After a disappointing April, the portfolios rebounding nicely, with each finishing firmly in positive territory. Even better, the more growth focused portfolio, Balanced, Balanced Growth and Growth all outpaced their respective benchmarks.
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.
Looking at the portfolios, the Conservative and Moderate Balanced portfolios lagged their benchmarks, largely the result of the of its conservative bond exposure, which underperformed the broader bond market. The short term focused PH&N Short Term Bond and Mortgage failed to keep pace with the longer duration bonds, which rose as bond yields dropped. This was also the reason the Dynamic Advantage Bond Fund lagged, with its conservative positioning, with a duration of just three years.
On the equity side, a strong showing from the Canadian and U.S. funds more than offset a weaker showing from the conservatively positioned global offerings.
Looking ahead, I believe the portfolios remain well positioned for the environment. They provide a nice balance between the risks, and the potential growth. I also remain confident in the funds in the portfolios. I will continue to monitor the portfolios and underlying funds for any meaningful erosion in the risk reward metrics.