KilterHowling 2015 *Interim* Performance Update

In light of recent market volatility, we are updating KH portfolio performance in this post. Below we discuss the year-to-date performance through August 31, and also the interim period of 5/31/2015 to 8/31/2015 where the stock and bond markets experienced higher levels of volatility than any period since 2011. This update should be read in conjunction with the disclaimer discussion at the end.

KHGG:  YTD for the period ended August 31, 2015, a composite of our KH Global Growth portfolios, adjusted to reflect our maximum fee, returned -0.67%. Global Stocks, measured by the ACWI (All Country World Index), returned -3.18%, while the S&P 500 index of U.S. stocks returned -2.87%.

Over the 15 months for which we have composite return data, adjusted for our maximum fee, our KHGG composite returned 0.44%. The global stock index declined by -2.38% over the same period.

For the period from 5/31 to 8/31/2015 a composite of our KH Global Growth portfolios, adjusted to reflect our maximum fee, returned -4.3%. Global Stocks, measured by the ACWI (All Country World Index), returned -8.1%, while the S&P 500 index of U.S. stocks returned -5.9%.

KHCP:  YTD for the period ended August 31, 2015, a composite of our KH Capital Preservation portfolios, adjusted to reflect our maximum fee, returned -0.9%.  U.S. bonds, measured by the Barclay’s Aggregate Index, returned 0.4%. Broad CPI over the period increased 0.7%.

Over the 12 months for which we have composite return data, adjusted for our maximum fee, our KHCP composite returned 0.34%. U.S. bonds increased 2% over the same period. Broad CPI rose 0.15%

For the period from 5/31 to 8/31/2015 a composite of our KH Capital Preservation portfolios, adjusted to reflect our maximum fee, returned -0.9%.  U.S. bonds, measured by the Barclay’s Aggregate Index, returned -0.5%. Broad CPI over the period increased 0.5%.

KHGT:  YTD for the period ended August 31, 2015, a composite of our our KH Global Tactical portfolios, adjusted to reflect our maximum fee, returned -0.54%. Global stocks returned -3.18%, and the S&P 500 returned -2.87%.

Over the 13 months for which we have composite return data, adjusted for our maximum fee, our KHGT composite returned -0.16%. Global stocks returned -3.39% over the same period.

For the period from 5/31 to 8/31/2015 a composite of our our KH Global Tactical portfolios, adjusted to reflect our maximum fee, returned -3.7%. Global stocks returned -8.1%, and the S&P 500 returned -5.9%.

KH 70/30 Blend:  YTD for the period ended August 31, 2015, our blend of 70% KHGG and 30% KHCP, adjusted to reflect our maximum fee, returned -0.59%. A blend of 70% Global Stocks and 30% U.S. Bonds returned -1.37%.

Over the 13 months for which we have composite return data, adjusted for our maximum fee, our KH 70/30 blend composite returned 0.29%. A blend of 70% global stocks and 30% US bonds returned-0.5% over the same period.

For the period from 5/31 to 8/31/2015 our blend of 70% KHGG and 30% KHCP, adjusted to reflect our maximum fee, returned -3.3%. A blend of 70% Global Stocks and 30% U.S. Bonds returned -4.4%.


Disclaimer: Past performance is not an indication of future performance or results. The information presented here is relevant only to these disclaimers and covers only the accounts in the composites noted and shall not be construed as indicating future results or outcomes. 

The performance discussed here is for specific KH account composites of live, actual client accounts. Fees at KilterHowling range from 0% on assets (employee accounts) to our maximum fee of 1% per annum. KH calculates the blended fee of the composite and then adjusts the composite performance to reflect the maximum fee of 1%.  Thus, it is our intent to demonstrate performance of actual accounts net of the maximum fee any client will pay to work with KilterHowling. Performance is net of any transaction, fund or ETF operating expenses. Not all client accounts are placed into the composites presented here. Thus, client performance may differ from the composite due to cash flows, taxes, timing, or certain positions that are not part of KH portfolio solutions. KH is happy to discuss and explain any KH client performance differences between accounts and the composite performance. References to “global stocks” or “the global stock index” refer to the MSCI All Country World Index, or ACWI, unless otherwise noted. References to inflation refer to the Consumer Price Index, data taken from the Bureau of Labor Statistics monthly release, unless otherwise noted.