Portfolio Update-April 2023!
Portfolio Performance YTD!
The extremely bearish positioning and sentiment coupled with strong global and US liquidity have led to massive outperformance of the US equities, especially the mega tech, which is now responsible for most of the S&P 500 gains since the beginning of the year.
Since we are underweight, the US Stocks and since the mega caps have higher weights in our benchmark (MSCI World), we have slightly (around 120 bps) underperformed the benchmark.
Furthermore, the rally in High Yield (HY) credit is not helping.
Nevertheless, as discussed last month, the rally in GLD 0.00%↑ was a blessing in disguise.
The playbook remains the same as discussed in December, and those who have not read it can now read the Global Outlook 2023 here.
PS: We have marginally underperformed our benchmark 60:40 portfolio. The 60:40 portfolio comprises 60% allocation in MSCI World Index (equities) and 40% in …
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