Leuthold Portfolios - April 2025

In April, Leuthold’s Core strategy gained 0.7%, benefiting from positive returns across equities and fixed income despite volatile markets, while the Major Trend Index remains in its bearish zone with net equity exposure at 46-48%. The Select Industries strategy rose 0.6%, outperforming broader indexes by shifting toward defensive, tariff-insulated industries like Data Processing and Gas Utilities. AdvantHedge posted a strong 2.4% gain, capitalizing on tariff-sensitive sectors and earnings disappointments, with an overweight to Industrials and Materials.