June 30, 2024

The Cabana Target Beta 70 Portfolio is one of three in the Target Beta Series. It is an all-asset, fund of funds strategy comprised of underlying equities, commodity and fixed income funds intended to represent a growth risk allocation. The portfolio's primary objective is to target a maximum aggregated beta of .70 compared to the equal weight S&P 500 (benchmark). This portfolio uses a semi-active, tactical process whereby Cabana’s Cyclical Asset Allocation Algorithm ("CARA") seeks to identify macro changes in the economic cycle and allocate investment to the assets that perform relatively well at the identified point in the cycle. The portfolio seeks to reduce costs and whipsaw associated with more active management.


What is Target Beta?

Beta is calculated based upon the one-year beta of the underlying positions relative to the benchmark equal weight S&P500; and re-optimization occurs upon “scene change” - when CARA recognizes a change in the economic cycle. If no such opportunity has occurred within a calendar year, the portfolio is re-optimized at year’s end. In sum, this Target Beta Portfolio seeks to provide a repeatable investment experience across market cycles and simultaneously take advantage of CARA’s allocation process.

Quick Facts
  • Portfolio Manager: G. Chadd Mason
  • Minimum Investment: $5,000
  • Portfolio Type: All Asset
  • Inception Date: September 1, 2023
  • Current Yield (Mo-End): 2.59%
  • Expense Ratio: 0.23%
Beta Statistics
  • Historical Maximum Beta 0.69
  • Historical Minimum Beta 0.15
Standard Deviation
  • Since Inception (Mo-End) 2.90%
  • Std Dev 1 Yr (Mo-End) NA
  • Std Dev 3 Yr (Mo-End) NA
GIPS Performance

Cabana claims compliance with the Global Investment Performance Standards (GIPS®).

The Target Beta 70 GIPS® Composite Report can be accessed here.

Search for: #CABANAB70

Risk number is as of June 30, 2024.

Scene as of June 30, 2024

Transitional Bullish (Improving)
Scene change occured on 12/18/2023.

Typical of a bull market cycle resumption following a correction or bear market. Higher beta risk assets, including small- and mid-cap equities, as well as technology may be attractive and outperform fixed income assets such as treasuries, bonds and preferred stocks.

More information about Cabana's Scenes and allocation history is available upon request.

Asset Allocation

Growth of $1,000

Monthly since inception

Past performance is no guarantee of future results. Please refer to Page 2-3 for important disclaimers.

Monthly Performance 2024

*Net of maximum 2% fee.

Annual Returns

*Net of maximum 2% fee.

Risk Statistics

Since inception. Risk statistics are gross of advisory fees.

Trailing Returns

Trailing returns are annualized for periods greater than one year. The table below is as of June 30, 2024.

*Net of maximum 2% fee.

Target Beta 70 Disclaimer

Cabana LLC, dba Cabana Asset Management (“Cabana”), is an investment adviser registered with the SEC. Cabana only transacts business in states where it is properly registered or is exempted from registration requirements. Registration as an investment adviser is not an endorsement of Cabana by securities regulators and does not mean that such investment adviser has achieved a specific level of skill or ability. Additional information regarding Cabana, including its fees, can be found in Cabana’s Form CRS and Form ADV Part 2A, copies of which are available upon request or online at and or  

This material is proprietary, and is not to be copied, reproduced, altered, deconstructed, or distributed without the express written consent of Cabana, LLC. All data and information reflected in this fact sheet is as of the date this fact sheet was published. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, accounting, or personalized investment advice. You should consult your own tax, legal, accounting, and financial advisors before engaging in any transaction.    

The performance returns, benchmark comparisons, and metrics in this factsheet represent actual composite returns during a time when actual client funds were invested. 

Unless otherwise indicated, performance data, benchmark comparisons, asset allocation charts, drawdown, and other statistics are for illustrative purposes, calculated as of end of month, and shown gross of advisory fees but net of trading costs.

Asset allocation may vary intramonth if a reallocation has occurred.
Performance data is expressed in U.S. dollar currency and it includes the reinvestment of dividends and capital gains.  

Consistent with our ongoing third-party GIPS verification efforts, Cabana will from time to time and without notice, make minor non-material updates and corrections to performance data which do not significantly impact performance. These changes will be reflected on the most recent fact sheets and independent verification reports, as applicable. 

Net performance includes a maximum investment advisory fee of 2%.
Benchmark indices will likely materially differ from Cabana’s portfolio strategies.

The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments.

Portfolios in the Morningstar Tactical Allocation category seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, the fund must have minimum exposures of 10% in bonds and 20% in equity. Next, the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift over three years or through a series of material shifts on a quarterly basis. Within a three[1]year period, typically the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single equity region or bond sector exceeds 50%.

The Morningstar Moderate Target Risk (TR) Index seeks approximately 60% exposure to global equity markets. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

All indexes and categories are unmanaged and an individual cannot invest directly in an index. Index returns do not include fees or expenses.

GIPS composite selection criteria includes the following: The account must meet Cabana’s definition of discretion as outlined in the GIPS Policies and Procedures, the account must meet the composite description as outlined in the GIPS Report and P&P, the account must meet composite membership policies, the account must meet the specific composite/s minimum account size rule, the account cannot violate the composite’s significant cash flow policy for the given month.

GIPS® is a trademark of the CFA Institute. The CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. To receive a GIPS Report and/or a firm’s list of composite/pooled fund descriptions please email your request to

Past performance is no guarantee of future results. All investment strategies have different degrees of risk and the corresponding potential for profit or loss. Asset allocation and diversification will not necessarily improve returns and cannot eliminate the risk of investment losses.

“Target Drawdown”, “Target Beta”, and “Target Leading Sector” are all merely descriptive terms used to describe the general strategies and objectives of the portfolios, targets are not a guarantee, nor should they be construed to suggest safety or protection from loss. There is no guarantee that portfolio performance will remain consistent with the targeted parameter.  While risk tolerance and portfolio objectives are identified on the front end for each portfolio, Cabana’s algorithm does not take any one client’s situation into account and there is no guarantee that Cabana’s strategies will be suitable for any investor. Investors and advisors should not simply rely on the name of any portfolio to determine what is suitable. It is the responsibility of investment advisors to determine what is suitable for their clients.  

Cabana manages assets on multiple custodial platforms. Performance data, statistics, including drawdown, and asset allocation for specific investors will vary based upon differences in associated costs, inflows and outflows, custodial fees, and asset availability during the reporting period and may not be identical to reported data. All references to Cabana’s proprietary algorithm in this fact sheet refer to the most current version of the algorithm as of the date this fact sheet is published.  

The performance returns shown in this piece are derived from a composite of accounts that executed trades in strict accordance with Cabana investment strategies.  Investors will not achieve the same performance returns if their account did not execute trades in strict conformance with Cabana’s trade signals. 

Cabana’s Scenes refer to the recognized market segments utilized within CARA. “Scenes” assigned as per the judgment of Cabana. Recognized Scene names and number of scenes have changed over time and may vary across investment strategies. 

Investing involves risk including possible loss of principal. There is no guarantee the portfolio will meet its objective. The principal risks of the portfolio include: The portfolio may purchase ETFs at prices that exceed the net asset value of their underlying investments and may sell at prices below such net asset value, which will likely incur brokerage costs. Commodity-related companies may subject the ETFs to greater volatility than investments in traditional securities. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. The market value of fixed income investments may change in response to interest rate changes. During periods of rising interest rates, the value of fixed income securities generally decline. The market price of a security or instrument could decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Risks include declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters. A portfolio and its underlying ETFs may invest a significant portion of its assets in one or more sectors and thus will be more susceptible to the risks affecting those sectors. The small- and mid-capitalization companies in which an ETF invests may be more vulnerable to adverse business or economic events than larger, more established companies.

Cabana’s judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. The quantitative model used by Cabana may not perform as expected, particularly in volatile markets. In addition to the risks listed above, the portfolios also include Early Close/Trading Halt Risk, Credit Risk, Equity Risk, Issuer-Specific Risk, Large-Capitalization Risk, U.S. Government Securities Risk, Limited Authorized Participants, Market Makers and Liquidity Providers Risk, Model and Data Risk, Operational Risk, Trading Risk and New/Smaller Fund Risk.