DBC Global Compass — Seed Book Summary (2026-07-11)

Mandate recap

DBC Global Compass runs top-down macro regimes via US-listed ETFs (equities, rates, credit, commodities, FX proxies) plus a small crypto sleeve. Benchmark AOR. Constraints: net -50…+150%, gross ≤200%, max position 15% (20% for treasury ETFs), crypto sleeve ≤20% gross, max single theme 40% gross, every position requires a stated invalidation level. Starting capital $1,000,000.

Position table (as seeded)

Ticker	Theme	Weight	Notional	One-liner
SPY	us-equity-beta	12.84%	$128,367	Core US equity beta sleeve; trend-supported per Friday $755.10 close, 3 tranches
EFA	intl-equity	11.99%	$119,875	Developed-ex-US diversification vs. SPY; Friday $104.33 close, 3 tranches

Not seeded (see Gaps — this is the dominant finding for this fund): EEM, TLT, GLD, UUP, IEF, BTCUSD, ETHUSD — 7 of the 9 designed lines, representing ~$610k of the ~$877k non-SPY/EFA target book.

Est. net / gross vs. bands

• Deployed: $248,242 (24.82% of $1,000,000) — technically inside the -50%…+150% net band, but far below the ~87% design target due to the gap below.
• Gross: 24.82% — well under the 200% cap, again far below design intent.
• Cash: $751,758 (75.18%) — uncommitted, not a deliberate defensive stance.
• Theme concentration: us-equity-beta 12.84%, intl-equity 11.99% — both far under the 40% theme cap; duration, real-assets, dollar, and crypto-sleeve themes are at 0%.
• Single-position cap: both positions well under the 15% max.