The portfolio gained 0.6% for the month of March, bringing our year to date return to -0.1%.* As the S&P rose 1.6% over the month, we are disappointed with our performance. Where did things go wrong? A big contributor was ongoing underperformance of China versus US stocks. China outperformance is one of our core positions, and it hasn't been going well lately. Outside that, performance was a mixed bag, with no notable great successes or losses.
* We report the percentage gain or loss during a month in an additive sense for ease of comparison, however the year-to-date returns are reported as a chained series. As the total return become greater, and as inflows have an effect on the portfolio, the two will diverge. Adding up the monthly returns for the year may not give the precise total return.
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