Research.LeutholdGroup

The Leuthold Core and Global portfolios both held up better during the September selloff than their all-equity benchmarks.

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Short positions did well as expensive stocks underperformed amid rising rates and market volatility.

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The Leuthold Core and Global portfolios both posted positive performance in August. Strong results from AdvantHedge (equity hedge) was a boost to return.

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AdvantHedge was down 1.3% in August, ahead of the inverse S&P 500 (-3.0%), and the inverse Russell 2000 (-2.2%). Sector performance lacked any clear style drivers as Financials, Communication Services, and Utilities were the top-three S&P 500 sectors.

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The Leuthold Core and Global portfolios both held up well during July in a strong, but primarily U.S. large-cap led market.

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AdvantHedge was down 0.8% in July, ahead of the inverse S&P 500 (-2.4%), but trailing the inverse Russell 2000 (+3.6%).

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The Leuthold Core and Global portfolios both underperformed during a strong month for equities. Their underlying stock exposure lagged amid the reversal of interest rates and growth outperformance. 

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AdvantHedge was down 2.3% in June, in line with the inverse S&P 500 (-2.3%) and slightly trailing the inverse Russell 2000 (-1.9%).

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The Leuthold Core and Global portfolios both outperformed during an up month for broad equity markets. All sleeves of the portfolios (equities, fixed income, alternatives) posted positive performance.

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AdvantHedge was up 0.6% in May, ahead of the inverse S&P 500 (-0.7%) and the inverse Russell 2000 (-0.2%). Valuations once again mattered—both for sectors, overall, and for stock and industry group selection.

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The Leuthold Core and Global Portfolios continued to perform well; the underlying equity strategies maintained solid gains. With a pause in rates, fixed income and alternatives were also positive contributors.

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AdvantHedge was down 5.2% in April, in line with the inverse S&P 500 (-5.3%) but trailing the inverse Russell 2000 (-2.1%).

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The Leuthold Core and Global Portfolios both benefited from strong performance of their underlying equity holdings during March and kept pace with all-equity benchmarks despite holding substantially less stock exposure. 

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AdvantHedge was down 2.4% in March, ahead of the inverse S&P 500 (-4.4%) but trailing the inverse Russell 2000 (-1.0%).

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The Leuthold Core and Global Portfolios both performed well during the “risk-on” market in February.

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AdvantHedge was down 6.1% in February, trailing the inverse S&P 500 (-2.8%) but performing in-line with the inverse Russell 2000 (-6.2%).

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The Leuthold Core and Global Portfolios were both about flat in January, holding up better than the broad equity markets.

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The Reddit short-squeeze saga had very little impact on this short strategy. We tend to avoid securities with extremely high short interest, we don’t pay more than the standard rate to borrow shares, and we diversify across a large basket of holdings; all of which reduce the risk of a single-name short squeeze manipulating portfolio results.

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The Leuthold Core and Global Portfolios both performed well during the market rally that continued in December. Equities, Fixed Income, and Alternatives were all positive contributors to performance.

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AdvantHedge was down 6.9% in December. It trailed the inverse S&P 500 (-3.8%), but outperformed the inverse Russell 2000 (-8.7%).

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