Defence
Branschfond, Industrimaterial · since 2026-09-17
Weight
12.5%
P&L +1.1%
Industrial metals / copper
Branschfond, Råvaror · since 2026-09-17
Weight
12.5%
P&L -0.8%
AI / technology
Branschfond, Ny teknik · since 2026-09-17
Weight
12.5%
P&L +9.2%
Gold / precious metals
Branschfond, Ädelmetaller · since 2026-09-17
Weight
25.0%
P&L +2.3%
The source: the macro letter's active trade list — the positions it actually holds today, not its standing framework. That framework has listed the same nine legs in every letter written so far, so it carries no varying signal and is used as context only.
Position to theme: each long position maps to one theme — crude, Exxon and Occidental all mean energy; gold futures and Newmont both mean precious metals. A theme's weight is its share of the letter's long book, and positions the letter flags as reduced or watch count half, matching its own convention.
Theme to fund: within a theme the fund is chosen for representativeness, not performance: it must clear a 500M SEK size floor, then the best combination of scale and low fee wins. Picking the hottest fund inside the theme would reintroduce exactly the momentum-chasing this project replaces.
What gets left out: a fund cannot be held short, so the letter's short legs — long-dated Treasuries and cruise lines — have no expression here. The share of the letter actually mirrored is shown above rather than hidden.
Execution: positions are marked to market every weekday, but the book is only rebalanced on Fridays. Between rebalances the weights drift with the market, which is deliberate — winners are not trimmed mid-week.