We’d LIKE for our fund to have positive returns every month, and to beat the benchmarks more often than not. March was certainly the exception to the rule.
We not only turned negative in the face of a strong, positive S&P, but also we underperformed global REITs. Part of the reason is that we’ve tried to stay defensive on the volatility front, and indeed we did that. However, that also means we may miss important market turns. I would note that this is the first month since we began keeping record that the S&P 500 cumulative SHARPE Index bested us, which is saying a lot for our defensiveness.
The first trades of April (not reflected above) are positive for us, but we’re going to have to go a long way to ameliorate the last two months of negative returns.
|Average Daily Excess Return||0.0457%|
|Average Daily Excess Return||0.0343%|
|Correlation (history of the fund)||52.2405%|
Undoubtedly, we’ll consider our positions in the next few days, and if any changes are warranted, our subscribers will receive trade alerts accordingly.
Best wishes for a great April, and as always, if I can answer any questions on this or related topics, please don’t hesitate to reach out.
John A. Kilpatrick, Ph.D., MAI — [email protected]
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