In this post I shortly describe the end-of-month rebalancing of the SIA-style Pension Portfolio (PP). For a detailed review of the most important market developments for August 2020 please refer to my Global Leaders Portfolio (GLP) rebalancing here.
The rebalance
The usual monthly injection of $1k was again used to purchase GLD. SPY holdings were trimmed marginally to adjust the aggregate equities weight down to 20% from 20.3%. Proceeds from SPY sale were spent on GLD. TLT – no change.
PP lost 1% in August as a result of the 5.2% drop in TLT (impact on the portfolio -1.8%), balanced partially by the positive impact of SPY+EEM. GLD was almost flat on month. Thanks to the usual monthly injection of $1k the notional value of the portfolio remains the same as last month.
Portfolio holdings are traded at the closing price on the rebalancing day presented by www.morningstar.com (which may differ from official closing prices given by appropriate stock exchanges).
Current structure of the GLP can be found on Portfolios page.
Total Personal Return since inception (TPR) of GLP as of close 31st July 2020: +6.1%.
Next update in a month.
Yours,
PC
