Budgeting Investing

Our Investment Portfolio Example and Spending

A lot has changed over the past 12-months. Mainly; Mrs. got pregnant, we started investing in cryptocurrencies, and planned for a long-term leave from work that will start really soon. In this update, we will share our latest portfolio strategies and our spending for the previous year.

We built our own investment portfolio but if you are looking for a more hands-off approach, we suggest Wealthsimple.

Given everything that is coming up soon and the slight changes in income that will follow, we beefed up our emergency fund and are holding most of our investments in non-restricted accounts to be able to withdraw if needed.

By holding most of our investible assets into TFSAs (Roth IRAs) we benefit from tax-free growth and do not have to pay any taxes on the dividends we receive. The best thing is that we can withdraw any amount at any time, tax- and penalty-free.


What does our investment portfolio look like?

Currently, we are each holding our targeted asset allocation and do not plan to withdraw anytime soon but still like to have the option.

For Mr., we try to keep a portfolio holding in 40% American stock market, 30% in the Canadian stock market, 25% in international equities, and 5% in bonds.

For Mrs., we try to keep a portfolio holding in 40% American stock market, 30% in the Canadian stock market, 25% in international equities, and 5% in bonds. Within these, we include small play money investments such as cryptocurrencies in our American allocation and more recently, a cannabis index fund in our Canadian allocation.


Below is a breakdown of my whole portfolio, as of February 25th, 2018:

VTI ♦ 28% of my total portfolio is invested in the Vanguard Total Market ETF. I did not contribute any more money to the U.S. Total Market since our last installment in the series so my allocation actually dropped from 31% to 28%. In addition, the American market has also dropped considerably this month so I am not surprised my allocation is lesser now.

VCN ♦ 22% of my total portfolio is invested in the Vanguard FTSE Canada All Cap Index ETF. This fund also dropped considerably since the beginning of the year. Both sides of the border got hit pretty bad lately but we are not worried about our long-term prospects. We are investing for decades to come and daily movements are the last of our worries.

VWO ♦ 13% of my total portfolio is invested in the Vanguard FTSE Emerging Markets ETF. This fund performed well in the past few months, keeping our allocation steady since our last installment.

ETH ♦ 6% of my total portfolio is invested in cryptocurrencies and tokens such as Litecoins and Etherium. I started investing in cryptocurrencies with only 3% of my portfolio but this quickly grew to 8% of my total asset allocation. Even after the large swings we saw in January, my crypto portfolio is up almost 200% since last November. It now constitutes 6% of my asset allocation.

&&& ♦ 6% of my total portfolio is invested in my Employee stock option. Since this is my current employer, I will not share the ticker symbol or name of this holding. I have set up an automatic investment plan with my employer and they offer a 50% match so I went for the maximum contribution allowed.

VBR ♦ 6% of my total portfolio is invested in the Vanguard Small-Cap Value ETF. This is a purchase I have made a bit more than a year ago to tilt my portfolio towards small-caps. It worked out great so far and even if it does fluctuate more than the S&P 500, for example, it does grow over the long-term. I have not made any new contributions to this fund since it has risen beyond my expectations and kept up with my desired asset allocation.

HMMJ5% of my total portfolio is invested in the Horizons Marijuana Life Sciences Index ETF. This fund seeks to replicate the performance of the North American Marijuana Index and provides exposure to the exciting marijuana industry starting in Canada. This fund goes against all our requirements for a good ETF; it holds very few stocks (only 28), it is sector-centric, it is speculative, and it has a high MER of 0.75%. However, it is the first exchange-traded fund in Canada to focus on the cannabis industry and seemed like a fun play to make. I do not recommend this as an investment and that is why I only invested 3% of my total portfolio in this gamble. It grew to 5% of my allocation within the past months but it stays a gamble.

BND ♦ 4% of my total portfolio is invested in the Vanguard Total Bond Market ETF. My views on bonds have not changed much and I am keeping this low allocation for the foreseeable future.

VGK ♦ 3% of my total portfolio is invested in the Vanguard FTSE Europe ETF. This fund has been performing great since I bought it and have no plans to sell anytime soon.

Investing with ETFVEA ♦ 3% of my total portfolio is invested in the Vanguard FTSE Developed Markets ETF. This is an international, developed world index fund very similar to VGK since so much of it (54%) is invested in European companies.

VRE ♦ 2% of my total portfolio is invested in the Vanguard FTSE Canadian Capped REIT Index ETF. I did not invest any more into this fund yet simply because of our current exposure to the residential real estate market but plan on increasing this allocation gradually. The American version of this ETF is symbol VNQ.


Our final asset allocation

I try to keep a strict asset allocation and rebalance my portfolio about once year. I always re-invest dividends and automate most of my investment contributions on each payday but any contributions I do manually gets invested in sort to rebalance my allocation.


Current Asset Allocation Desired Asset Allocation
  • 42% ♦  US Market
  • 35% ♦  Canadian Market
  • 19% ♦  International Market
  • 4%    ♦  Bonds
  • 40% ♦  US Market
  • 30% ♦  Canadian Market
  • 25% ♦  International Market
  • 5%    ♦  Bonds


In my current situation, I should either sell some of my Canadian holdings to reinvest into the International market or I should make a new contribution and put it all into the International market to stay in line with my desired asset allocation.


Mrs. Xyz investment portfolio

My wife has a very similar asset allocation as me and has kept it fairly simple. Ever since she started her investing journey, she has held four index funds with Vanguard (VTI, VCN, VWO, and BND).

  • 34% ♦ Vanguard Total Market ETF (VTI)
  • 32% ♦ Vanguard FTSE Canada All Cap Index ETF (VCN)
  • 11% ♦ Vanguard FTSE Emerging Markets ETF (VWO)
  • 4%    ♦ Vanguard Total Bond Market ETF (BND)

These still represent the majority of her holdings. However, she recently made a few plays which literally exploded and now represent a huge portion of her portfolio.

Instead of focusing only on the main cryptocurrencies like me, she explored many smaller, lesser-known, coins and token. She took a bigger gamble for, hopefully, bigger returns. In a few months, her small initial investment grew to a whopping 16% of her total asset allocation. She is still following it closely and thinking of rebalancing soon.

In addition, 3% of her portfolio is now invested in the Horizons Marijuana Life Sciences Index ETF.


Mrs. Xyz Current Asset Allocation Desired Asset Allocation
  • 50% ♦  US Market
  • 35% ♦  Canadian Market
  • 11% ♦  International Market
  • 4%    ♦  Bonds
  • 45% ♦  US Market
  • 40% ♦  Canadian Market
  • 10% ♦  International Market
  • 5% ♦  Bonds

If all of this sounds too complicated, we suggest Wealthsimple.

Start your automatic investment account today!


How much are we spending?

With today’s online tools such as Mint or Personal Capital, it is super simple to track our spending and tracking is the first step to a good financial plan. How can you improve if you do not know how you are doing?

Looking at our Big 3 categories, we are still spending most of our income on Housing, Food, and Transport. Controlling these is the key to financial freedom. Once you understand that cars are much more expensive than they seem to be, restaurants are a luxury and housing costs can make or break your savings, you are golden!


How to track your spending


What our spending looks like for the past 12 months (in Canadian $)

Home $21,758
Food & Dining $8,285
Auto & Transport $5,014
Shopping $3,297
Taxes $3,102
Bills & Utilities $2,590
Uncategorized $1,134
Health & Fitness $1,591
Pets $1,401
Travel $1,174
Business Services $558
Personal Care $450
Total $50,354


Let us go through these expenses one by one. To begin with, our total House spending includes the $21,758 (mortgage, renovations, and maintenance) and the annual property Taxes of $3,102. This brings our total housing costs to $24,860. Almost $2,000 less than the previous 12 months.

In our Food and Dining category, we roughly spent five thousand dollars on groceries and the rest on restaurants. We cook most of our meals at home and eat out roughly once per week.


Budget Planning


To continue, our Auto and Transport category includes the maintenance, gas, and repairs of our two cars and the subway tickets we sometimes purchase to skip traffic. Each car costs us about $2,500 per year, which is amazing considering that similar cars would end up costing us over $10,000 per year in payments alone if we bought them brand new!

Our spending on Shopping is pretty high, however, this also includes all store purchases we did as gifts. We bought a few things for the Baby off Amazon and bought a new laptop this year which bumped that figure a bit. Unfortunately, my new employer does not pay for my work clothes so I had to buy a few suits this year.


What is your yearly spending budget?


On the Bills side, we include our two cell phones, home internet, and electricity. Our heating is all electric so the utilities go up considerably in the winter. Last month, we switched Mrs. cell phone plan and saved $30 per month opting for a lower data plan and my contract ends this summer so both our plans should be much cheaper for the year to come.

The Uncategorized category includes all the smaller categories not represented here. (Entertainment, Education, ATM withdrawals, or any purchase that was not automatically categorized.) The good thing is that our entertainment expenses are pretty low; we pay $10 per month for Netflix and rarely go out for expensive activities. Most other expenses in this category were very small amounts.

The Health and Fitness category represents Mrs. yoga, pharmacy purchases, and Mrs. massages. That one is pretty straightforward.

Furthermore, Pets represents cat food and one large veterinary expense incurred this year.

For the Travel category, it gets really interesting. Not too long ago, we were spending almost $10,000 per year on travel but now that we started using travel rewards for flights and hotels, we were able to drop this ten-folds! The thousand dollars we spend this year represents taxes on rewards flights and a few hotels we could not find for free.


Travel for free


Under Business Services, only products and services purchased to run this blog are included. Finally, in the Personal Care category, we included hairdressers, salons, and spas for Mrs.

Even after all of this, we still had a good chunk of change leftover. We invested most of it following our desired asset allocation mentioned above and kept the rest to beef up our emergency fund. Our future income might slightly drop and we want to have enough saved up to cover that gap.

How about you? What is your Big 3 spending categories?



Budgeting Debt-Free Living

How to Spend your Tax Return the Smart Way?

Here it is again; tax season!

While some of us, or some companies, do not have anything to pay to the taxman, most people will get a tax return once they file their taxes, although we’re still trying to pinpoint how the tax bill for 2017 is going to pan out. About 75% of American receive refunds or in other words, most American have too much taxes withheld from their paychecks every year. Most people actually plan to receive a refund each year and imagine these grand spending sprees as if it was free money.

Some companies even jump to the occasion to promote stuff like this eBay ad I have noticed last week:


What to do with your tax refund


It argues that it is time to treat yourself and holds the slogan: Turn your tax refund into your next favorite thing. This is absolutely the wrong way to approach all of this.

A tax refund is not free money from the government, it is your money you simply gave, in excess, to the government. Here is how it works:


tax refund tips


The first step is pretty straightforward; you work and earn a wage. From that said wage, your employer then takes off source deductions, in other worlds; withholds your taxes, according to your projected earnings and sends those taxes to the government. Once you file your taxes and made all your deductions, the government then compares the taxes you paid with the taxes you should have paid. If there is an excess, you get a tax refund. If there is a deficit, they ask you to pay that difference.

It is not you who should thank Uncle Sam, he should thank you!

The IRS, for example, gladly takes your money all year long and then, once you file your return, it has 45 days to process the return and issue your refund if you are owed any. All of that without owing you any interest. Tax refunds are just interest-free loans to the government.

Actually, if you are receiving a huge refund, you are probably having too much taxes withheld at source. For Americans, you can check your W-4 form and adjust your federal income tax withholding allowances. For Canadians, you can use this calculator to see the proper payroll deductions you should have.

When eBay is promoting how this is the perfect time of the year to treat yourself, it is completely ignoring the fact that this is just your hard-earned money you overpaid the government which you are getting back.


What should you do with your tax return?

Now that we have established that a tax refund is simply your own money, we can start exploring better ways to use it. Instead of spending on more stuff you do not need from eBay, you should treat this money as extra help to reach financial freedom. Splurging on lavish vacations or gadgets only sets you back and, most likely, would only make you temporarily happy without many long-term benefits.


Tax refund ideasSource: _AJL


Get a grip on your money

The first thing to do with your refund if you have high-interest loans, credit card balances lingering or old bills due is to pay those off. Put your refund to work and buy yourself some peace-of-mind with some big-time debt repayment.

The same goes for high-interest student loans. You could always refinance at a lower rate with companies like SoFi but the best would be to pay them off completely. The average individual income tax refund was about $3,050 in 2016, according to the IRS. This kind of money could really put a dent in your debts.

The next best thing to do, if you did not already address this, is to have at least 3-months-worth of expenses in an emergency fund.  Most people go up to 6 or 9 months-worth but this would take months and months of diligent savings to get there. Putting your tax refund towards your savings not only builds up a good pillow for you to fall back on in case of emergency but also puts your money to work in a good interest-bearing account.


12% of those receiving tax refunds will spend it on a vacation, and 13% on a major purchase such as a car or television. Meanwhile, 42% say they’ll save at least part of their refund. – National Retail Federation.


Invest in your future

Once your basics are covered, start investing in yourself and try to max-out your tax-sheltered investment accounts like your TFSA (Roth IRA) or your kids RESP (529) plan.  If that is already done, invest in a taxable account with brokers like Vanguard or Ally.

By investing in properly-diversified, low-cost, investments such as exchange-traded funds, you can get your tax refund to work for you and start generating long-term returns for your future self. For example, if we took the average refund of $3,050 and invest it in a simple S&P 500 fund such as Vanguard’s VOO, it would have grown to $7,655 over the last decade. That is a total return of over 151% since 2008 and that is including one of the biggest crash in American history.

If the stock market is not your thing, you could also put some of it towards your mortgage or invest in bonds, even in this low-rate environment. This is a great, secure, way to get your money working for you without taking on as much risk as an equity fund would entail.


Treat yourself

Finally, if you really took the time and steps to improve your financial picture, maybe it is time to treat yourself a little. Instead of spending frivolously on a $1000 phone like this eBay ad suggests, spend on a something that will stay with you and make you happy.

Spend on a memorable experience or something that will change you like books, courses, or adventures. Get a new outfit, get a new haircut, or take your loved one out for a nice lunch. It does not need to be much. It does not need to be expensive. Just do something you do not do too often, something special.

This way, your tax refund will be memorable and you will never forget all that excess money you gave your government interest-free, for a whole year. 🙂




How To Invest In Uncertain Times?

This post comes from Jon, who blogs over at PennyThots. There he talks about all things financial and tries to help readers improve their finances one day at a time.


We have never been in a period of more uncertainty. We just experienced an election where the result surprised most people. Had you told someone two years ago that Donald Trump would be President, they would have thought you were crazy.

But here we are. The uncertainty flows over to the stock market as well. You can read predictions every day about how the stock market is going to rally or how the greatest stock market crash ever is coming.

The only thing that is certain is that nothing is certain. When it comes to your money and the stock market specifically, how do you invest in uncertain times? What can you do to grow your wealth while protecting it at the same time?

Unfortunately, you cannot do both. It is impossible to grow your wealth and protect it 100% of the time. But you can take steps to help you grow your wealth while at the same time keeping an eye on protecting it. You will still lose some money when the market falls, but you don’t have to be completely exposed.

In fact, there are a handful of options you have at your fingertips.


4 Tips to invest in uncertain times

Take the long-term approach

This one is #1 for a reason. You have to have a long-term outlook when it comes to investing. This holds true whether or not we are in uncertain times or not. No one knows where the market is headed tomorrow or even next week. So trying to predict it is a waste of time.

With that said, however, we can, with some certainty, say that the market will be higher in the future. We just can’t say exactly how much higher or when this will be. But if you look at any chart of the stock market, you see that over the long term, the market rises.

How to Invest in Uncertain Times #Investing #Retirement #Stocks


So, you need to take a long-term view. I admit this is easier said than done for many investors out there. How do you take a long-term view? Here are a couple of tips:

  • Ignore the noise. Turn off the TV. Stop listening to the infomercials on the radio. The more you ignore the doom and gloom, the better off you will be.
  • Understand your emotions fail you. When you get scared, you naturally want to run. When you are scared of investing, you want to sell. You need to be smart and not give into your emotions. We rarely ever make smart decisions when we are emotional.

If you can learn to tune out the noise and control your emotions, you have a greater chance of investing for the long-term and not giving in to fear.


Have a plan

When you go grocery shopping, do you take a list with you? If you do, then you most likely tend to stick to your budget and only buy the things that are on your list.

If you shop without a list, you probably buy a lot of stuff you don’t need and in some cases, won’t end up eating.

Investing is like grocery shopping. In order to stick to it long-term, you need to have a list. The only difference is we call this list your investment plan.

When you start out investing, you need to create a plan. In this plan, you note why you are investing, what you are investing in, and why you are investing in those securities. There are other things you include in your plan, but these are the basics.

The reason you create a plan is that we have bad long-term memories. In 5 years, the market crashes and we wonder why we were invested the way we were. If we have a plan, we can refer back to it. This will help us to stay calm when the market is falling.

We know why we are investing and we know why we are investing in the securities we are currently in.


Have a diversified portfolio based on your risk tolerance

Don’t model a portfolio off of how your dentist invests or from someone you read about online. You need to make sure your asset allocation is in tune with how risk adverse you are. No one has the same level of risk, the same fears, and worries you do. As such, your asset allocation needs to be unique to you.

Yes, you can take some tips and points from others, but at the end of the day, you need to be able to sleep at night knowing how you are invested in the stock market.

Take your time on this one and don’t just gloss over it. It will have a huge impact on whether or not you stick to a long-term view.

Trust me, it is much easier to stay invested for the long term when you have an asset allocation that you are comfortable with.


Know that life happens

Life happens. Things change. As uncertain as times are now, they will never be certain. There will always be doubt or wonder as to how things will play out or where we go from here.

We as humans tend to look at the negatives in life. We think the worst even though the odds of the worst case scenario occurring are slim to none.

The sooner we can accept change and accept that the worst isn’t the most likely thing to happen, the better off we will be and the better off our investments will be. We will stop second-guessing every move we make and instead allow the market to do its thing and grow our wealth over the long-term.

For example, many people fear that having Mr. Trump as the President means nuclear war is imminent. This is the worst case scenario and is highly unlikely. What is more likely is he will be just as good or bad a president as the rest. You just have to make sure you take a long-term view with your investments.


Final thots 

At the end of the day, you have to invest during uncertain times because there will always be uncertain times. We live our lives not knowing how the day is going to play out. But we don’t fear the worst. We believe we will come home from work and see our family and tuck our kids into bed.

We don’t assume we will get into a car accident or get injured at work.

As such, we have to invest not knowing what the stock market is going to do. We just have to learn to not fear the worst, that it will drop to zero and all of our money will be gone. We have to understand that on a day to day basis, the market might be up or it might be down. It might be up a lot or down a lot. But over the long term, there is a good probability that it will be higher than it is today.

If we can do this, then we can confidently grow our wealth and reach our financial dreams.


Jon, from





Ideal Portfolio to Survive Trump

Donald Trump just won the American presidency. Will that change your ideal portfolio?

All through his presidential campaign, he boasted his ideologies and, very openly, tweeted his thoughts away. He seems to be liked by some given his recent win. However, his win has not changed much in the markets. On November the 9th, when Trump won, the S&P500 closed up 23.62 (1.10% ) and the TSX closed up 99.49 (0.68%) up here in Canada so what is the perfect portfolio to survive Trump?

Although he was talking about tightening the free trade agreements such as NAFTA, the world markets generally ended up positive by the end of the day. Restricting free-trade and imposing tariffs would weaken corporate profits overseas and increase the cost of goods in America.

With free-trade, countries can specialize in goods where they have a lower opportunity cost and import goods that would available cheaper somewhere else. This would increase the general economic welfare of all countries. This benefits the consumers importing goods but also the companies exporting goods since a tariff would only increase their prices outside of the U.S. This should have shocked the markets, but it didn’t.

However, Trump did say he would lower corporate taxes which would increase profits and justify the rise of the U.S. market.

Another change I noticed, being Canadian, is that the US dollar gained strength against the Canadian dollar. Earlier on Wednesday, USD/CAD jumped above the 1.35 line (1.35219), the highest level since February.

However, I do not worry about the U.S. dollar because of my asset allocation and long-term horizon. I invest in the American market as much as I invest in the Canadian and my allocation smoothen the ride over the long-term.

If you are not sure where to start with your allocation, you should start by tracking all your accounts for free with Personal Capital and check out their portfolio analyzer tool. In my case, you can see my ideal portfolio below and check out my exact holdings in our Open Book series or see how to learn a trade.


My Ideal Portfolio
  • 40% ♦  US Market
  • 40% ♦  Canadian Market
  • 15%  ♦  International Market
  • 5%    ♦  Bonds


Your investments and Trump

Now that Trump has won, you should not try to time the market, cash everything out, or change your allocation. You should take a long-term approach and focus on a quality investment strategy rather than individual events.

Every single year, you can find a new negative event to worry about; European tensions, Chinese economy, Trump winning the presidency, but you need to stay focused. Keep a long-term investment strategy that will even out your ride down Wall Street.

You need to invest logically rather than emotionally. Although this can be very hard for some, there are a few tricks to detach yourself from your investments.

The secret is diversification. If you are globally diversified and spread out throughout all sectors, you are bound to have some that are up while some will go down. On the long-run, diversification will smoothen your journey and ensure you always have your winning share of the pie. 🙂

Another great way to remove your emotions from your money is to use Dollar-Cost Averaging or to invest at each paycheck.

I, for example, invest in index funds each and every paycheck, whether the markets are up or down. This allows me to buy when the market dips without thinking about market timing or worrying about it.

Taking away the temptation of timing the market will allow you to focus on more important things in life like having fun and smelling lovely flowers.

When you invest at each pay, not only will you stop thinking about it, but you will optimize your total returns. It has been talked about again and again that investing right now is better than investing later.

When you set up an automatic investment plan, you effectively invest as soon as the money is available to you and, therefore, optimizing your returns. To do so, you can set up a plan with your broker or use a robo-advisor which will automatically build your ideal portfolio, invest for you, rebalance, and grow your wealth with index funds. We recommend Wealthsimple for their ease of use and low fees.

By investing immediately, the average one-year returns of the U.S. stock market from 1926 to 2013 has been 12.2%. Compared to Dollar-Cost Averaging, the one-year returns would have only been 8.1%. (Where investing immediately is invested in the S&P500 and DCA assumes 12 months while holding the balance in cash.)  The difference is astonishing!

If your employer offers a 401k plan or any kind of employee savings plan, you should look into it.


What is the ideal portfolio?

Focus on life events rather than political events and structure your asset mix around that plan. Over the long-term, most of your returns will come from your asset allocation, not the next president of the United States.

There are some large variations and tweaks to asset allocations that can be analyzed for age or risk tolerance but you need to find what works for you. A great resource for starters to compare your asset mix with the free tools available at Personal Capital or data from websites like Portfolio Charts that compare different portfolios one-by-one.

There are a lot of popular portfolios available out there but let’s start with the Classic 60-40 which is comprised of 60% Total Stock Market (VTI) and 40% Total Bond Market (BND). This often serves as the benchmark in most portfolio discussions and has been around for ages as the go-to portfolio.Best asset allocation portfolio for your ageThe average rate of return on this portfolio since 1972 has been of 5.8% with a low standard of deviation of 11.6%. In other words, this will earn a nice return without too many swings. This is solely based on American holdings and includes all capitalizations; from small start-ups to large behemoths.Best asset mix for youThe Three-Fund Portfolio is very similar to the Classic 60-40 but adds in international exposure to the mix. This one includes 40% Total Stock Market (VTI), 40% Total Bond Market (BND), and 20% Total International Market (VXUS).

The average rate of return on this portfolio since 1972 has been 5.8% with a low standard of deviation of 11.4%. As you can see, this is very similar to the Classic since the stocks vs. bonds allocation are the same. The major difference is that, with some international equities, the market swings might not be correlated.

Once you are in a withdrawal phase, you can then choose to sell off the highest of the two if one is experiencing a correction.Best index fund asset mix for youFinally, the Total Stock Market Portfolio is a very popular choice within the early retirement crowd. Popular bloggers such as JL Collins advocate that you only really need to stick with one single fund; the Vanguard Total Stock Market Index Fund (VTI or VTSAX).

This stupidly simple allocation offers great diversity at a hyper-low cost. With the mix of large-, mid-, and small-cap equity diversified across growth and value styles and an expense ratio of only 0.05%, VTI can be called a portfolio of its own.

It holds over $468.8 billion invested across 3613 companies in America. The average rate of return on this portfolio since 1972 has been 7.5% with a standard of deviation of 17.7%. The deepest drawdown has been of 51%, which might frighten some, but the higher returns certainly show over the long-term.

If you live in the US, I suggest you look for the Admiral Shares (VTSAX) given the low fees and flexibility it offers.

These are only 3 very basic asset allocations but I highly suggest that you research and compare your asset mix options with the free tools available at Personal Capital. You can also compare the data of 15 different portfolios at Portfolio Charts.

Now, remember life goes on and stay happy. Xyz.