The Kelly betting criterion ignores uncertainty in the probability of winning the bet and uses an estimated probability. Kelly Criterion in detail Introduction; Big-O and little-o; Average Rate of Return;. 40)- 0. Race 2 21:38 Hawthorne - Satiate. 1, 2 Try out the Kelly Criterion Calculator below, but pay careful attention to heavy favorites (i. It was only after later that the formula was applied to investing. Saturday Racing Tips: Tony Calvin's three new bets for Betfair Chase Day up to 12/1;. , -200 odds and shorter) because the Kelly Calculator struggles with “sure things. Timeform best bets. It’s ultimately designed to maximize profits and returns across sports betting and is becoming a staple for many when betting on soccer, NFL, and horse racing. 5 decimally), the equation gives you (((40*2. If we did this with a stake of £100, when both those orders matched, we would. The first step in using the Kelly Criterion for horse racing betting is to analyze various factors that affect the outcome of the race. If you are going to place for example 100$ on these two games, you should use 4/6 = 66,7 % = £67 on game 1 and 2/6 = 33,3% = £33 on game 2. Australia Sports Betting has developed a free staking plan Excel spreadsheet which doubles as a betting tracker. Kelly Jr. It is. 5) – 60)/2) = 16% of your bank. Kelly betting can be applied to Blackjack with a high degree of certainty in the calculated probabilities. US Presidential Election Odds; Today's Horse Racing Odds; News. We’ve along with set up a. Venetia Williams. Regarding traditional betting against bookmakers, on sports and horse racing, there is a lot of mythology and not much hard data on long-term success of professional gamblers. I was thinking of creating a spreadsheet to help me at the track but why do that if someone already has this. This is a mathematical formula which tells you how much to bet in any given situation. This means that you. On 40. Betting Strategies For Horse Racing Part 2: Kelly Criterion. 55)-0. Whenever the question of optimal betting size pops up in handicapping or money management books, you usually see Kelly. The Kelly Criterion sprung from the work of John Kelly at AT&T's Bell Labs in 1956. Kelly Criterion maximizes the wealth in the long-run. 22 hours ago · Featured Horse Racing. Monks Dream (Ire) Tim Easterby. e. John Kelly developed his formula whilst working at AT&T’s Bell Laboratory when attempting to solve their long-distance signal noise issues. The sum of positive trade amounts divided by the sum of negative trade amounts. Saturday Racing Tips: Tony Calvin's three new bets for Betfair Chase Day up to 12/1; Rachael Blackmore: Hoping classy Quilixios can run a big race in Grade 2 chaseThe Kelly Criterion only works if one has an advantage over the game they are playing. g. 20 or 20%. Example of the Kelly Criterion: Let’s say you have analyzed a game and determined that the underdogs have a 40% chance of winning, and their odds are +200 (3. We investigate the most popular approaches to the problem of sports betting investment based on modern portfolio theory and the Kelly criterion. Lose weight. However, for any of those outcomes, there are only two outcomes to the gambler's bankroll: The gambler bet on the correct outcome of the team game. With hand waving and basic math you can also use it to help guide your investment decisions. WITH KELLY. The formula was developed by Kelly while working at the AT&T Bell. Use this if you have a crystal ball that tells you the true probabilities. This type of situation is. Finally, in x7 we give some numerical examples to illustrate the methods. Four staking plans are compared: full-Kelly, half-Kelly, quarter-Kelly and eighth-Kelly. Satiate to repeat. These two factors are then input into the Kelly Criterion equation. Determine whether. My first selection is Alligator Alley who currently props up the betting as. From this calculation, if you were to bet on the Celtics to beat the Lakers, the Kelly Criterion suggests you should only bet 4% of your bankroll or capital. Of course, the Kelly has also been adapted for other "bets," including blackjack. a. Charlie Deutsch. Fixed Odds & Multiples bets are placed with PPB Counterparty Services Limited which is. . If they leave him alone in front, there. Alex Fielding. All of the major. The Kelly criterion is a money-management formula of passionate interest (and controversy) to card players, sports bettors, investors, hedge fund managers, and economists. This paper examines how the Kelly criterion, a strategy for maximizing the expected log-growth of capital through informed betting, can be applied to non-mutually exclusive bets. 20 or 20% of their bankroll. Horse Racing Tips: Rhys Williams fancies 50/1 Beauty to spring a surprise at Warwick; Horse Racing Tips and Predictions Horse Racing Tips: Patrick right up our street for Dundalk 54/1 Wednesday. Bell and Cover (1988), discuss a game-theoretical optimality of Kelly portfolios. 50 ($1250 + $312. Premier League Opta Stats: 10 bets including 5/1 scorer tip and 5/1 Bet Builder at Stamford Bridge. The most popular methodology for determining the optimal wager size is the Kelly Criterion. If I apply the Kelly Criterion based upon the historical odds of that factor 7/2, instead of true post odds, is that a valid way of applying Kelly? Furthermore, I created an Excel Spreadsheet to analyze my results, and based upon my Kelly formula, it says that I can bet 9. It was only after later that the formula was applied to investing. Kelly Criterion User Name: Remember Me? Password: Google Site Search: Get RDSS: Sartin Library: RDSS FAQs: Conduct: Register: Site FAQ: Members List: Today's Posts: Search: General Discussion General Horse Racing DiscussionRespected under a 4 lb penalty. 66. Here at Betting. Horse Racing Tips and Predictions Daryl Carter's Tips: 4/1 Fry up some Ree Okka on Monday;. Staking and the Kelly Criterion; Horse Racing Probability Advice; How to read a Horse race;For customers in the UK, TSE Malta LP is licensed and regulated by the Gambling Commission, Licence Number: . Thirsk - 15:10 - Back Granny B. 1) Regardless of what you make the chance of the horse, 60%, 50%, 40% , 30% if the odds on offer are 4/1 your stake is 20 points. 2022 Daily Racing Multiple Column singles to. Horse racing - In-running; ↳ Bet Angel Automation - Horse racing - Pre off; ↳ Bet Angel Automation - General;Horse Racing Tips: Blackmore to get us rolling at Punchestown with Thursday multiple ;. What this means is that you should wager 10 units (or 10% of your bankroll) on this coin toss. Football. This value should be in decimal format (e. If 3 bets were made every week, it would take The calculator has 3 modes which you can use to do this. Applying the Kelly criterion without. Three are three outcomes to the team game: Team1 wins. This. The objective is to maximize the Kelly criterion, which is equivalent to maximizing the ex-pected logarithm of wealth. Enter the odds, which represent the potential payout for winning the bet. 0% of similar occasions, you would expect to gain $99. The 20/1 21. 13:30 - Triumph Hurdle: Elliott can thwart Mullins. The underlying purpose of the reviewed modifications is to mitigate the additional risk stemming from the unrealistic mathematical. Editor. 8. Enter the odds, which represent the potential payout for winning the bet. The best staking plan debate. L. What is the Kelly Criterion formula? The basic Kelly Criterion formula is: (bp-q)/b. Register: Site FAQ: Members List: Today's Posts: Search: General Discussion General Horse Racing Discussion. Published in 1956, the Kelly Criterion was quickly adopted by gamblers for use in horse racing. There are n horses in the race, and the probability of horse h winning is πh. 89% of my bankroll on any race (still using the Pace of Horse factor). 14% July = -7. The formula is as follows: f = the fraction of the bankroll to bet. 89% of my bankroll on any race (still using the Pace of Horse factor). This shows that according to the Kelly Criterion formula, you should stake 25% of the amounts you have set for betting. The Kelly Criterion is a formula used to determine the optimal size of a series of bets. 70 2pt win Both Point Given and Classy Boy - 7/4 2. Brechin Castle cost £165,000 after winning his point in impressive fashion and he created an excellent. Using the Kelly Calculator The Kelly criterion, developed by John L. Horse Racing Tips: Bailey to score with Gwen in Thursday 14/1 double Horse Racing Tips and Predictions Daryl Carter's Tips: Hughes can get the best out of McCain's unexposed chaserHorse Racing Tips: Rhys Williams fancies 50/1 Beauty to spring a surprise at Warwick; Horse Racing Tips and Predictions Horse Racing Tips: Patrick right up our street for Dundalk 54/1 Wednesday. Kelly betting or proportional betting is an application of information theory to investing and gambling. I therefore recommend using the more sophisticated generalised Kelly Criterion wherever possible as it is superior to the simplified Kelly Criterion. I wouldn't like to be laying Hamish at 100/1 101. 55×1-0. Don said picking a trifecta winning bet was a test of skill rather than a game of chance. You can read more about how it works in this Kelly Criterion Wikipedia article. This type of situation is common in horse racing, where. Newmarket - 14:00 Saturday: No bet. Usually, the bigger your edge on the odds the more you should bet but Kelly also takes into account the real chance of that bet winning and Kelly would advise a smaller bet for a 5% edge at even money (2. The calculator will tell you whether or not you should be betting and how much to stake. 10. RaceQuant is a startup specializing in consulting for horse race betting. Using the Kelly Criterion formula, we can calculate the optimal fraction of your bankroll to bet as: f* = ( (2. I think he was right. The Kelly Criterion is a strategy that can be used in several. 33). This is how the simplified Kelly looks. Australia Sports Betting has developed a free staking plan Excel spreadsheet which doubles as a betting tracker. Kelly Criterion's model is based on a mathematical formula developed by this author in the mid-1950s. O. Kevin Blake is a horse racing pundit who works with ITV Racing, Sky Sports Racing and At The Races, as well as writing his regular Betting. 71% of your capital, or $57. 1 – 1. 66pts P/L: +210. Cricket. Kelly, Jr in 1956. Although it may appear confusing, it’s actually pretty simple. horse racing, basketball, and football. 40) / 1 = 0. Horse Racing Tips: Rhys Williams fancies 50/1 Beauty to spring a surprise at Warwick; Horse Racing Tips and Predictions Horse Racing Tips: Patrick right up our street for Dundalk 54/1 Wednesday. at Bell Labs, is a strategy for the optimal sizing of bets in the repeated bets scenario in his seminal paper¹. 5 which equals a stake of 16. The Kelly Criterion – also known as the Kelly Strategy or Kelly Staking Plan – takes elements from fixed, percentage and progressive staking to create somewhat of a hybrid staking plan. This is due to the requirement that the gambler commits to a specific outcome of the team game. 0. In Chapter 5, normal distribution and multinominal logistic regression are introduced in estimating winning probability of each race horse. Staking and the Kelly Criterion; Horse Racing Probability Advice; How to read a Horse race;Horse Racing Tips: Lou to give us a gift in Thursday 13/1 Newcastle double ; Horse Racing Tips and Predictions Tony Calvin Antepost Tips: Take a chance on 20/1 Zhiguli at Ascot this Saturday. Staking and the Kelly Criterion; Horse Racing Probability Advice; How to read a Horse race;The Kelly Criterion is a money-management formula that calculates the optimal amount you should bet when there’s a difference between the true odds and the given odds. , a physicist and information theorist who worked at AT&T’s Bell Laboratories. Venera. However, you determine after your analysis that Horse A has a 25% chance of winning. Shaquille 4/5 1. They Kelly criterion is a formula used to determine how much of your money to place on a particular gamble. RaceQuant enlisted our team to use machine learning to more accurately predict the outcome of horse races, to advise betting. The formula is therefore suggesting that 20% of the portfolio be stake 20% of your bankroll. The median rating is 149mean is 149. Kelly, Jr in 1956. Finally, in x7 we give some numerical examples to illustrate the methods. The Kelly criterion is one model of investment money management, but it’s not the only one. Betfair, e-mail Copy@betfair. By three laps. Granny B achieved a fair level of form in six starts as a two-year-old, producing her best effort when filling the runner-up spot in a Pontefract maiden last July. Team2 wins. Our bet increase will be 2% of that 25% profit ($250 x 2% = $5), so our previous bet amount of $20 will increase by $5, thus, $20 + $5 = a new bet size of $25. Make the most of horse racing. 60 – 0. This type of situation is common in horse racing, where multiple types of bets are available for a. For customers in the UK, TSE Malta LP is licensed and regulated by the Gambling Commission, Licence Number: 000-039561-R-319411-005. — Gabe Prewitt of the Red Mile has been overseeing the start of the 2023 live racing season here at the. THE KELLY CRITERION IN BLACKJACK, SPORTS BETTING, AND THE STOCK MARKET by Edward O. Fixed Odds & Multiples bets are placed with PPB Counterparty Services Limited which is licensed and regulated by the Malta Gaming Authority. 70 on the Betfair Sportsbook - should know plenty more today, having caught the eye in good races on. 4 (40% chance of failure). 00 x 0. We’ve developed a Kelly Criterion formula Excel spreadsheet that you can download here. Daryl Carter's Tips: Daryl likes two course winners at Wolverhampton at 7/2 and 10/1;. There are. Kelly says that his edge is $0. a betting fund) over the long term by determining the optimal stake on a. 7 7/2 when they made their hurdling. widespread, is the Kelly criterion (Kelly Jr, 1956), also known as the geometric mean policy, maximizing the expected long-term growth of wealth. 20 or 20%. This is Kellys Equation. Kelly published his findings in a paper "A new interpretation of the information. With all the prior odds, the equation will add up to this: ( (4x 0. What the Kelly Criterion does is help you decide the perfect level of stake by. Cheltenham Festival: Expert Betting Advice & Predictions for the 2023 Cheltenham: Cheltenham Races Tips Cheltenham Betting Offers Horse Racing Expert Tips & Advice. The Kelly Criterion is comprised of two basic components. In order to use it, your selection process must be able to identify the expected probability of your horse winning. It can also be a. 00 if it got heavy but he made very hard work of it in Group 3 company at York last time. An AT&T’s Bell Lab scientist and researcher, John Larry Kelly Jr. com. Download our free and easy-to-use Kelly Criterion Calculator by downloading this excel. It’s applicable to any game with an element of chance, such as sports betting and roulette. Horse Racing Tips: Moon to shine at Exeter in Monday 18/1 double ;. Kelly´s theory is designed to maximize the growth of your bank roll (e. Satiate should go close in this restricted $5k claimer on the main track. O. All the more recently, the strategy has seen a renaissance, in response to claims that unbelievable investors Warren Buffett and. Here are the steps that you have to follow in order to use our Kelly Criterion Calculator: Add your current betting balance in the cell called “Current Betting Balance”. Kelly of AT&T Bell Laboratories, the Kelly Criterion is a formula designed to boost betting profits by determining the ideal percentage of capital to. ALAN DUDMAN'S P & L. Before addressing your investment strategy, learn about the Kelly criterion and see if it’s a fit for you. The bettingexpert Academy introduces you to advanced betting theory including calculating implied probability, the kelly criterion and predictive modelling. Ascot - 15:50: Back Davideo. . What Are Kelly Betting Systems?Four staking plans are compared: full-Kelly, half-Kelly, quarter-Kelly and eighth-Kelly. A race involves M horses, and is described by a normalized vector of winning probabilities p, an inverse-odds vector r and a gambler strategy b. In this article, I explain how I think you should properly use the Kelly criterion as applied to long. Cricket. But as always, the dots connect and your circle of competence will play a major role in determining the probabilities of. In general, such replacement of population parameters. Betfair is where you can get the best horse racing tips for meetings in the UK, Ireland and. 000. Defining what race reading is. where f is the fraction of the bank to stake; b is the odds for the bet (“b to 1”); p is the probability of winning; q is the probability of losi…How does the Kelly criterion calculator work? By entering your bankroll, the odds and your estimated probability of winning, the Kelly Criterion calculator will tell you how much. Com - Horse Racing Message Board > Thoroughbred Horse Racing Discussion > Handicapper's Corner: Kelly CriterionThe Kelly Criterion is a mathematical formula that can be used to determine the optimal amount of money to bet on an event based on the bettor’s perceived edge or advantage. French Ligue 1. 55) / 1. Subsequent to being distributed in 1956, the Kelly criterion was gotten rapidly by players who had the option to apply the formula to horse racing. The equation tells you exactly how much to bet on each “hand” so that you can survive to keep playing. The Dewhurst at 14:00 had 33 entries on Monday morning but we are down to 12 now. Keep in mind that this is a high percentage and the ideal amount you should bet is 3% of your bankroll or less. 2) From another angle. Following the Kelly criterion, the process of betting is closely connected to information theory (K elly Jr, 1956). România. This has been applied to various games, including horse racing. It is an effective way to manage your. we will be breaking down everything you need to know about the Kelly criterion betting system and how you can use it to enhance your betting system and strat. Kelly himself was an interesting character: a chain smoking Texan who used to be a fighter pilot in the Navy during World War 2, he was also brilliant researcher. 40) / 1. This post provides an introduction. The first of these is the probability of a positive outcome, or a winning trade. 45)/ (2. Use the Right Formula. Licence Number: MGA/CL2/294/2006 12 March 2013, and for customers in the UK. Horse Racing Forum - PaceAdvantage. Betfair International Plc is licensed and regulated by the . The best staking plan debate. This is due to the requirement that the gambler commits to a specific outcome of the team game. Rugby World Cup Quick Hits: South Africa and New Zealand to serve up classic final. If you bet more than 10%, you’re taking on too much risk. While this was formulated around table games, it is a concept that can be. It just happens to coincide with log-utility. forms of gambling, including sports betting. It is a formula created by John Kelly to bet with discipline and make sure to always protect yourself, rather than go for the home run each time. The Kelly criterion is a mathematical formula that is used to take optimally sized bets and grow your capital at the maximum rate possible. “The Las Vegas Grand Prix was the most bet F1 event. 2. By using the Kelly Criterion, you can maximize your profits while minimizing your risk of ruin. Kelly’s work focused on optimizing information transmission over a noisy channel. The Real Kelly) discussed in this @Pinnacle article The Real Kelly. Completely Free Football Bet: Editor best bets including 18/1 Acca and 26/1 Bet Builder. With sports betting, however, you may feel the probability of an outcome is 50%, but you do not know that with certainty. This works out at: (0. Kelly betting systems are ones that use the Kelly criterion. 40 together to get 0. 20 by 2, and you get . Completely Free Football Bet: Editor best bets including 18/1 Acca and 26/1 Bet Builder. Volleyball Tips. The multiplier is normally set to 50%, for an aggressive betting strategy set it to 100%. Remember that value betting is a long term strategy requiring many, many bets to achieve a statistically significant outcome. 2 Kelly gambling In Kelly gambling, we place a xed fraction of our total wealth (assumed positive) on nbets. The Kelly criterion: exploiting favorable bets and the stock market In many ways this is my favorite topic to talk about. scientific gambling method ), is an effective strategy in every sense of the word. Without the right knowledge and strategy on how much to wager on a particular event, you could easily plunge yourself into a pit of losses. The formula was derived by J. 50), and our new target bankroll is $1562. e. 82pts. Timeform's Tony McFadden highlights a Nap, Next Best and Each Way selection at the Curragh on Sunday. Kelly % = W-[(1-W)/R] Where: W = Winning. However, the Kelly. Saturday Racing Tips: Tony Calvin says back 10/1 pair in Aintree's Grand Sefton;. I should warn an edge like that would require some serious inside info. Horse Racing Forum - PaceAdvantage. 1) Regardless of what you make the chance of the horse, 60%, 50%, 40% , 30% if the odds on offer are 4/1 your stake is 20 points. How to Use the Kelly Criterion Calculator. Saturday Racing Tips: Tony Calvin's three new bets for Betfair Chase Day up to 12/1; Rachael Blackmore: Hoping classy Quilixios can run a big race in Grade 2 chaseInformation regarding Kelly Criterion and betting simulation is readily available online and important for those who want to stay profitable long term. Unsurprisingly, the volatility or variance in the evolution of the bankroll is greatest for full-Kelly and least for eighth-Kelly. Horse Racing Tips: Let's have a disco in Wales with Ffos Las Sunday double; Horse Racing Tips and Predictions Auteuil Racing Tips: Native's stamina the key to first Grade 1 success; Horse Racing. Published in 1956, the Kelly Criterion was quickly adopted by gamblers for use in horse racing. You then multiply 2 and 0. Kelly criterion can generate an optimal bidding fraction (MacLean et al. If you bet less than 10%, you’re not taking full advantage of. German Bundesliga. Horse Racing Tips: Faith in Fanshawe's Willem for Wednesday 18/1 Kempton double ; Horse Racing Tips and Predictions Ryan Moore: River Tiber holds leading claims in my Friday three; Horse Racing. Rugby Union Tips. The Kelly Criterion also works for horse race betting. Blackbow - 14:00 Naas. This paper examines how the Kelly criterion, a strategy for maximizing the expected log-growth of capital through informed betting, can be applied to non-mutually exclusive bets. The first step in using. In particular, it maximizes the expected growth rate and the. Finally, I set myself a task to review the betting decisions I make and probabilities I assign. If you’re looking to maximize investment returns, perhaps you should think like a gambler. Essentially the formula gives the optimal size of bets in order to win as much as possible over time while reducing the risk of ruin. 40)-0. Venera. BTW, Thorpe, started the counting craze in BJ. 8. Get the best bets for this Saturday's horse racing at Ascot and beyond from tipsters Kevin Blake, Tony Calvin, Kate Tracey and Timeform. Licence Number: MGA/CL2/294/2006 12 March 2013, and for customers in the UK, licensed and regulated by the Gambling Commission, Licence Number: 000-039439-R-319330-007. You are a corrupt telegraph operator, providing a ‘private wire’ service that transmits messages reporting horse racing results to anyone who can afford to pay you. Named after its inventor, John L. You think the horse has 50% of winning. 82pts. (You can turn a negative ROI into a positive one — at least in games of skill like horse racing — through greater education and better information. Suppose you are betting on a horse race event at the Cheltenham Hurdle, and the odds offered for your horse in a race is 5. It was developed in 1956 by John Larry Kelly Jr. Kelly Criterion Calculator Excel. Kelly Jr. k. 60) / 4 = 0. Kelly gambling problem, and relate it to classical Markowitz portfolio optimization. K. 2022 Daily Racing Multiple Column singles to. Correspondence Address: Triq il-Kappillan Mifsud, St. Draw. Betting 5000 times may be unrealistic for most. Horse Racing Tips. Six-year-olds have won 11 of the 17 renewals which is clearly, a significant trend. I think he was right. However, the coin is biased and has a 52% chance of ending up on heads. Horse Racing Tips: One drifter and a chaser to back for 48/1 Monday double ; Horse Racing Tips and Predictions Paul Nicholls' Ditcheat Diary: Daryl Jacob to ride Bravemansgame in Saturday's. Glenn, and was bred in by . Cricket. This is of paramount importance. The Kelly Criterion is well-known among gamblers as a way to decide how much to bet when the odds are in your favor. The first is attributing probability to a positive outcome of a selected bet and the second is a win-loss calculation. , -200 odds and shorter) because the Kelly Calculator struggles with “sure things. Such an outcome may apply to blackjack and horse racing, but rarely to capital markets investments. Of course, the Kelly has also been adapted for other “bets,” including blackjack, sports betting, and playing the stock market. Most only know a simplified version. This paper informative post shows the results of using Kelly criterion in a gamble of bidding T steps, and derives the relation of profits between using p and W/T as the winning probability in the Kelly formula, respectively. Featured Horse Racing. 16) of our free Excel betting tracker. Com - Horse Racing Message Board > Off Topic > Off Topic - General: Kelly Criterion QuestionThe Kelly Criterion Model is a fascinating model that takes little knowledge of sports to be successful if executed properly. Popular. The Kelly Criterion is comprised of two basic components. 55)-0. If the downside-case loss is less than 100%, as in the scenario above, a different Kelly formula is required: Kelly % = W/A – (1 – W)/B , where W is the win probability, B is the profit in the event of a win (20%), and A is the potential loss. That, in a nutshell, is how the Kelly Criterion works. 04. 6 hours ago · He won over 7f from a mark of 73, but looked ahead of that mark with a dead straightforward performance. Horse Racing Tips: Rhys Williams fancies 66/1 Jazzie to spring a surprise at Fairyhouse;. Add your expected win probability for the selection you have chosen in the cell called “Win Probability”, using values between 0% and 100%. View the Betslip. He is a nice type physically and one that will progress again as a three-year-old, especially now moving up to a mile for the first time. Before addressing your investment strategy, learn about the Kelly criterion and see if it’s a fit for you. B=2-1=1. a. Licence Number: MGA/CL3/454/2008 17th March 2015, Triq il-Kappillan Mifsud, St. If the dice bias were less, at 53%, the Kelly criterion recommends staking 6%. Kelly Criterion. 4 feet, with elite performers such as Frankel, Sea The Stars and. Horse Racing Tips: Rhys Williams fancies 50/1 Beauty to spring a surprise at Warwick; Horse Racing Tips and Predictions Horse Racing Tips: Patrick right up our street for Dundalk 54/1 Wednesday doubleWhen making crucial sports betting decisions, it is not just important to find the right sports events to bet on but to also have an appropriate strategy to divide or manage your financial portfolio.