April Mutual Fund Performance

April was the worst month for equities since March 2020, with the S&P down -8.9% month over month. Thankfully there’s bonds to fall back on right? For those living under an igneous formation, the inflation-Fed theme continues to provoke selling in equities and a tightening of credit (pushing bond prices down). As elsewhere reported, this is the worst bond market since 1842. So, no, bonds aren’t helping. The 60/40 portfolio feels like a single asset at this point. This current market efficiently separates the sheep from the goats. As you review your diversification strategy, make sure to incorporate strategies whose return drivers aren’t structurally correlated to one another, i.e., combine offense (stocks, bonds) with defense (volatility, trend following). Trend following strategies, especially those without equity beta, continued their strong performance. The funds below bear this out.

NameTickerMonth to DateYear to DateAssets Under Management
Hedged Equity
Catalyst Buffered Shield Fund ISHIIX-5.40%-12.19%$88,640,770
Rational Equity Armor Fund InstlHDCTX-5.74%-4.82%$72,748,184
EAVOL NASDAQ-100 Volatil Overlay Risk ACLPAX-10.67%-16.56%$15,882,143
Certeza Convex Core ACNVEX-7.28%-22.03%$7,455,806
Equities + Managed Futures
Catalyst/Millburn Hedge Strategy IMBXIX0.93%5.19%$3,616,718,622
Standpoint Multi-Asset InstitutionalBLNDX1.24%7.08%$317,337,767
Active Fixed Income
Catalyst/Stone Beach Income Opp IIOXIX-0.55%-0.67%$19,019,745
Catalyst Multi-Strategy IACXIX-1.52%3.28%$5,471,817
All Weather / Multi-Strat
Rational/ReSolve Adaptive Asset Allc IRDMIX4.36%11.62%$100,593,819
Astor Macro Alternative IGBLMX-2.40%-4.69%$41,780,518
Catalyst/Teza Algorithmic Alloc ITEZIX-5.16%-17.52%$5,077,339
Catalyst/Millburn Dynamic Cmdty Stgy IDCXIX0.71%38.89%$25,891,947
Catalyst/Warrington Strategic Program ACWXAX1.18%2.88%$106,434,210
AlphaCentric Premium Opportunity AHMXAX-4.57%-7.52%$161,978,515
Rational Tactical Return InstlHRSTX-0.12%-0.29%$298,633,776
SilverPepper Cmdty Strats Glb Macro InstSPCIX2.16%25.27%$225,934,336
Direxion Auspice Broad Commodity StrategyCOM (ETF)1.48%17.16%$424,899,413
SDCI USCF SummerHaven Dynamic CommoditySDCI (ETF)7.53%37.30%$10,160,651
Managed Futures
AXS Chesapeake Strategy IEQCHX6.31%21.19%$37,140,980

The performance data displayed herein is compiled from various sources, including BarclayHedge, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.

Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.

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