As highlighted last week, we recently pared our exposure to US stocks in favour of more attractively valued Chinese consumer tech stocks. We are also sitting on a comparatively high level of cash, of almost 24% of total portfolio value, while holding on to the SPDR Gold MiniShares Trust (even if we are not adding our exposure despite bullish analyst calls for the precious metal).
The Absolute Returns Portfolio has performed well since its inception a little over a year ago, in March 2024, with total portfolio returns now at 25.6%. Throughout the better part of this period, the portfolio has been overweight US equities, for obvious reasons — US corporate earnings and share prices have outperformed the rest of the world in the past decade.
