So for the month of May, the fancy adviser run portfolio came roaring back, delivering a 1.06% return for the month, soundly thrashing my robo-adviser portfolio, which was actually down 0.37%. Despite the outperformance for the month, the full fee portfolio is still running behind for the year, where it has delivered a return of 0.31% compared to 2.24% for the robo-adviser. It is running slightly ahead quarter to date with a return for the quarter so far of 1.97% compared to 1.67% for the quarter so far for the robo-adviser.
Part of what is supposedly driving the recent improved results in my adviser managed portfolio is some changes that have been made to the hedge fund portion of the portfolio, which had experienced an unusual period of underperformance early in the year and so has made some adjustments to help correct that. Hedge funds are typically priced a month in arrears, so what you see above reflected for May is results for the hedge funds through the end of April. With the market as a whole being slightly worse in May compared to April, it'll be interesting to see how those adjustments fared when we see June results.
Cheers.
