Reviewing a Multi-Asset Portfolio Against Benchmarks

Summary

The author reviews personal investment and futures trading performance for the 2022–23 UK tax year. The analysis separates UK shares, long-only equity ETFs, bond ETFs, futures trading, and the combined portfolio, assigning benchmarks to the different sleeves. It explains that the futures return denominator is capital at risk, while the overall portfolio includes cash held in investment or trading accounts. The author also describes revising historical benchmark data to make comparisons more consistent.

The review reports losses in equities and the combined long-only allocation, while bonds gained and outperformed their chosen benchmark. It provides annual returns and multi-year statistics for one portfolio comparison, including volatility, Sharpe ratio, alpha, beta, and correlation. The author notes that equity results lagged the benchmark for a second year and that bond results cover only two years. The futures discussion is explicitly brief in this installment, and the personal portfolio results are not evidence that the same allocations or trading approach will generalize.

Key ideas

• The review divides results among equity, bond, futures, and combined portfolio components.
• It compares each component with a selected market or blended-fund benchmark.
• The author revised historical benchmark series to improve consistency across comparisons.
• Equities underperformed their benchmark in the reported year, while bonds outperformed theirs.
• The futures results are deferred, and the personal record is limited evidence for general conclusions.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.