Good morning,
March was a mixed month for our ETF portfolios. On one hand, our cautious top-down outlook proved correct, with stocks falling since the last trades.
However, defensive underperformance (primarily from the healthcare sector, but also consumer staples) offset correctly positioned underweights to sectors like communication services and consumer discretionary.
In the end, performance over the past month was just in-line with benchmarks (Ultra-Growth -0.14%; Balanced +0.01%) but I don’t believe significant changes are warranted.