The portfolio gained 0.2% for the month of January. Common to the last two months of the year, our favorite themes underperformed the S&P index. China-related equities were down and the small caps we loaded up on at the end of the year to take advantage of the Other January Effect went down. Treasuries started to move down a bit, while high yield was up. Possibly our best performer over the last several months, Inpex, continued on its tear.
* 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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