Profiles
MARKET REVIEW AND OUTLOOK
MARKETS -2nd Quarter 2025
The second quarter of 2025 saw significant volatility across markets as investors grappled with tariff policy uncertainty and war in the Middle East. In both cases, investors’ worst fears ultimately proved unfounded and in the absence of a meaningful weakening in the hard data, most major asset classes delivered positive returns over the quarter.
The reciprocal tariff package was larger than expected and both stock and bond markets reacted quickly. The S&P 500 fell 12% over the following week, while US 10-year Treasury yields rose 50 basis points between the 4 and 11 April. The US administration responded to market volatility and moved to soften its trade policy, pausing reciprocal tariffs for 90 days and agreeing the principles of a trade deal with China. This mollified investors and risk assets quickly recovered, with developed market equities delivering total returns of 11.6% over the quarter. A combination of renewed investor confidence, and a strong earnings season helped boost mega-cap tech stocks. After underperforming in the first quarter of 2025, the ‘Magnificent 7’ delivered price returns of 18.6% over the second, outperforming the remainder of the S&P 500 by 14 percentage points.
The rebound in investor sentiment helped all major equity markets deliver positive returns. In local currency terms, the S&P 500 was the top performing index with returns of 10.9%. However, the depreciation of the US dollar was a tailwind to emerging markets, and Asia in particular. The easing of trade tensions meant Asian equities delivered strong local currency returns of 8.7%. But the appreciation of the Taiwanese dollar and the Korean won, which rose by 8.3% and 12.1% respectively against the US dollar over the quarter, helped boost USD denominated returns to 12.7% and Asian equities ended the quarter as the top performing region.
The impact of a weakening dollar was further apparent in fixed income markets. After widening in the aftermath of the ‘liberation day’ tariff announcements, global credit spreads retraced their steps and ended the quarter 9bps tighter than in April. Global investment grade credit delivered returns of 4.4% over the quarter.US high yield was the top performing regional sector as a combination of higher all-in yields and a stronger recovery in spreads post the April sell off helped it beat European high yield with returns of 3.6% over the quarter. US Treasury yields remained range bound over the quarter and delivered returns of 0.8%.
OUTLOOK
Fixed Income
Uncertainties associated with the new US administration taking office, we remain very cautious on duration. We also recognize the refinancing risk associated with a steepening yield curve. For this reason, we consider intermediate maturities to be the best choice.
In credit markets, spreads are unquestionably historically very tight in the corporate sector. However, we also note that the high yield market has never been of such high quality, with 56% of the issues rated BB vs. less than 40% 15 years ago. The number of bonds trading at distressed levels is also particularly low, pointing to a low default rate in 2025 (between 1-1.5%). No room for spread tightening and limited risks of widening are suggesting that we’re about to move into a carry environment.
We therefore favour strategies with attractive yields and low interest rate and spread sensitivities, such as short-dated High Yield, CLOs, Cat Bonds, Subordinated Financials and Corporate Hybrids. For emerging debt, we prefer Hard Currency strategies and are taking a cautious stance on local debt.
Equities
The environment for active management remains particularly challenging for equities. The strong outperformance of the “magnificent seven” will remain the key element for alpha generation. We are therefore maintaining and have recently reinforced the growth style, while keeping exposure to small caps or long/short strategies with a net long exposure in Europe.
PORTFOLIO PERFORMANCES – 2nd Quarter 2025
We were penalised at the start of the quarter by the widening of credit spreads. But we recouped the losses over the following two months. Overall, our credit portfolio made a positive contribution in relative and absolute terms. Our underexposure to duration was neutral, as interest rates did not change significantly despite significant short-term movements.
The return to grace of the magnificent 7 had a negative impact on the relative performance of equity funds. Active equity management therefore made a slight negative contribution to performance.
Alternative investments generally performed disappointingly over the quarter. Managers found it very difficult to navigate through this market volatility.
Yield & Income Portfolio (in USD) +4.5% (-36bps vs. the benchmark)
Balanced Portfolio (in USD) +4.0% (-248bps)
Growth Portfolio (in USD) +7.0% (-123bps)
US Dollar Portfolios
USD - Yield and Income
Cumulative Performance to end July 2025
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2025 | 2.12% | 0.17% | -1.47% | -0.09% | 2.26% | 2.24% | 0.54% | 5.84% | |||||
| Benchmark | 1.37% | 0.72% | -1.64% | 0.93% | 1.67% | 2.14% | 0.36% | 5.65% | ||||||
| Portfolio | 2024 | -0.14% | 1.27% | 2.02% | -1.74% | 1.74% | 1.01% | 1.72% | 1.87% | 2.12% | -1.10% | 1.51% | -1.05% | 9.51% |
| Benchmark | -0.07% | 0.80% | 1.65% | -2.35% | 1.96% | 1.29% | 1.89% | 1.65% | 1.58% | -1.84% | 2.01% | -1.57% | 7.08% | |
| Portfolio | 2023 | 4.80% | -1.78% | 1.06% | 0.73% | -0.75% | 2.50% | 2.23% | -1.19% | -2.02% | -2.14% | 5.76% | 3.97% | 13.52% |
| Benchmark | 4.03% | -2.19% | 2.62% | 0.78% | -0.72% | 1.89% | 1.14% | -1.11% | -2.69% | -1.58% | 5.60% | 3.84% | 11.82% | |
| Portfolio | 2022 | -3.31% | -2.26% | -0.17% | -3.70% | -0.36% | -4.63% | 3.81% | -1.49% | -6.05% | 2.58% | 5.34% | -0.67% | -10.97% |
| Benchmark | -2.68% | -1.78% | -0.80% | -4.67% | -0.08% | -3.95% | 4.16% | -3.28% | -5.55% | 1.73% | 4.50% | -2.27% | -14.22% | |
| 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 July 2025
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2025 | 2.10% | -0.04% | -1.59% | -0.37% | 2.14% | 2.24% | 0.46% | 4.97% | |||||
| Benchmark | 1.87% | 0.39% | -2.22% | 0.94% | 2.69% | 2.74% | 0.61% | 7.14% | ||||||
| Portfolio | 2024 | -0.04% | 1.62% | 2.25% | -1.95% | 1.28% | 0.89% | 1.53% | 1.59% | 1.90% | -1.09% | 1.77% | -1.17% | 8.82% |
| Benchmark | 0.10% | 1.66% | 2.01% | -2.57% | 2.48% | 1.52% | 1.83% | 1.87% | 1.76% | -1.95% | 2.43% | -1.77% | 9.59% | |
| Portfolio | 2023 | 4.06% | -1.20% | 0.99% | 0.55% | -1.02% | 2.26% | 2.05% | -0.89% | -1.73% | -2.15% | 4.78% | 3.50% | 11.43% |
| Benchmark | 4.82% | -2.36% | 2.74% | 0.95% | -0.81% | 2.88% | 1.77% | -1.52% | -3.05% | -1.94% | 6.51% | 4.08% | 14.42% | |
| Portfolio | 2022 | -3.47% | -1.52% | -0.15% | -3.19% | -0.75% | -4.57% | 4.29% | -1.58% | -5.42% | 2.79% | 4.06% | -1.16% | -10.67% |
| Benchmark | -3.22% | -1.99% | -0.02% | -5.49% | -0.03% | -5.06% | 4.87% | -3.38% | -6.55% | 2.81% | 5.31% | -2.68% | -15.14% | |
| 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% | -3.45% | -8.44% | 5.95% | 3.34% | 2.14% | 3.08% | 2.52% | -0.96% | -0.17% | 6.33% | 3.04% | 12.38% |
| 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 | 2.72% | -1.47% | -0.42% | 0.82% | -0.97% | -0.54% | 1.49% | -0.32% | 0.78% | -3.58% | -0.07% | -2.11% | -3.76% |
| 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 | 1.76% | 1.14% | 0.62% | 0.77% | 0.78% | 0.46% | 1.67% | -0.02% | 1.16% | 1.08% | 0.86% | 0.60% | 11.43% |
| 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 | -0.07% | 2.70% | 0.85% | 0.68% | -0.59% | 0.57% | 1.46% | 5.71% | |||||
| 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 July 2025
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2025 | 2.84% | -0.86% | -2.26% | -0.11% | 3.76% | 3.18% | 0.57% | 7.18% | |||||
| Benchmark | 2.36% | 0.06% | -2.79% | 0.94% | 3.72% | 3.33% | 0.85% | 8.63% | ||||||
| Portfolio | 2024 | -0.52% | 2.56% | 2.46% | -2.37% | 1.96% | 1.51% | 1.63% | 2.12% | 2.70% | -1.60% | 2.59% | -1.62% | 11.80% |
| Benchmark | 0.26% | 2.52% | 2.38% | -2.79% | 3.01% | 1.75% | 1.77% | 2.09% | 1.94% | -2.06% | 2.85% | -1.98% | 12.13% | |
| Portfolio | 2023 | 6.11% | -2.18% | 1.42% | 0.38% | -1.04% | 3.50% | 3.03% | -2.15% | -2.98% | -2.89% | 7.16% | 4.60% | 15.22% |
| Benchmark | 5.61% | -2.52% | 2.85% | 1.12% | -0.89% | 3.86% | 2.40% | -1.93% | -3.41% | -2.30% | 7.42% | 4.32% | 17.04% | |
| Portfolio | 2022 | -5.28% | -1.74% | 0.30% | -4.87% | -0.59% | -6.19% | 5.02% | -2.16% | -7.50% | 3.56% | 6.73% | -1.73% | -14.51% |
| Benchmark | -3.77% | -2.21% | 0.75% | -6.32% | 0.01% | -6.18% | 5.58% | -3.48% | -7.55% | 3.90% | 6.12% | -3.10% | -16.11% | |
| 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% | -4.89% | -9.68% | 8.05% | 3.42% | 2.83% | 4.24% | 3.53% | -1.30% | -0.43% | 8.50% | 3.72% | 17.01% |
| 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 July 2025
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2025 | 1.89% | 0.06% | -2.66% | -1.73% | 2.22% | 0.93% | 1.27% | 1.90% | |||||
| Benchmark | 1.15% | 0.62% | -2.94% | -0.89% | 1.59% | 0.85% | 1.09% | 1.40% | ||||||
| Portfolio | 2024 | 0.42% | 1.33% | 2.00% | -1.38% | 1.02% | 1.44% | 1.04% | 0.78% | 1.49% | -0.09% | 2.22% | -0.42% | 10.24% |
| Benchmark | 0.43% | 0.85% | 1.65% | -2.05% | 1.27% | 1.65% | 1.45% | 0.75% | 1.21% | -1.03% | 2.92% | -1.00% | 8.28% | |
| Portfolio | 2023 | 3.70% | -1.02% | -0.07% | 0.08% | 0.29% | 1.42% | 1.59% | -0.64% | -1.19% | -2.57% | 4.16% | 3.03% | 8.87% |
| Benchmark | 3.27% | -1.53% | 1.63% | 0.14% | 0.35% | 0.94% | 0.68% | -0.70% | -1.99% | -1.60% | 4.30% | 3.29% | 8.90% | |
| Portfolio | 2022 | -2.91% | -2.17% | -0.16% | -2.12% | -1.10% | -3.49% | 4.62% | -1.10% | -5.21% | 1.76% | 3.05% | -2.00% | -10.70% |
| Benchmark | -2.28% | -1.88% | -0.61% | -3.10% | -0.67% | -3.33% | 4.99% | -2.99% | -4.96% | 1.27% | 2.84% | -3.57% | -13.80% | |
| 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 July 2025
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2025 | 1.94% | -0.11% | -2.69% | -1.82% | 2.18% | 1.10% | 1.08% | 0.50% | |||||
| Benchmark | 1.60% | 0.30% | -4.08% | -1.69% | 2.67% | 0.90% | 1.81% | -0.45% | ||||||
| Portfolio | 2024 | 0.50% | 1.61% | 2.17% | -1.61% | 0.67% | 1.34% | 0.78% | 0.67% | 1.43% | -0.49% | 2.91% | -0.82% | 9.46% |
| Benchmark | 0.90% | 1.80% | 2.06% | -2.10% | 1.58% | 2.12% | 1.26% | 0.62% | 1.27% | -0.66% | 3.83% | -0.86% | 12.32% | |
| Portfolio | 2023 | 3.20% | -0.64% | 0.06% | -0.31% | 0.47% | 1.32% | 1.52% | -0.48% | -1.06% | -2.59% | 3.51% | 2.82% | 1.38% |
| Benchmark | 3.79% | -1.28% | 1.38% | 0.07% | 0.88% | 1.56% | 1.15% | -0.83% | -1.93% | -1.92% | 4.68% | 3.35% | 2.76% | |
| Portfolio | 2022 | -3.08% | -1.67% | -0.12% | -1.83% | -1.46% | -3.69% | 5.15% | -1.22% | -4.82% | 2.07% | 2.20% | -2.45% | -10.78% |
| Benchmark | -2.58% | -2.12% | 0.36% | -3.06% | -0.86% | -4.04% | 6.17% | -2.83% | -5.51% | 2.24% | 2.99% | -4.51% | -13.49% | |
| 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 July 2025
Calendar Returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2025 | 2.63% | -0.91% | -4.25% | -2.97% | 3.87% | 1.06% | 2.06% | -0.83% | |||||
| Benchmark | 2.05% | -0.01% | -5.23% | -2.48% | 3.75% | 0.96% | 2.52% | -1.22% | ||||||
| Portfolio | 2024 | 0.19% | 2.71% | 2.57% | -1.82% | 0.89% | 2.39% | 0.77% | 0.52% | 2.02% | -0.07% | 4.19% | -0.56% | 14.54% |
| Benchmark | 1.36% | 2.74% | 2.48% | -2.15% | 1.88% | 2.59% | 1.07% | 0.50% | 1.33% | -0.29% | 4.75% | -0.72% | 16.49% | |
| Portfolio | 2023 | 4.78% | -0.85% | -0.24% | -0.45% | 0.86% | 1.88% | 2.19% | -1.19% | -1.50% | -3.30% | 4.89% | 3.52% | 1.95% |
| Benchmark | 4.30% | -1.02% | 1.12% | -0.01% | 1.41% | 2.18% | 1.63% | -0.96% | -1.86% | -2.23% | 5.07% | 3.40% | 4.46% | |
| Portfolio | 2022 | -4.44% | -1.97% | 0.55% | -2.03% | -1.70% | -4.38% | 6.76% | -1.24% | -6.09% | 2.55% | 3.46% | -3.93% | -12.47% |
| Benchmark | -2.88% | -2.36% | 1.33% | -3.02% | -1.05% | -4.74% | 7.35% | -2.66% | -6.06% | 3.20% | 3.13% | -5.44% | -13.23% | |
| 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