Safe-haven assets outperform

Genevieve Signoret & Alejandro Carrión

Our Performance

In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were U.S. investment-grade municipal bonds (+0.7%), 7-10-year U.S. Treasury bonds (+0.1%) and 1–12-month U.S. Treasury bills (0.0%).

Producing the lowest returns (in dollar terms) were emerging market equity   (‒17.5%), U.S. raw materials equity (‒13.3%), and Mexico equity (‒9.8%).

Over the past 12 months, none of our model portfolios outperformed its benchmark:

  • LCN-ST ‒3.20% (benchmark 0.17%)
  • LCN-MT ‒2.46% (benchmark ‒1.35%)
  • LCN-LT ‒4.27% (benchmark ‒2.72%)

In peso terms, our 12-month performance was as follows:

  • LCN-ST +23.91% (benchmark +28.25%)
  • LCN-MT +24.85% (benchmark +26.28%)
  • LCN-LT +22.53% (benchmark +24.53%)



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[1] Read descriptions of these portfolios here. Clients receive details on their composition in addition to individualized strategies and portfolio management services. To request more information, please write to

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