S&P 500:                 2065 (up 47.6%)

Portfolio:         $908,258 ( up 81.7%)

IBB                    1153 shares    $348,955
VHT                2025 shares    $257,297
IYT                   1832.23 shares    $300,358

Notes: The portfolio has not made any changes for several months now, and has outperformed the S&P 500 by approximately 72% since May of 2012.  All three sectors showed similar gains for November, and a review of mutual fund and ETF performance over the past year shows no compelling replacements.

As the graph below now approaches three years of relative performance of the portfolio v. the S&P 500, it becomes evident that a momentum-based portfolio can outperform the S&P 500, but will likely occasionally have volatility that significantly exceeds the index (e.g. March/April 2014).  The performance of the model portfolio neverthelss makes a momentum strategy such as the one tracked here desirable for long-term investors, when greater short-term volatility can be overcome by an overall trend of outperformance.