The portfolio performance numbers and reports for the fourth quarter of 2016 are now available on HUB and on this website. The quarter was marred by a pullback in smaller companies, and also, while correctly predicting a Trump victory and a rally in gold, the latter lasted less than one trading day. Gold stock positions were sold at a loss as it became apparent that while over 50% of Americans did not approve of Trump, equity markets certainly did. However another solid calendar year of performance and since inception return remains above 12% after fees.
January is proving a strong month as the positions (ex gold) put in place in anticipation of a trump victory have performed well plus there has been some rebound in smaller companies.
The portfolio performance reports for the third quarter of 2016 are now up on the website. The Managed Equity extended its lead with a 31.99% gain for the twelve months to Sept 30. We cashed up in early October, but couldn't escape about a 3% dip in October.
November has been awaiting the US elections. If I'm right, we should now have a very good Xmas rally.
Reports for each may be found at the Investment Performance tab.
Calendar year 2015
The AC Managed Equity portfolio returned 28% after fees compared with just 2.5% for the benchmark. The December report may be found here. If it were in the Mercer survey, it would have come second in their performance survey. Most pleasingly, the since inception return crept over 13% per annum, compared with just 3.35% for the index benchmark, a measure of how poorly index style portfolios have fared in recent years.