Rebalance

Rebalance report

To minimum variance · 5% to 40% in each asset · whole units · tax-aware
2 accounts · $696,578 · prices of 30 Oct 2026

Summary

What the trades change, and what they cost

Trades

2 sales and 8 purchases in 2 accounts

Turnover

74.0%

$515,437 of $696,578

Volatility

9.6% → 7.5%

Target 7.5%

Expected return

14.3% → 11.2%

Target 11.2%

Fees and tax

$9,451

Fees $258, tax $9,194

Where the weights move

BeforeTargetAfter

Holding	Before	Target	After	Change	Value after
BND	24.9%	40.0%	40.0%	+15.1%	$278,474
EXSA	8.4%	25.7%	25.6%	+17.2%	$178,568
VTI	51.2%	16.3%	16.4%	−34.8%	$114,115
GLD	6.9%	9.5%	9.5%	+2.5%	$65,842
VNQ	4.1%	8.5%	8.5%	+4.4%	$59,485
EUR cash	0.5%	0.0%	0.0%	−0.5%	$0
USD cash	3.9%	0.0%	0.0%	−3.9%	$93

Weights of the 2 accounts together, $696,578, at the prices of 30 Oct 2026. After differs from the target by whole units and the fees; base-currency cash takes what the targets leave. Volatility and expected return come from the estimates the method describes.

Trades

Each account's trades, sales first

Brokerage account

Side	Units	Instrument	Price	Value	Fee	Gain	Tax
Sell	394	VTI	371.57 USD	$146,399	73.20 USD	$44,991	$9,194
Buy	897	BND	71.56 USD	$64,189	32.09 USD
Buy	1,022	EXSA	64.08 EUR	$73,236	32.74 EUR
Buy	30	GLD	355.78 USD	$10,673	5.34 USD
Buy	200	VNQ	93.94 USD	$18,788	9.39 USD
Convert		USD to EUR	1.11828 USD	$69,770

Sales first, then purchases. Brokerage account is worth $470,522; the trades turn over 66.6% of it. The conversion sells 69,770.36 USD for 62,390.78 EUR.

Retirement account

Side	Units	Instrument	Price	Value	Fee	Gain	Tax
Sell	259	VTI	371.57 USD	$96,237	48.12 USD	$42,093	Not taxed
Buy	569	BND	71.56 USD	$40,718	20.36 USD
Buy	649	EXSA	64.08 EUR	$46,507	20.79 EUR
Buy	19	GLD	355.78 USD	$6,760	3.38 USD
Buy	127	VNQ	93.94 USD	$11,930	5.97 USD
Convert		USD to EUR	1.11828 USD	$46,530

Sales first, then purchases. Retirement account is worth $226,056; the trades turn over 89.4% of it. The conversion sells 46,530.19 USD for 41,608.71 EUR. Not a taxable account: its sales are not taxed.

Costs

The fees, the gains the sales realise, and the tax on them

What the trades cost

Account	Fees	Realised gain	Long-term	Short-term	Estimated tax
Brokerage account	$157	$44,991	$43,841	$1,150	$9,194
Retirement account	$101	$42,093	$42,093	$0	Not taxed
Total	$258	$87,084	$85,934	$1,150	$9,194

Fees: 0.05% of the value traded, at least 1.00, in the instrument's currency. Tax is 37% on short-term and 20% on long-term gains (held more than 365 days), after fees; in taxable accounts each sale takes the lots that cost the least tax. The sales realise 45.5% of the unrealised gains of $191,554.

Method

How the trades were found

Targets	Minimum variance, 5% to 40% in each asset, from an optimisation.
Accounts	Brokerage account and Retirement account, rebalanced together. A holding above its target is sold from the accounts that hold it, in proportion to their holdings; one below it is bought in proportion to the value each account has free. Trades do not move cash between accounts.
Prices	30 Oct 2026; other currencies at the exchange rates of that day.
Trades	Whole units, each rounded towards zero. Purchases leave room for the fees, so the trades fit the cash each account has.
Lots	In taxable accounts, each sale takes the lots that cost the least tax, losses first.
Fees	0.05% of the value traded, at least 1.00, in the instrument's currency.
Tax	37% on short-term and 20% on long-term gains (held more than 365 days), after fees; Retirement account not taxable.
Estimates	Volatility and expected return from the holdings' daily returns, Nov 2023 to Oct 2026, annualised: the Ledoit–Wolf covariance and historical means. Cash is riskless and earns nothing here.

Every figure is computed by Finalytics 1.0.0-rc.1 from the portfolio's records and prices; the same inputs give the same report, identified by the input digest c60258a2c4b4.