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Results
Results
Monthly Performance Report / July 2019
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INVESTMENT - STRATEGY AND OBJECTIVES
Outcome Wealth Management manages portfolios comprised of large, liquid ETFs. Our strategies are designed to provide efficient global diversification, offer better protection in bear markets, and deliver higher long-term returns.
MONTHLY RESULTS
GTAA Growth (USD-based accounts)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | -- | -- | -- | -- | -- | -- | -- | 1.3% | 0.9% | 1.1% | 0.5% | 1.4% | 5.4% |
| 2018 | 2% | -3.4% | -0.2% | -0.1% | 0.4% | 0.6% | 1% | 0.7% | -0.4% | -2% | -0.1% | 0.9% | -0.8% |
| 2019 | 1.1% | 0.3% | 1.6% | 1.5% | -2.9% | 1.3% | -0.2% | -- | -- | -- | -- | -- | 2.7% |
GTAA Growth (CAD-based accounts)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | -- | -- | -- | -- | -- | -- | -- | 0.1% | 0.5% | 1.6% | 0.5% | 1.3% | 7.7% |
| 2018 | 1.3% | -2.7% | -0.3% | -0.2% | 0.6% | 0.8% | 0.9% | 0.9% | -1.1% | -1.7% | 0.2% | 1.6% | 0.2% |
| 2019 | 0% | 0.7% | 1.4% | 1.5% | -2.9% | 0.7% | -0.2% | -- | -- | -- | -- | -- | 1.1% |
PORTFOLIO ALLOCATION
In July, the GTAA strategy was neither aggressively nor defensively positioned, with four 10% long positions in U.S., Eurozone, Japanese and emerging market stocks. The remaining 30% of our pro-cyclical exposure was equally weighted in U.S. Preferred Shares, U.S. high yield bonds and emerging market sovereign bonds. The rest of the portfolio was 15% invested in long-term U.S. Treasuries and 15% invested in short-term U.S. investment grade bonds.
Four of our seven growth-sensitive exposures rose during the month, with U.S. stocks rising 1.51%, U.S. preferred shares up 1.79%, U.S. high yield bonds rising 0.16% and emerging market sovereign bonds up 0.73%. Our remaining three pro-cyclical positions fell, with Eurozone stocks falling 2.63%, Japanese stocks down 0.42% and emerging market equities falling 2.66%. Our 15% positions in Treasuries and investment grade bonds rose 0.26% and 0.13%, respectively.
For August, our portfolio has taken a more defensive stance, moving down our pro-cyclical exposure from 70% to 50%. We have a minimal, 10% equity exposure, which is concentrated in the S&P 500 Index. The remaining 40% of our “risk-on” positions are equally spread across U.S. REITs, U.S. preferred shares, U.S. high yield bonds and emerging market sovereign bonds. The 50% weight in our “risk-off” bucket is equally spread across longterm Treasuries and short-term U.S. investment grade bonds.
