Our portfolio is unchanged for the upcoming week ended 29 March. We remain disengaged from the frenetic rally in most risk assets and in Treasuries.

Our year-to-date returns are starting to lag that of most asset classes reflecting our conscious decision to avoid risk. We are now up 5.7% for the year versus 6.4% for the US bond index and 10.2% for global equities. We do not believe the rally in equity markets is sustainable.

Our 1-year performance remains healthy but will begin to sag if we remain under-invested for too long.