Performance review
The Cirilium Portfolios delivered mixed returns over the quarter. However, all portfolios were ahead of or in line with, their respective Investment Association (IA) performance comparators. The Conservative Portfolio returned 0.5% but returns steadily declined moving up the risk levels to a 0.9% loss for the Adventurous Portfolio.
Our equities 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 sell-off.
