06.04.25 - ETFMandate Portfolio - Q1 performance

In a challenging market environment, active and dynamic portfolio management delivered exceptional performance in March, significantly contributing to the ETFMandate portfolio's outstanding result for the first quarter of 2025.

Portfolio Performance YTD: +31.69% (as of 31.03.2025)

Market Performance YTD:
ACWI* -0.94%
DAX +11.32%
HSI** +16.09%
Nasdaq -10.26%
S&P 500 -4.59%

Source: IBKR, 01.04.2025

It has been an exceptional first quarter, marked by surprising market moves for private investors and even seasoned investment professionals. In the beginning of the year, the consensus pointed to a continued rally in US equities. Expectations for European and China’s markets remained muted.

While the broader market narrative favored this scenario, I began shifting my view as early as late December, something I also shared regularly through my comments on Market Insights.
In the first quarter 2025, the ETFMandate portfolio could benefit from this contrarian view, supported by an independent investment strategy and a series of proactive tactical decisions.

The strong performance of the ETFMandate portfolio was driven by a combination of strategic positioning and timely tactical decisions, also in realizing gains on long-term holdings.

Primary performance drivers:

-       Allocation in China and the internet sector

-       Value stocks in Europe and Switzerland

-       Short US stocks mainly AI related

-       Hedge US dollar currency

-       Hedge Euro currency

-       Long-term US Treasuries and UK Gilts

-       Copper and Silver

-       Long in volatility

Negative performance drivers:

-       US Small Caps

-       Thematic allocation to Hydrogen

*MSCI all Countries World Index
** Hang Seng Index

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