Our weighted average return in July was +0.09%. Since 2015, we have generated a net return of +33.57%.
In terms of investment strategy performance, our weighted average net returns for July were (a) +0.62% for conservative strategies, (b) -0.01% for balanced strategies, and (c) -0.05% for aggressive strategies.
July was a relatively calm month in global financial markets. At the end of the month, the US Federal Reserve lowered US interest rates for the first time in 11 years. Although this move had been anticipated by the bond market, many hoped that the Fed would cut rates by 50 basis points. Moreover, Fed chair Jerome Powell stated in his commentary that this was not the start of a “lengthy cutting cycle”. This was a considerable disappointment to those who had been clamoring that the Fed had raised rates too much too soon and were supportive of a more robust rate cutting strategy. In the meantime, the European Central Bank hinted that there was more easing on the way. The ECB also confirmed that Christine Lagarde (who is pro accommodative monetary policy) would replace “Super” Mario Draghi in November as Europe’s head banker.