Methodology Whitepaper
4 June 2026
Rumble Research
Executive Summary
Retail interest in Egypt’s capital markets is growing, but new investors often struggle with understanding the different asset classes available, choosing between them, and building a portfolio with the allocations that fit their needs.
To address this, Thndr is evolving its Alpha investment tool into Thndr Alpha 2.0, a rules-based, educational agent embedded within the platform. Alpha 2.0 guides users through foundational questions to generate a suggested “Target Portfolio” and monitors their progress through regular gap analysis.
The portfolio utilizes the current asset classes available on Thndr: equity, gold, and fixed-income mutual funds. It does not offer personalized, discretionary financial advice. Instead, it simplifies self-directed investing by combining mathematically grounded, expert backed allocations with an interactive, educational AI agent that allows users to seamlessly execute orders directly from within the chat.
This whitepaper and the underlying portfolio construction logic will be made publicly accessible to Thndr users, should they wish to understand how each Target Portfolio is composed and how Alpha 2.0 arrives at its suggested allocations and constituents.
1. Guiding Principles
- Simple: A streamlined conversational assessment leading to one clear target portfolio.
- Educational & Safeguarded AI: Users are guided by an AI agent that explains asset classes and investment mechanics. The AI does not browse the open internet. It is strictly constrained to a pre-approved Thndr Knowledge Base containing internal help center articles, educational guides, and official mutual fund prospectuses.
- User Agency: Alpha only recommends the specific base asset allocations and mutual funds outlined in this document. However, users maintain total control. They can manually adjust their asset allocation percentages or swap to any other mutual funds or stocks available on the Thndr app before investing.
- Expert Backed: Asset allocations are determined by deterministic mathematical models (not AI). Default fund selections are vetted by Rumble Experts based on strict criteria.
2. Use of Agentic AI in Thndr Alpha 2.0
Thndr Alpha 2.0 uses agentic AI to make the investment experience more interactive, educational, and actionable, while keeping users fully in control.
Chat and education
Users can chat with Alpha and ask questions directly within the experience. The AI does not browse the open internet to generate answers. Instead, it retrieves responses from Thndr’s curated and pre-approved Knowledge Base, including Help Center articles, educational content, and official mutual fund fact sheets and prospectuses.
User data retrieval
Where appropriate, Alpha can retrieve relevant user data to help users understand their current position. For example, it can help users compare their chosen Target Portfolio with their existing holdings, identify gaps, and understand how they may close those gaps.
Order placement with user consent
Alpha can allow users to place individual or bulk orders directly from within the chat. These orders are only placed with the user’s full consent. Alpha cannot act autonomously or execute any transaction without explicit user confirmation. A clear audit trail of orders placed by the user is ensured as well as portfolio statements.
3. Base Portfolio Construction & Safeguards
The Base Portfolio (The 60/40 Rule)
Alpha 2.0 uses a single base portfolio rooted in the classic 60/40 allocation rule, adapted for the Egyptian retail market. The starting allocation for all users is 60% Equities and 40% Defensive Assets (split evenly as 20% Fixed Income and 20% Gold). Allocations are suggested for placement in mutual funds, no single stock recommendations are made.
The Emergency Fund (EF) Mandate
Before calculating the investment portfolio, Alpha encourages users to establish a liquid Emergency Fund (calculated as: Monthly Expenses × 6). Alpha recommends that users’ new contributions are parked entirely in Fixed Income funds until this Emergency Fund is fully secured, prioritizing protection before investing in riskier assets.
4. Questionnaire & Adjustment Logic
4.1 The Conversational Inputs
The agent gathers inputs across four primary dimensions. The first three act as mathematical modifiers to the 60/40 base portfolio:
- Goal: Grow (wealth building) vs. Protect (capital preservation and steady income).
- Risk Tolerance: Comfortable, Moderate, or Not Comfortable with fluctuations.
- Time Horizon: Long, Medium, or Short term.
- Sharia Compliance: Yes or No preference. (This dictates the specific mutual funds selected, not the allocation percentages).
4.2 Adjustment Math
The system adjusts the base percentages (60% Equity / 20% Fixed Income / 20% Gold) using the following modifiers based on the user’s answers:
| Question | Options | Adjustment Applied |
| Goal (Modifier) | Grow | No change |
| Protect | -40% Equity, +20% Fixed Income, +20% Gold | |
| Risk (Modifier) | Comfortable | +10% Equity, -5% Fixed Income, -5% Gold |
| Moderate | No change | |
| Not Comfortable | -10% Equity, +15% Fixed Income, -5% Gold | |
| Horizon (Modifier) | Long | +10% Equity, -5% Fixed Income, -5% Gold |
| Medium | -5% Equity, +5% Fixed Income | |
| Short | -10% Equity, +20% Fixed Income, -10% Gold | |
| Sharia Preference (Constituents) | Yes | Use sharia compliant funds |
| No | Use default funds |
Minimum Allocation Rule: After applying all modifiers, the system enforces a strict diversification floor:
- No asset class can have less than 10%.
- If any asset class falls below 10%, it is automatically increased to 10%, and the difference is subtracted from the asset class with the highest allocation.
4.3 Resulting Target Portfolio Allocations
Applying the exact deterministic logic above yields the following fixed allocations for every user permutation:
| Goal | Risk Tolerance | Horizon | Equity | Fixed Income | Gold |
| Grow | Comfortable | Long | 80% | 10% | 10% |
| Grow | Comfortable | Medium | 65% | 20% | 15% |
| Grow | Comfortable | Short | 55% | 35% | 10% |
| Grow | Moderate | Long | 70% | 15% | 15% |
| Grow | Moderate | Medium | 55% | 25% | 20% |
| Grow | Moderate | Short | 50% | 40% | 10% |
| Grow | Not Comfortable | Long | 60% | 30% | 10% |
| Grow | Not Comfortable | Medium | 45% | 40% | 15% |
| Grow | Not Comfortable | Short | 40% | 50% | 10% |
| Protect | Comfortable | Long | 40% | 30% | 30% |
| Protect | Comfortable | Medium | 25% | 40% | 35% |
| Protect | Comfortable | Short | 20% | 55% | 25% |
| Protect | Moderate | Long | 30% | 35% | 35% |
| Protect | Moderate | Medium | 15% | 45% | 40% |
| Protect | Moderate | Short | 10% | 60% | 30% |
| Protect | Not Comfortable | Long | 20% | 50% | 30% |
| Protect | Not Comfortable | Medium | 10% | 55% | 35% |
| Protect | Not Comfortable | Short | 10% | 65% | 25% |
5. Constituent Selection
5.1 Default Constituent Rationale
Thndr Alpha populates the asset classes with specific mutual funds. Rumble experts have selected these default constituents to provide users with the optimal balance of three criteria: high historical returns, low management fees, and high liquidity (the shortest subscription/redemption times).
The optimal fund selected for each asset class will be published on Rumble and updated regularly, allowing users to review the latest selected constituents and understand which funds are currently used within Alpha 2.0 portfolios.
5.2 User Agency
Alpha will not recommend any allocations or mutual funds outside of the ones specified above. However, the system is designed to give users final control. Users can easily reject the default plan and manually choose any other mutual funds or stocks available on Thndr to construct their portfolio.
6. Ongoing Maintenance
Alpha 2.0 helps users monitor their portfolio over time using simple, deterministic math.
- Drift Alerts: If an asset class drifts out of alignment (defined mathematically as >10% absolute drift or >25% relative drift), the system informs the user.
- Execution Options: Users can restore balance via Cash-Flow Rebalancing (using new deposits to buy under-weighted assets) or by buying/selling existing holdings directly through the chat interface.
7. Limitations & Disclaimers
Thndr Alpha 2.0 suggestions and AI-driven educational explanations do not constitute personalized, discretionary financial advice. Users should consider their broader financial circumstances. The AI’s responses are restricted to pre-approved knowledge bases to prevent misinformation. Mutual fund selections are subject to revision by Rumble Experts. Past performance does not guarantee future results.
While Alpha 2.0 can support users with education, portfolio gap analysis, and order placement, it cannot act independently or execute any transaction without explicit user confirmation.
Investment Disclaimer
This document is for informational purposes only and should not be construed as a solicitation, offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or to provide any investment advice or service.
The information used to produce this market commentary is based on sources that Rumble Research (“Rumble”) believes to be reliable and accurate. This information has not been independently verified and may be condensed or incomplete. Rumble does not make any guarantee, representation, or warranty and accepts no responsibility or liability as to the accuracy and completeness of such information. Expression of opinion contained herein is based on certain assumptions and the use of specific financial techniques that reflect the personal opinions of the authors of the commentary and is subject to change without notice. It is acknowledged that different assumptions can always be made and that the particular technique(s) adopted, selected from a wide range of choices, can lead to a different conclusion. Therefore, all that is stated herein is of an indicative and informative nature, as forward-looking statements, projections, and fair values quoted may not be realized. Accordingly, Rumble does not take any responsibility for decisions made on the basis of the content of this commentary.
The decision to subscribe to or purchase securities in any offering should not be based on this report and must be based only on public information on such security.
Recommendations and general guidance are not personal recommendations for any particular investor or client and do not take into account the financial, investment, or other objectives or needs of, and may not be suitable for, any particular investor or client. Investors and clients should consider this only a single factor in making their investment decision, while taking into account the current market environment.
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