Our weighted average return in April was -1.59%. Since 2015, we have generated a net return of +35.44%.
In terms of investment strategy performance, our weighted average net returns for April were (a) +0.56% for conservative strategies, (b) +0.13% for balanced strategies, and (c) -4.09% for aggressive strategies.
In April, many of the themes that had been troubling markets over the past several months were provided some temporary reprieve thanks to positive news flow. After a very turbulent end to 2019, analysts had cut their earnings targets for US companies. However, Q1 earnings have delivered positive earnings surprises, which helped restore investor confidence. As such, US stocks performed well, but the gains were mainly attributable to multiple expansions rather than impressive earnings growth.