Research.LeutholdGroup

Both the Leuthold Core and Leuthold Global portfolios did a good job mitigating losses during the August selloff thanks to low equity exposure and relative outperformance from the stock holdings.

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AdvantHedge was up 3.5% in August, trailing the inverse S&P 500 (+4.1%), but ahead of the inverse Russell 2000 (+2.1%). It was a tale of two halves for this equity hedge last month.

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Both the Leuthold Core and Leuthold Global portfolios participated in July’s equity rally, but lagged their all-equity benchmarks.

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AdvantHedge was down 10.1% in July, trailing the inverse S&P 500 (-9.2%), but ahead of the inverse Russell 2000 (-10.4%).

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Both the Leuthold Core and Leuthold Global portfolios saw negative performance in June, as the underlying equity portfolios underperformed their benchmarks. Fixed income and gold also sold off.

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AdvantHedge was up 7.5% in June, trailing the inverse S&P 500 (+8.3%), and the inverse Russell 2000 (+8.2%).

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In May the Leuthold Core and Global portfolios both outperformed their benchmarks (which were flat), due to strong performance from their underlying equity strategies.

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AdvantHedge was up 3.1% in May, ahead of the inverse S&P 500 (-0.2%), and the inverse Russell 2000 (-0.2%). Although the overall market ended the month flat, this equity hedge still succeeded in identifying pockets of weakness.

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The Leuthold Core and Global portfolios were down in April, but held up well relative to the selloff in the broad equity market.

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AdvantHedge was up 10.6% in April, ahead of the inverse S&P 500 (+8.7%), and the inverse Russell 2000 (+9.9%). After a brief bounce during the second half of March, the selloff in growth stocks—both profitable and unprofitable—accelerated during April.

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The Leuthold Core and Global portfolios treaded water in March; their equity positions lagged the market move higher, and fixed income continued to trade lower.

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AdvantHedge was down 3.5% in March, slightly leading the inverse S&P 500 (-3.7%), but trailing the inverse Russell 2000 (-1.2%). It was a tale of two halves as the selloff continued through the first half of the month, while the second half saw a rebound led by speculative growth and reopening stocks.

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The Leuthold Core and Global portfolios were both slightly down during February, with successful equity positioning and exposure to gold buffering them from the selloff in the broad equity market. 

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AdvantHedge was up 0.3% in February, trailing the inverse S&P 500 (+3.0%), but ahead of the inverse Russell 2000 (-1.1%). Speculative growth underperformance contributed positive returns, primarily through exposure to the Application Software industry.

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The Leuthold Core and Global portfolios both held up well compared to the broad equity market as speculative growth stocks continued to lead the market lower.

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AdvantHedge was up 8.4% in January, ahead of the inverse S&P 500 (+5.2%), but it trailed the inverse Russell 2000 (+9.6%).

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The Leuthold Core and Global portfolios both performed well in December as markets surged into year-end. Global performed particularly well on a relative basis as the equities had an outstanding month.

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AdvantHedge was down 2.3% in December, ahead of the inverse S&P 500 (-4.5%) and in-line with the inverse Russell 2000 (-2.2%).

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The Leuthold Core and Global portfolios had slightly negative results in November, holding up well considering the damage done to mid-cap, small-cap, and equal-weight indexes.

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AdvantHedge was up 6.9% in November, ahead of the inverse S&P 500 (+0.7%) and the inverse Russell 2000 (+4.2%). Expensive, unprofitable stocks sold off aggressively this month, reversing the appetite for speculative stocks that had endured throughout most of 2020, but has stalled out in 2021.

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