The Trade Report

December updates to our ETF portfolios

Good morning,

We finally got some volatility in November with the S&P 500 pulling back more than 5% for the first time since the April tariff crash.

November also delivered on its historic tendency to see momentum underperform, with technology (2025’s best-performing sector) suffering the largest pullback, and previous laggard consumer staples posting its first month of outperformance since April.

While an overweight to the top-performing biotech sector helped to dampen the blow, environments like that are always going to be tough on our relative strength-focused models and both portfolios underperformed slightly since our last update.

In this month’s trades, we’re following advice rendered over the past month in various publications.