Following on from a stellar January the BOTB started February very strongly as can be seen in the chart below. But as was expected February became a month of two halves with a bond market sell-off which ultimately unsettled equity markets.
In a market where both bonds and equities fall in tandem, there is no hiding place other than cash and as I explained in last week’s newsletter all boats sink at once, as emphasised by how the average professionally managed portfolios in the chart above, fell in tandem despite differing equity components.
Inevitably the BOTB gave up some of its monthly profit, as shown in the chart above. The best performing funds during the first half of the month were generally the worst-performing funds in the second half of February. The table below shows the top 7 performers within the BOTB across the whole month.
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