Premium Flagship Update
The Small-Cap Momentum portfolio delivered a strong month in March, with the equal-weighted portfolio gaining an average of 7.3% over the past 30 days and 6.8% on a year-to-date basis.
That compares favorably against what has been a choppy tape for the broader market.
The twin-momentum strategy, which demands both fundamental and price momentum, continued to do exactly what it is designed to do: separate the companies that are actually improving their businesses from those that are simply cheap on paper.
The portfolio is a 25-stock equal-weighted basket of small-cap names screened for improving fundamentals and positive price momentum. The goal is not to swing for the fences on any single name but to be a disciplined baseball team that gets singles and doubles consistently, lets the occasional home run happen, and cuts the strikeouts before they pile up.
A few names are testing our patience. The renewable energy positions continue to underperform, and two or three of the consumer-oriented names face real macro headwinds as tariff uncertainty puts pressure on consumer spending and supply chains alike.
The portfolio, however, is rewarding patience with a majority of holdings in positive territory on both a monthly and year-to-date basis.
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