Our weighted average return in June was +4.54%. Since 2015, we have generated a net return of +33.44%.

In terms of investment strategy performance, our weighted average net returns for June were (a) +1.88% for conservative strategies, (b) +4.76% for balanced strategies, and (c) +5.59% for aggressive strategies.

Stocks rallied in June following the false tariff escalation with Mexico at the end of May, and the S&P 500 ended the quarter near all-time highs. Hopes for reduced trade tensions between the U.S. and China following the Tokyo G-20 Summit ‘truce’ helped drive the rally, but it is hard to perceive any real progress. Although both sides agreed that they would not increase tariffs and China committed to purchase more U.S. goods, this is very similar to the ‘truce’ reached seven months ago at the previous G-20 summit. This protracted dispute has pushed down trade and business confidence worldwide, with the manufacturing sector in most Asian countries declining and expectations of an economic recession in Germany seen as inevitable (Germany’s high dependence on exports and the Chinese market means ever greater uncertainty until the customs dispute is resolved). Without actual trade deals that provide certainty to businesses, global growth will not be picking up.