Profiles
MARKET REVIEW AND OUTLOOK
MARKETS – 2025
Markets dealt with many cross currents in 2025. The first half of the year was dominated by trade concerns as the US raised tariff rates to levels not seen since the 1930s. Developed market equities fell 16.5% in early April but ultimately shrugged off the impact and ended the year with returns of 21.6%. In the second half of the year markets focused on the positive implications of fiscal and monetary stimulus. Risk-on sentiment drove a general rally and 2025 was the first year since the pandemic where all major asset classes delivered positive returns.
Emerging markets were the top-performing equity market in 2025, returning 34.4% in dollar terms. Growth stocks outperformed in the US, but value stocks outperformed in most other developed markets. As a result, growth and value styles delivered similar returns at a global level of 21.3% and 21.6%, respectively.
While medium-term inflation concerns remain elevated, fears of a tariff-driven price spike similar to 2022 proved unfounded and central banks were able to continue normalising interest rates. This backdrop, combined with attractive yields and a weakening US dollar, helped global bonds deliver returns of 8.2% in US dollar terms.
The rally in risk assets extended to fixed income, where spreads compressed across the board. Like emerging market equity performance, emerging market debt was the top-performing fixed income sector. A combination of strong economic fundamentals, investor demand and currency tailwinds boosted returns to 13.5%. Latam bonds benefited from currency appreciation, with the Brazilian real and Mexican peso rising 11.3% and 13.5% against the US dollar, respectively.
Global credit returned 10.3% in dollar terms. Spreads in both European investment grade and high yield bonds compressed, but higher all-in yields available in the US meant that US assets outperformed in total return terms. Default rates in both US and European high yield continued to edge up but, despite some well-publicised defaults in private credit and leveraged loans, corporate balance sheets generally remained robust.
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.
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. While we are maintaining exposure to the growth style, we are rebalancing the portoflio toward increased exposure to value with a bias to income strategies capturing high and growing dividends. We still keep exposure to small caps or long/short strategies with a net long exposure in Europe. Diversification across regions, including emerging markets will also remain a key component of our portfolios positioning for the year.
PORTFOLIO PERFORMANCES – 2025
The year 2025 saw excellent absolute performance in USD, with +11.3% for the Yield & Income portfolio, +10.4% for the Balanced portfolio and +13.3% for the Growth portfolio. The relatively small performance gap between the strategies illustrates the fact that, on the one hand, the vast majority of asset classes performed positively and, on the other hand, our bond portfolio significantly outperformed, unlike the equity portfolio.
The underperformance of the Balances vs. Yield & Income portfolio also demonstrates the relative difficulty of alternative strategies in an environment of widespread market gains. Allocation funds in particular proved too cautious in 2025 and failed to take advantage of the bullish phase in the second half of the year.
The fixed income portfolio benefited from relatively high carry vs. the index and shorter duration. This positioning was decided at the beginning of the year and has not changed. Spread compression was also a factor in the outperformance, as was our overweight position in emerging markets (HC and LC).
As in the previous year, the relative performance of equity strategies proved disappointing in developed markets. This underperformance is not limited to our selection, but extends to all active US and European managers, where indices now rank in the first quartile over one-year, three-year and five-year time horizons.
December 2025
- Yield & Income Portfolio (in USD) +0.9% (+65bps vs. the benchmark)
- Balanced Portfolio (in USD) +0.8% (141bps)
- Growth Portfolio (in USD) +1.2% (+54bps)
Performance for the year 2025
- Yield & Income Portfolio (in USD) +11.3% (+70bps vs. the benchmark)
- Balanced Portfolio (in USD) +10.4% (-301bps)
- Growth Portfolio (in USD) +13.3% (-313bps)
US Dollar Portfolios
USD - Yield and Income
Cumulative Performance to end December 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% | 1,32% | 1,42% | 0,97% | 0,45% | 0,86% | 11,26% |
| Benchmark | 1,37% | 0,72% | -1,64% | 0,93% | 1,67% | 2,14% | 0,36% | 1,23% | 1,75% | 1,27% | 0,10% | 0,21% | 10,56% | |
| 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
USD - Balanced
Cumulative Performance to end December 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% | 1,29% | 1,68% | 1,10% | 0,21% | 0,84% | 10,44% |
| Benchmark | 1,87% | 0,39% | -2,22% | 0,94% | 2,69% | 2,74% | 0,61% | 1,55% | 2,21% | 1,51% | 0,08% | 0,43% | 13,45% | |
| 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
USD - Growth
Cumulative Performance to end December 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% | 1,49% | 1,77% | 1,16% | -0,06% | 1,20% | 13,26% |
| Benchmark | 2,36% | 0,06% | -2,79% | 0,94% | 3,72% | 3,33% | 0,85% | 1,86% | 2,68% | 1,74% | 0,05% | 0,64% | 16,39% | |
| 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
Euro Portfolios
Euro - Yield and Income
Cumulative Performance to end December 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% | 0,38% | 1,06% | 1,33% | 0,12% | 0,33% | 5,23% |
| Benchmark | 1,15% | 0,62% | -2,94% | -0,89% | 1,59% | 0,85% | 1,09% | 0,32% | 1,49% | 1,76% | -0,16% | -0,35% | 4,52% | |
| 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
Euro - Balanced
Cumulative Performance to end December 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% | 0,52% | 1,41% | 1,44% | -0,06% | 0,39% | 5,39% |
| Benchmark | 1,60% | 0,30% | -4,08% | -1,69% | 2,67% | 0,90% | 1,81% | 0,30% | 1,92% | 2,34% | -0,26% | -0,29% | 5,43% | |
| 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
Euro - Growth
Cumulative Performance to end December 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% | 0,09% | 1,43% | 2,10% | -0,43% | 0,43% | 4,91% |
| Benchmark | 2,05% | -0,01% | -5,23% | -2,48% | 3,75% | 0,96% | 2,52% | 0,27% | 2,35% | 2,91% | -0,35% | -0,24% | 6,31% | |
| 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