If you've read January's monthly newsletter and my weekly note titled A Christmas Carol you will be aware that December was unseasonably bad for equity investors. US stocks, in particular, endured their worst December since 1931. It was only if you shorted the market via a fund from the BOTB like Thesis TM Sanditon European Select or invested in a global/emerging market bond fund that you would have made money.
The slight increase of the BOTB's equity exposure last month hampered the selection's average return but with a 55% equity exposure that average return was still better than that of the average managed fund from the Mixed Investment 40-85% equity Shares sector. The average of the former was -3.73% versus the latter's -3.99%. Not great but December was merely a reflection of 2018 in general when 97% of assets lost money, with cash proving the most attractive asset with the benefit of hindsight.
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