The Cirilium Portfolios delivered losses ranging from 1.4% for the Conservative Portfolio to 2.5% for the Adventurous Portfolio. Falling equity markets drove these losses, with the higher risk portfolios (which have a higher equity exposure) falling more than the lower risk portfolios.
Concerns around increased inflation following the conflict in the Middle East and its effect on energy prices negatively impacted fixed income holdings, while alternatives and cash allocations were able to provide some defence. Our tactical asset allocation decisions over the period added to returns while active equity manager selection held the portfolios back due to the underperformance of AI-disrupted software and other ‘quality’ stocks.
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