You can download our standard monthly portfolio report here. For those looking for even more detail, I am also providing additional reports generated from Morningstar which show even more detail regarding the portfolios. A summary report can be downloaded here, while the more detailed report can be downloaded here.
After a strong start to the year, the portfolios took a breather, with only the Growth Portfolio finishing in positive territory in March, with a slim 0.1% rise. The worst performing portfolio was the Moderate Balanced, which lost 0.44%, followed by the Balanced Portfolio which lost 0.35%.
It was the equity funds, specifically the Fidelity Canadian Large Cap and the Mackenzie Ivy Foreign Equity Fund that were the biggest drags on performance, with both firmly in the red for the month.
Despite the poor absolute performance, all managed to handily outpace their respective benchmarks. The best relative performer was the Growth Portfolio, which outperformed its index by nearly 0.80%. The Balanced Growth was also a strong performer, buoyed by the Fidelity Small Cap America Fund, as well as the Fidelity Canadian Large Cap and Ivy Foreign Equity Fund.
While I don’t expect this level of outperformance to be sustainable over the long term, I am encouraged by the way the portfolios have rebounded in the recent months. Their conservative positioning was a drag in the first half of last year, but has paid off as of late. Given my focus is always on managing risk, I am willing to forgo potential upside in return for stronger downside protection with the belief that this will pay off with stronger risk adjusted returns over the long term.
I believe the portfolios remain well positioned to deliver above average risk adjusted returns. I will continue to monitor them and their respective holdings to make sure they remain well positioned.