The Core portfolio spent January entirely in cash and results are flat for 2016.
The Risk Model continues (since 11/30/2014) to display hostile market conditions.
The Satellite Portfolio is hibernating (all portfolio funds are in the Core Portfolio).
As I look forward into 2016, I expect the TAA portfolio to keep us out of trouble for the first half rather than generate substantial return. The time for substantial returns will arrive with improved valuations in the market.