Performance review
The Cirilium Passive Portfolios all delivered positive returns over the quarter. The Conservative Passive Portfolio returned 2.2% and returns steadily improved moving up the risk levels to a 3.5% gain for the Adventurous Passive Portfolio.
Our equity holdings powered returns higher, following a dilution of the 'Liberation Day' tariff announcements in early April. All regions delivered positive returns, with Asian equities slightly outperforming. UD dollar weakness held back strong US equity returns, particularly for the technology sector, as markets started to consider the end of US exceptionalism.
