July Allocation

June Asset Allocation

This year Models are facing difficult investing conditions for their style with their weaknesses stress-tested.
May was a tough month because of high volatility in Europe caused by Italian political caos.
Models 3 were long on FTSEMIB, that was the best European stock market before the caos, and lost quite a lot past month.
Also the most defensive models were allocated on short term bonds in Europe, and there was the biggest 1 day move on short end Italian curve that produced a monthly loss.

It's a difficult environment, but maybe you could be surprise knowing that I'm not completely disappointed. Like in boxing, a knockout can happen to everyone, but if the boxer is good it will stand up again. 2018 is going to test the temperance of the Models and I'm sure, after the waters will be clearer, they'll recover.

Using a likeness as with the Agriculture market: the model (style) is good, but this year the weather is not favorable and harvest probably will be poor. It will be important to limit the losses, waiting for the next season

May Asset Allocation

Most defensive models remain on low vol asset.
Models 3.x that are more aggressive, begin to enter either on equity or commodity.
I am a bit scared by the high level of commodity indexes, by the way, I'll follow the system as a blind.

March - Year to date returns

2018 is a difficult year so far. There're not sustained trends, there're a lot of reversal and most aggressive models are suffering.

The good news is that performances, even if negative, are no worrying so far. With most aggressive models that have an historical standard deviation of 8-9% a year, this result so far is in line with their style.

Let's be patient and wait the next trend to develop somewhere

APRIL ALLOCATION

Sorry for delay.
For personal purpose I had one month of holiday and I returned into the office only today.

I post the allocations only for historical tracking purpose.
With my personal portfolio I went on holiday with the defensive one, holding € govies and a bit of gold because I had one month completely off from news and markets

MARCH ALLOCATION 2018

These is the asset allocation for March.
After a difficult February, models went defensive

FEBRUARY ALLOCATION

This is the February allocation.
More equity bias in models 3.xx
Most defensive models go on short term euro bond
In Europe Model4 goes quite defensive