Portfolio Pulse - May 2025
Climbing The Wall Of Worry
Overall Performance
April was marked by exceptional volatility in global financial markets, driven primarily by President Trump’s unexpected tariff salvo. Equities experienced a sharp early-month selloff, with the S&P 500 plunging over 13% at its lowest point, before recovering most of the losses after a 90-day tariff pause was announced. The tech sector and risk assets rebounded as sentiment improved, though the S&P 500 still closed the month slightly negative, and the dollar weakened further. Against this backdrop, the portfolio posted a 2.09% gain for April, trimming the year-to-date loss to -4.17%.
Portfolio Allocation Analysis
The portfolio’s diversified allocation helped cushion volatility, with digital assets and thematic exposures leading the rebound while traditional equities and fixed income lagged.
US Quality Equities (SPHQ): Declined by 0.3%, reflecting the broader underperformance of US equities amid trade uncertainty.
Nuclear Energy (NLR): Rose 7.7%, benefiting from renewed interest in alternative energy and thematic resilience.
US Treasury Bonds (TLT): Fell 1.4%, as Treasuries failed to rally despite market volatility, pressured by inflation concerns and questions over US safe-haven status.
Ethereum (ETHA): Dropped 2.2%, underperforming both Bitcoin and traditional assets as risk appetite remained selective.
Bitcoin (IBIT): Surged 14.3%, outperforming all other holdings and reflecting its role as a perceived hedge amid currency and sovereign risk.
Mortgage-Backed Securities (MBB): Gained 0.4%, providing modest positive returns and some portfolio stability.
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Disclaimer
This publication is for informational and educational purposes only. There is no consideration given to the specific investment needs, objectives, or risk tolerances of any of the recipients. The information or opinions provided are personal views and do not constitute investment advice, a recommendation, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein.