Global Return Value Investments' performance update for the month ended March 31, 2025.
Dear Friends and Partners,
In March we outperformed the S&P 500, Russell 2000 and Russell 3000 by 1.1%, 1.5% and 1.2%, respectively.1
On a cumulative basis, we continue to outperform all three indices since inception.2
Read more hedge fund letters here
Month-to-date, our average outperformance on the S&P 500, Russell 2000 and Russell 3000 is 4.8%.3
Our outperformance highlights the strength of our Algo and its ability to navigate volatile market conditions.
On Trump’s Tariffs
It's difficult to predict President Trump. Additionally, there is a great deal of uncertainty on the final outcome because it appears the Trump Administration will be negotiating on a country-by-country basis. That said, I believe there's a good chance the existing measures are more of a negotiating tactic than a long-term policy shift, and that many of these tariffs may be walked back within the next 90 days.
My view is based on two factors:
- Trump Watches the Stock Market. Trump understands that many Americans view the stock market as a barometer of political success. Given that much of the recent market decline is from his tariffs, he's likely to face mounting pressure from Republicans heading into midterm elections if the selloff continues.
- Corporate America. Tariffs area bad for profits and worse for consumers. As the economic impact from tariffs becomes clearer, corporate leaders will pressure the Administration for a negotiated compromise.
Portfolio Positioning
Attractive opportunities have emerged as the market indiscriminately sells off companies that aren't meaningfully affected by tariffs.
Recently, we've initiated new positions in Health Care Providers, Insurance, and Utilities - industries that are well-positioned in the current environment.
Factsheet
We've reformatted the factsheet to more clearly show our outperformance relative to the major market indices. You can view our March factsheet here.
In closing, I'm reminded of the old expression, "May you live in interesting times." Honestly though...I'd be fine with a little less excitement. Wouldn't you?!
As always, feel free to contact me should you have any questions.
Sincerely,
Elliot Trexler
646-838-8182
1 Data as of March 31, 2025 and net of a 0.90% Management Fee and 15% Incentive Allocation on the outperformance of the index. Past Performance does not guarantee future results. See Important Disclosures. Sources: FTSE Russell, S&P Global and Global Return.
2 Data as of March 31, 2025 and net of a 0.90% Management Fee and 15% Incentive Allocation on the outperformance of the index. Any difference in Global Return net results is attributable to the Incentive Allocation on the outperformance of an index. Data from the Inception Date, July 1, 2024 to March 31, 2025. Past Performance does not guarantee future results. See Important Disclosures. Sources: FTSE Russell, S&P Global and Global Return.
3 Data as of April 7, 2025 and net of a 0.90% Management Fee and 15% Incentive Allocation on the outperformance of the index. Past Performance does not guarantee future results. See Important Disclosures. Sources: FTSE Russell, S&P Global and Global Return.
