Since the Old Wall dude pitching “YTD” numbers probably doesn’t even know what Quad 4 is, here’s the return profile that simplifies the #PeakCycle US High Beta Equity to Treasuries-and-Bond-Proxy pivot most obviously:
A) The Russell 2000 (a broad measure of US “stocks”) is currently down -12.7% since SEP of 2018
That’s not a “relative” return since we made the call to Buy Utes (XLU) on SEP 27thof 2018. That’s an absolute +16.9% return vs. Russell (IWM) DOWN -12.7% since the US Growth, Inflation and Earnings Cycle peaked in Q3 of 2018.
Forget hedge fund performance and fees “under pressure.” You could have charged 5 and 50 for that.