Portfolios of actively managed funds
WSP Model Portfolios are built from our universe of selected active Ucits funds, plus few passive ETFs whenever appropriate.
We manage actively the allocation according to current and expected market conditions, while taking into consideration the fund managers’ exposure and a high level of portfolios’ diversification.
The aim is to demonstrate that an optimal combination of strategies, coupled with a careful selection of active fund managers, have the ability to deliver added-value to investors over the long run, while keeping a full exposure and constant asset allocation within the given investment profiles.
More detailed reporting including portfolio quantitative and qualitative data are available to customers having subscribed to the WS Partners Model Portfolio Services.
Would you request more information on this service, please contact us.
Portfolios Structure
- Portfolios are made of 14 to 17 Ucits or Alternative Ucits funds (according to profile), plus 2 to 3 ETFs.
- Two currency based portfolios ; in US dollar or in Euro.
- All funds have a daily liquidity, apart one fund with a bi-monthly liquidity.
- For either US dollar or Euro based portfolios we usually select identical funds, while keeping currency exposure hedged for fixed income funds.
- The performances are shown net of fees, calculated from the cheapest share classes, hence making our Model Portfolios fully replicable.
Strategic Allocation and Diversification
We keep a constant allocation in equity and fixed income strategies according to Model Portfolio profiles and guidelines. We also maintain a neutral currency and regional allocation compare to benchmarks.
A portfolio outperformance is aimed at arising mainly from the alpha generated by active management, and to a certain extent to a diversification optimisation.
Tactical changes such as in investment style (value, growth defensive), sector allocation (e.g., commodities, real estate), interest rate or spread duration may also contribute, time to time, to the value-added generation.
Profiles
A conservative portfolio with a 1/3 equity and 2/3 fixed income allocation.
Within the equity universe we tend to favour yielding strategies rather than pure price appreciation funds.
The objective is to outperform over time a benchmark composed by 1/3 of the MSCI All Country World Index, and by 2/3 of the Barclays Global Aggregate Bond Index.
The portfolio aims to outperform a benchmark made of 50% MSCI All Country World Index, and 50% Barclays Global Aggregate Bond Index in a risk-adjusted return basis and with a capital preservation mindset.
For that reason, we maintain around 33% of the portfolio allocation into Absolute Return strategies, including Alternative Ucits funds.
The most equity oriented portfolio with the aim to beat a benchmark composed by 2/3 of the MSCI All Country World Index and 1/3 of the Barclays Global Aggregate Bond Index. Growth of capital through capital appreciation is the main long term portfolio objective.
Market Review and Outlook
Market Review – 3rd Quarter 2022
After a strong rally in equity and bond markets in July, both sold off sharply again in August and September. Overall, developed market equities fell 6% over the quarter while global bonds fell 7%.
The rally in July was helped by markets starting to price in interest rate cuts from the Fed in 2023. However, in August, the Fed and other central banks reiterated at their Jackson Hole summit that their priority remains the fight against inflation rather than supporting growth. This was the primary driver of the sharp rise in bond yields and sell-off in stocks in the second half of the quarter.
Central banks backed up their tough talk with policy rate hikes totalling 1.5% from the Fed, 1.25% from the European Central Bank and +1% from the Bank of England. Markets also moved to price in a much more aggressive path of future rate hikes, with rates now expected to rise to 4.5%, 3.5% and 5.75% by next year in the US, Europe and UK respectively.
Global inflationary pressures moderated somewhat over the quarter on the back of lower oil and food prices. Oil price has dropped by nearly 30% since the start of July, while the Food and Agriculture Organization world food price index dropped to its lowest level since the start of the war in Ukraine. Nevertheless, core inflation generally remains well above central bank targets in most countries, which is why markets are pricing in significant further policy rate increases in the coming months.
One positive, though, is that against a backdrop characterised by elevated inflation and slowing growth, global equity market valuations have now generally fallen below their 25-year averages. Even in the US, the market is currently trading on a price-to-earnings (P/E) ratio of 15.6 vs. a long- term average of 16.6. However, these valuations are based on current consensus analyst forecasts for earnings growth, which are gradually being revised down.
Outlook
The rules we have set out for this Portfolio Models are that we are always 100% invested and that the allocation between the asset classes remain unchanged over time.
We made no changes during the month. We remain slightly overweight in small caps and in EM equities.
On the fixed income side, we are interest rate duration underweight and spread duration overweight. We did not add to duration given the volatility but concede that levels are becoming attractive once again given the overall outlook. We are also interested to add into a corporate hybrid fund. Hybrid bonds are rated investment grade and offers a nice yield pick-up vs. traditional corporate investment grade vehicles (around 2.5% of pickup).
We stick to to our exposure to uncorrelated fixed income strategies, such as absolute return, microfinance, and cat bonds.
The rules we have set out for this Portfolio Models are that we are always 100% invested and that the allocation between the asset classes are strategic by nature, hence they remain unchanged over time.
Performance Review – September 2022
Yield & Income Portfolio (in USD) -6.1% (-55bps vs. the benchmark)
Balanced portfolio (in USD) -5.5% (+109bps)
Growth portfolio (in USD) -7.6% (-2bps)
Credit exposure was again the strongest detractor for the portfolios, while our allocation in equities (small cap) as well as active management were large contributors in September.
In this context, it came as no surprise that the Yield & Income Portfolio underperformed its reference benchmark due to the EM debt exposure. Uncorrelated fixed income strategies didn’t help the same way as they usually did in other circumstances. To note that the Cat bonds were impacted by the devastating Ian hurricane (-1.3% in September).
The Balanced Portfolio benefited from the absolute return allocation acting as a buffer in the broad based correction witnessed by the markets in September.
While long/short strategies were on the negative side, they still contributed to mitigate the downside. Active management also helped positively and was mainly concentrated in equities. On a relative basis it contributed by 32bps for the Yield & Income, by 27bps for the Balanced and by 59bps for the Growth Portfolios.
US Dollar Portfolios
USD - Yield and Income
Cumulative Performance to end September 2022
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2022 | -3.31% | -2.29% | -0.23% | -3.86% | -0.48% | -4.54% | 3.91% | -1.48% | -6.10% | -17.24% | |||
| Benchmark | -2.68% | -1.78% | -0.80% | -4.67% | -0.08% | -3.95% | 4.16% | -3.28% | -5.55% | -17.43% | ||||
| Portfolio | 2021 | 0.20% | 0.67% | -0.24% | 2.24% | 0.81% | 0.64% | 0.46% | 1.11% | -1.94% | 1.32% | -1.97% | 1.70% | 5.04% |
| Benchmark | -0.51% | -0.28% | 0.62% | 1.62% | 0.66% | 0.76% | 1.05% | 0.69% | -2.01% | 1.52% | -0.33% | 1.06% | 4.90% | |
| Portfolio | 2020 | 0.19% | -2.47% | -10.45% | 6.50% | 4.71% | 2.76% | 3.30% | 2.59% | -1.03% | -0.48% | 5.95% | 2.77% | 13.96% |
| Benchmark | 0.81% | -1.89% | -5.60% | 4.64% | 1.62% | 1.37% | 2.46% | 1.45% | -0.80% | -0.83% | 4.49% | 1.73% | 9.40% | |
| Portfolio | 2019 | 4.59% | 1.67% | 0.63% | 1.97% | -2.39% | 2.91% | 0.90% | -1.11% | 0.95% | 1.69% | 1.37% | 2.17% | 16.26% |
| Benchmark | 3.39% | 0.96% | 1.58% | 1.16% | -1.02% | 3.11% | 0.61% | 0.71% | 0.37% | 0.79% | 0.72% | 1.01% | 14.14% | |
| Portfolio | 2018 | 2.88% | -1.91% | -0.66% | 0.76% | -0.63% | -0.50% | 1.50% | -0.20% | 0.71% | -3.54% | -0.22% | -2.48% | -4.36% |
| Benchmark | 1.42% | -1.55% | -0.21% | 0.07% | 0.26% | -0.04% | 1.00% | 0.42% | -0.12% | -2.63% | 0.80% | -1.48% | -2.12% | |
| Portfolio | 2017 | 2.15% | 1.58% | 0.72% | 1.01% | 1.27% | 0.19% | 1.55% | 0.03% | 0.58% | 1.05% | 0.61% | 1.07% | 12.45% |
| Benchmark | 0.68% | 1.49% | 0.35% | 0.95% | 1.10% | -0.06% | 1.13% | 0.71% | 0.32% | 0.95% | 0.73% | 0.63% | 9.36% | |
| Portfolio | 2016 | 1.16% | 2.25% | 1.04% | 0.86% | -0.43% | -1.25% | 1.25% | 4.93% | |||||
| Benchmark | 1.04% | 1.81% | 0.06% | 0.17% | -1.23% | -0.86% | 0.84% | 1.81% |
Benchmark: 1/3 iShares MSCI All Country World ETF (USD) + 2/3 X II Barclays Gbl Agg ETF H USD
Source: WS Partners, Morningstar
USD - Balanced
Cumulative Performance to end September 2022
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2022 | -3.47% | -1.56% | -0.21% | -3.36% | -0.87% | -4.48% | 4.39% | -1.58% | -5.46% | -15.71% | |||
| Benchmark | -3.22% | -1.99% | -0.02% | -5.49% | -0.03% | -5.06% | 4.87% | -3.38% | -6.55% | -19.47% | ||||
| Portfolio | 2021 | 0.61% | 1.39% | -0.24% | 1.99% | 0.82% | 0.76% | 0.47% | 0.95% | -1.93% | 1.25% | -1.57% | 1.99% | 6.59% |
| Benchmark | -0.49% | 0.37% | 1.14% | 2.31% | 0.88% | 0.90% | 0.96% | 1.15% | -2.54% | 2.43% | -0.85% | 1.80% | 8.25% | |
| Portfolio | 2020 | -0.68% | -2.98% | -8.44% | 5.95% | 3.34% | 2.14% | 3.08% | 2.52% | -0.96% | -0.17% | 6.33% | 3.04% | 12.93% |
| Benchmark | 0.33% | -3.43% | -7.62% | 6.15% | 2.29% | 1.82% | 3.15% | 2.60% | -1.43% | -1.24% | 6.47% | 2.45% | 11.20% | |
| Portfolio | 2019 | 4.01% | 1.50% | 0.36% | 1.64% | -2.65% | 2.65% | 0.92% | -1.37% | 1.24% | 1.94% | 1.43% | 1.99% | 14.36% |
| Benchmark | 4.50% | 1.38% | 1.48% | 1.71% | -2.24% | 3.97% | 0.54% | -0.06% | 0.80% | 1.28% | 1.15% | 1.63% | 17.18% | |
| Portfolio | 2018 | 2.75% | -1.59% | -0.42% | 0.82% | -0.97% | -0.54% | 1.49% | -0.32% | 0.78% | -3.58% | -0.07% | -2.11% | -3.84% |
| Benchmark | 2.47% | -2.21% | -0.73% | 0.31% | 0.22% | -0.15% | 1.50% | 0.48% | 0.02% | -3.84% | 0.96% | -2.88% | -3.96% | |
| Portfolio | 2017 | 1.85% | 1.21% | 0.74% | 0.84% | 0.87% | 0.64% | 1.73% | 0.04% | 1.19% | 1.03% | 0.93% | 0.66% | 12.35% |
| Benchmark | 1.19% | 1.82% | 0.56% | 1.10% | 1.37% | 0.07% | 1.54% | 0.63% | 0.72% | 1.23% | 1.02% | 0.88% | 12.82% | |
| Portfolio | 2016 | 0.01% | 2.83% | 0.94% | 0.65% | -0.55% | 0.36% | 1.59% | 5.93% | |||||
| Benchmark | 0.62% | 2.43% | 0.12% | 0.28% | -1.35% | -0.46% | 1.17% | 2.81% |
Benchmark: 1/2 iShares MSCI All Country World ETF (USD) + 1/2 X II Barclays Gbl Agg ETF H USD
Source: WS Partners, Morningstar
USD - Growth
Cumulative Performance to end September 2022
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2022 | -5.28% | -1.80% | 0.21% | -5.11% | -0.77% | -6.05% | 5.17% | -2.16% | -7.57% | -21.57% | |||
| Benchmark | -3.77% | -2.21% | 0.75% | -6.32% | 0.01% | -6.18% | 5.58% | -3.48% | -7.55% | -21.49% | ||||
| Portfolio | 2021 | 0.55% | 1.37% | -0.56% | 2.80% | 0.62% | 0.94% | 0.34% | 1.59% | -2.47% | 2.50% | -2.66% | 1.60% | 6.68% |
| Benchmark | -0.47% | 1.01% | 1.65% | 3.00% | 1.11% | 1.04% | 0.88% | 1.61% | -3.06% | 3.33% | -1.36% | 2.54% | 11.67% | |
| Portfolio | 2020 | -0.68% | -4.30% | -9.68% | 8.05% | 3.42% | 2.83% | 4.24% | 3.53% | -1.30% | -0.43% | 8.50% | 3.72% | 17.74% |
| Benchmark | -0.16% | -4.98% | -9.63% | 7.67% | 2.96% | 2.26% | 3.84% | 3.75% | -2.06% | -1.65% | 8.44% | 3.17% | 12.84% | |
| Portfolio | 2019 | 6.20% | 2.06% | 0.71% | 2.39% | -4.35% | 4.44% | 0.61% | -2.00% | 0.95% | 2.30% | 2.02% | 2.51% | 18.89% |
| Benchmark | 5.61% | 1.81% | 1.38% | 2.27% | -3.47% | 4.83% | 0.46% | -0.83% | 1.23% | 1.77% | 1.57% | 2.25% | 20.23% | |
| Portfolio | 2018 | 3.65% | -2.87% | -1.07% | 0.82% | -0.44% | -1.19% | 1.66% | 0.54% | 0.00% | -6.66% | 0.64% | -4.12% | -9.06% |
| Benchmark | 3.53% | -2.87% | -1.24% | 0.54% | 0.17% | -0.26% | 2.00% | 0.55% | 0.16% | -5.05% | 1.13% | -4.28% | -5.81% | |
| Portfolio | 2017 | 2.83% | 1.52% | 1.28% | 1.65% | 1.88% | 0.46% | 2.48% | -0.28% | 1.77% | 1.50% | 1.22% | 1.64% | 19.45% |
| Benchmark | 1.70% | 2.14% | 0.78% | 1.25% | 1.65% | 0.19% | 1.95% | 0.54% | 1.12% | 1.51% | 1.32% | 1.12% | 16.37% | |
| Portfolio | 2016 | -1.01% | 4.18% | 1.46% | 1.17% | -1.04% | 0.28% | 1.33% | 6.44% | |||||
| Benchmark | 0.21% | 3.05% | 0.19% | 0.39% | -1.47% | -0.06% | 1.50% | 3.80% |
Benchmark: 2/3 iShares MSCI All Country World ETF (USD) + 1/3 X II Barclays Gbl Agg ETF H USD
Source: WS Partners, Morningstar
Euro Portfolios
Euro - Yield and Income
Cumulative Performance to end September 2022
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2022 | -2.91% | -2.20% | -0.16% | -2.12% | -1.10% | -3.49% | 4.68% | -1.05% | -5.26% | -8.26% | |||
| Benchmark | -2.28% | -1.88% | -0.61% | -3.10% | -0.67% | -3.33% | 4.99% | -2.99% | -4.96% | -9.69% | ||||
| Portfolio | 2021 | 0.50% | 0.82% | 0.91% | 1.16% | 0.24% | 1.57% | 0.44% | 1.22% | -1.16% | 1.34% | -1.04% | 1.37% | 7.57% |
| Benchmark | -0.33% | -0.29% | 1.68% | 0.75% | 0.09% | 1.77% | 1.01% | 0.81% | -1.47% | 1.54% | 0.56% | 0.61% | 6.90% | |
| Portfolio | 2020 | 0.53% | -2.09% | -10.15% | 6.30% | 3.67% | 2.35% | 1.21% | 2.25% | -0.37% | -0.38% | 4.70% | 1.75% | 9.15% |
| Benchmark | 1.13% | -1.73% | -5.70% | 4.62% | 1.04% | 1.00% | 0.61% | 1.02% | -0.20% | -0.66% | 3.46% | 0.87% | 5.22% | |
| Portfolio | 2019 | 4.15% | 1.82% | 1.00% | 1.86% | -2.37% | 1.85% | 1.52% | -0.82% | 1.13% | 0.67% | 1.75% | 1.25% | 14.54% |
| Benchmark | 3.06% | 1.06% | 1.89% | 1.05% | -1.02% | 2.15% | 1.22% | 0.92% | 0.56% | -0.15% | 1.00% | 0.23% | 12.58% | |
| Portfolio | 2018 | 1.46% | -1.36% | -1.10% | 1.26% | 0.42% | -0.66% | 1.26% | -0.03% | 0.64% | -2.96% | -0.39% | -2.99% | -4.49% |
| Benchmark | 0.04% | -0.99% | -0.65% | 0.53% | 1.28% | -0.21% | 0.78% | 0.45% | -0.21% | -2.02% | 0.66% | -1.98% | -2.37% | |
| Portfolio | 2017 | 1.24% | 2.08% | 0.35% | 0.20% | 0.10% | -0.38% | 0.23% | -0.41% | 0.61% | 1.46% | -0.20% | 0.56% | 5.97% |
| Benchmark | -0.24% | 2.01% | 0.03% | 0.26% | -0.09% | -0.64% | -0.11% | 0.31% | 0.41% | 1.35% | -0.17% | 0.26% | 3.39% | |
| Portfolio | 2016 | 1.12% | 2.05% | 1.00% | 0.53% | 0.20% | -0.23% | 1.34% | 6.16% | |||||
| Benchmark | 1.03% | 1.51% | 0.11% | -0.22% | -0.52% | 0.14% | 0.92% | 3.00% |
Benchmark: 1/3 iShares MSCI All Country World ETF (EUR) + 2/3 X II Barclays Gbl Agg ETF H EUR
Source: WS Partners, Morningstar
Euro - Balanced
Cumulative Performance to end September 2022
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2022 | -3.08% | -1.67% | -0.12% | -1.83% | -1.46% | -3.69% | 5.21% | -1.18% | -4.87% | -12.24% | |||
| Benchmark | -2.58% | -2.12% | 0.36% | -3.06% | -0.86% | -4.04% | 6.17% | -2.83% | -5.51% | -13.96% | ||||
| Portfolio | 2021 | 0.84% | 1.41% | 0.73% | 1.03% | 0.35% | 1.67% | 0.41% | 1.08% | -1.33% | 1.17% | -0.78% | 1.75% | 8.60% |
| Benchmark | -0.18% | 0.38% | 2.77% | 1.04% | 0.07% | 2.44% | 0.94% | 1.35% | -1.69% | 2.47% | 0.51% | 1.20% | 11.83% | |
| Portfolio | 2020 | 0.13% | -2.66% | -8.37% | 5.87% | 2.62% | 1.74% | 1.18% | 2.14% | -0.39% | -0.06% | 5.39% | 2.17% | 9.37% |
| Benchmark | 0.88% | -3.11% | -7.66% | 6.19% | 1.46% | 1.29% | 0.45% | 1.98% | -0.50% | -0.95% | 4.95% | 1.22% | 5.63% | |
| Portfolio | 2019 | 3.70% | 1.71% | 0.86% | 1.56% | -2.56% | 1.43% | 1.56% | -1.09% | 1.43% | 0.91% | 1.80% | 1.08% | 12.98% |
| Benchmark | 4.15% | 1.66% | 2.07% | 1.69% | -2.11% | 2.68% | 1.56% | 0.37% | 1.20% | -0.01% | 1.66% | 0.59% | 16.49% | |
| Portfolio | 2018 | 1.08% | -0.82% | -0.93% | 1.60% | 0.42% | -0.67% | 1.30% | -0.19% | 0.71% | -2.76% | -0.21% | -2.66% | -3.17% |
| Benchmark | 0.48% | -1.28% | -1.26% | 1.10% | 1.86% | -0.28% | 1.28% | 0.65% | -0.01% | -2.80% | 0.88% | -3.48% | -2.97% | |
| Portfolio | 2017 | 0.67% | 1.98% | 0.39% | -0.11% | -0.71% | -0.09% | 0.02% | -0.47% | 1.34% | 1.57% | -0.12% | 0.19% | 4.72% |
| Benchmark | -0.12% | 2.65% | 0.16% | 0.13% | -0.33% | -0.72% | -0.22% | 0.12% | 0.93% | 1.91% | -0.23% | 0.41% | 4.72% | |
| Portfolio | 2016 | 0.25% | 2.48% | 1.02% | 0.24% | 0.35% | 1.68% | 1.74% | 8.00% | |||||
| Benchmark | 0.67% | 2.03% | 0.27% | -0.24% | -0.20% | 1.13% | 1.38% | 5.13% |
Benchmark: 1/2 iShares MSCI All Country World ETF (EUR) + 1/2 X II Barclays Gbl Agg ETF H EUR
Source: WS Partners, Morningstar
Euro - Growth
Cumulative Performance to end September 2022
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2022 | -4.44% | -1.97% | 0.55% | -2.03% | -1.70% | -4.38% | 6.85% | -1.18% | -6.17% | -14.05% | |||
| Benchmark | -2.88% | -2.36% | 1.33% | -3.02% | -1.05% | -4.74% | 7.35% | -2.66% | -6.06% | -13.78% | ||||
| Portfolio | 2021 | 1.06% | 1.44% | 1.41% | 1.03% | -0.23% | 2.81% | 0.30% | 1.90% | -1.24% | 2.42% | -1.02% | 1.20% | 11.57% |
| Benchmark | -0.02% | 1.05% | 3.86% | 1.32% | 0.05% | 3.11% | 0.86% | 1.90% | -1.90% | 3.41% | 0.46% | 1.79% | 16.94% | |
| Portfolio | 2020 | 0.07% | -3.39% | -8.86% | 7.92% | 2.08% | 2.18% | 0.65% | 2.86% | -0.13% | -0.14% | 6.55% | 2.18% | 11.49% |
| Benchmark | 0.63% | -4.49% | -9.63% | 7.76% | 1.88% | 1.58% | 0.28% | 2.94% | -0.80% | -1.24% | 6.45% | 1.57% | 5.91% | |
| Portfolio | 2019 | 5.86% | 2.49% | 1.58% | 2.40% | -4.08% | 2.86% | 1.94% | -1.50% | 1.46% | 0.72% | 2.68% | 1.14% | 18.65% |
| Benchmark | 5.24% | 2.25% | 2.25% | 2.32% | -3.20% | 3.21% | 1.90% | -0.19% | 1.84% | 0.12% | 2.32% | 0.94% | 20.48% | |
| Portfolio | 2018 | 1.10% | -1.62% | -1.70% | 1.97% | 1.78% | -1.28% | 1.39% | 0.87% | 0.07% | -5.27% | 0.55% | -4.81% | -7.06% |
| Benchmark | 0.93% | -1.56% | -1.86% | 1.67% | 2.43% | -0.35% | 1.78% | 0.85% | 0.20% | -3.58% | 1.10% | -4.97% | -3.61% | |
| Portfolio | 2017 | 1.24% | 2.58% | 0.76% | 0.29% | -0.22% | -0.54% | 0.21% | -0.93% | 2.03% | 2.43% | -0.28% | 0.98% | 8.82% |
| Benchmark | 0.00% | 3.28% | 0.29% | 0.00% | -0.56% | -0.81% | -0.34% | -0.08% | 1.45% | 2.46% | -0.29% | 0.57% | 6.05% | |
| Portfolio | 2016 | -0.95% | 3.88% | 1.55% | 0.66% | 0.46% | 2.35% | 1.69% | 9.98% | |||||
| Benchmark | 0.31% | 2.56% | 0.42% | -0.26% | 0.12% | 2.13% | 1.83% | 7.28% |
Benchmark: 2/3 iShares MSCI All Country World ETF (EUR) + 1/3 X II Barclays Gbl Agg ETF H EUR
Source: WS Partners, Morningstar