The Wealth Protection Portfolio - What's happening

Wealth Protection Portfolio - What's Going On

This is what has been going on in the Wealth Protection Portfolio (“WPP"). Changes are updated since March 1 in the text and the comes the WPP with recent and ongoing changes in red.

Overarching theme : removal of exposure to US Exceptionalism theme from portfolio. This started with publication of “ Anatomy of Exceptionalism ” on February 15. The portfolio actions entailed selling USD (initiated Jan 26 - the McKinley Factor ), US equities and going long European, Japanese, Indian and Chinese (AI/Tech) stocks instead.

Overall the WMP is short global equities. Cash, Gold and Safe Haven assets are 20%-40% of the WMP – depending on risk profile of the client.

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