TL;DR (Backfill)
December 2025 backfill: Healthcare (XLV) 40% · Consumer Staples (XLP) 30% · Treasury (IEF) 30%. Returned -0.85% vs SPY -1.2%. Defensive alpha +0.35%p.
Note
Backfilled entry. December seasonality and year-end rebalancing called for defensive tilt.
Not investment advice. Backfilled entry.