Performance review
Most of the Cirilium Passive Portfolios delivered positive returns over the quarter. The Conservative Passive Portfolio returned 0.8% but returns steadily declined moving up the risk levels. The Dynamic Passive Portfolio was still up 0.1%, but the Adventurous Passive Portfolio lost 0.1%.
Our equity holdings were a drag on returns, primarily due to losses from the US. However, both our fixed income and alternatives exposures boosted returns. Fixed income was a particular positive in lower risk portfolios where they have a higher weighting.
