Updated performance statistics available here. The portfolio was -1.80% in November. This compares favorably with many equity market segments (US large cap being a notable exception). Relative to a “vanilla” US-equity-only implementation, ex-US equity exposure and a growth style tilt weighed on performance.

Month-to-date in December, the portfolio has been relatively flat, down 12 basis points. Overall it is shaping up to be a very mediocre year for the strategy (which I may write about more when the full year is on the books).

Current allocation: