{"id":1612,"date":"2018-06-28T22:05:37","date_gmt":"2018-06-29T02:05:37","guid":{"rendered":"http:\/\/laplaceinsights.com\/?p=1612"},"modified":"2019-04-03T19:25:00","modified_gmt":"2019-04-03T23:25:00","slug":"columbus-strategy-report-july-2018-edition","status":"publish","type":"post","link":"https:\/\/laplaceinsights.com\/fr\/columbus-strategy-report-july-2018-edition\/","title":{"rendered":"Columbus Strategy Report \u2013 July 2018 Edition"},"content":{"rendered":"<p>Below you will find the Columbus strategy highlights for this month.\u00a0 For more insights and a detailed discussion, including to get the monthly allocations, please download the report by clicking the button at the bottom of this message.<\/p>\n<h2>The Certainty of Uncertainties&#8230;<\/h2>\n<ul>\n<li>Year-to-Date, Columbus is up 2.0% while our world allocation benchmark (GMWAX) is down -3.1% and our new 60\/40 global stocks\/bonds benchmark (VSMGX) is also down -0.2%.\u00a0 Meanwhile, the S&amp;P 500 (SPY) gained 2.3%.<\/li>\n<li>We are adding the Vanguard Life Strategy Moderate Growth Fund (VSMGX) as an additional benchmark for Columbus since it consists of a high-quality mix of 60% US &amp; international stocks blended with 40% fixed income, thereby representing a traditional 60\/40 benchmark.<\/li>\n<li>Meanwhile, the latest in\u00a0<strong>global market uncertainties\u00a0<\/strong>are now focused on trade tensions, tariffs, US trading partner&#8217;s retaliations and a looming trade war. This argues for a defensive portfolio allocation as the US dollar is likely to gain while causing a headwind for equity markets, especially for large companies with international exposure.<\/li>\n<li>We continue to maintain a large position in the US Dollar Bullish Index ETF (UUP). The dollar&#8217;s uptrend that started a couple of months ago has been gaining momentum amid the on-going global uncertainties.<\/li>\n<li>On the equity market front, small caps have taken the lead but their rally hit a roadblock recently with all the trade tensions headlines.\u00a0 However, a roadblock doesn&#8217;t mean it&#8217;s dead so Columbus is keeping a meaningful position in the small\/mid-cap stock ETF (VXF) as well as in the Commodities Complex ETF (DBC), which has been in a bull market since late last year.<\/li>\n<li>The allocations to gold (GLD), Japanese equities (EWJ) and International Developed Markets equities (EFA) are eliminated and small positions are initiated in Inflation-Protected Treasuries (TIP), Real-Estate (VNQ) and 7-10 Years Treasuries (IEF).\u00a0 It will be interesting to see how these develop over the summer months as the market continues to navigate through uncharted waters&#8230;<\/li>\n<\/ul>\n<p>I encourage you to\u00a0<a href=\"http:\/\/laplaceinsights.com\/fr\/mp-files\/2018-06-28_columbus_rebalance_report.pdf\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>download the report<\/strong><\/a>\u00a0and read the discussion in section 6 to learn more about Columbus\u2019 portfolio allocation decisions and the related rationale.<\/p>\n<p>Please don&#8217;t hesitate to <a href=\"http:\/\/laplaceinsights.com\/fr\/contact\/\">contact me<\/a> should you have any questions.<\/p>\n<p>Best regards,<\/p>\n<p>Jean-Marc and the Laplace Insights team<\/p>","protected":false},"excerpt":{"rendered":"<p>Below you will find the Columbus strategy highlights for this month.\u00a0 For more insights and a detailed discussion, including to get the monthly allocations, please download the report by clicking the button at the bottom of this message. The Certainty of Uncertainties&#8230; Year-to-Date, Columbus is up 2.0% while our world allocation benchmark (GMWAX) is down [&hellip;]<\/p>","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/posts\/1612"}],"collection":[{"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/comments?post=1612"}],"version-history":[{"count":2,"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/posts\/1612\/revisions"}],"predecessor-version":[{"id":2221,"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/posts\/1612\/revisions\/2221"}],"wp:attachment":[{"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/media?parent=1612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/categories?post=1612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/laplaceinsights.com\/fr\/wp-json\/wp\/v2\/tags?post=1612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}