The graph is an example of the defensive approach that PHC Momentum is taking under sustained, declining momentum in the market. PHC Momentum goes cash in the first quarter of 2008 (index 95) and is defensive until the second quarter of 2009 (index 95). At the same time, Dynamic Bull and Dynamic Bear play an essential role in the short term, resulting in increases of respectivelyâ€”77 and 142 percentage points over the two years. Thus, the PHC Portfolio is not exposed to significant losses, as was the case for the S&P 500, which fell by 33 percentage points in the same period. Overall, the PHC Portfolio returned 57.3% during this period.

The graph is an example of the defensive approach that PHC Momentum is taking under sustained, declining momentum in the market. PHC Momentum goes cash in Marts 2020 (index 102) and is defensive until June 2020 (index 120). At the same time, Dynamic Bull struggles to keep up due to many negative days in the short term and ends the year with a 6 percentage point increase. While Dynamic Bear plays an essential role in the short term, resulting in a rise of 55 percentage points for the year. S&P 500 had a quick surge back to new all-time highs, thus delivering 16 percentage points for the year. This bull trend also shows for PHC Momentum, which ends the year with a 90 percentage point increase. Overall, the PHC Portfolio returned 48,03% during this period.