Model 1& 2 continue to stay defensive and could struggle over the year with this negative yield environment...Central Banks (ECB.....) is not helping....
Model 3 recorded a positive performance thanks to $ and yen exposure, as well good euro government bond environment.
Models 4 recorded a small positive gain and are overperforming their benchmark (it's quite common when stocks markets are weak).
March is going to be more difficult with an high dollar & bond volatility because of central banks action.
ECB used a nuclear weapon last week (it was unexpected for me the TLTRO with theoretically negative rates to banks...), let's see Fed what will say next week. I think the Fed will try to rise rates further in the year because they know that in the next recessions weapons will be exhausted.
ECB is already all in, signaling that situation on this side of the Ocean is quite bad...
Let's surf this market in 2016, but it will be an high volatility environment.
