Performance review
The Cirilium Blend Portfolios delivered mixed returns over the quarter. However, most portfolios were ahead of their respective Investment Association (IA) performance comparators. The Conservative Blend Portfolio returned 0.4% but returns steadily declined moving up the risk levels to a 0.4% loss for the Adventurous Blend Portfolio.
Our equity holdings dragged returns lower, and an overweight to the US and an underweight to Europe both went against us. Our fixed income and alternatives exposures boosted returns, with fixed income a particular positive in the lower-risk portfolios where they have a higher weighting. Meanwhile, a defensive derivatives position we introduced to the portfolios in December helped mitigate some of the losses incurred from the US equity selloff.
