Report Detail Summary

The LJE Asset Allocation Process: Third Quarter Performance and Fourth Quarter 2020 Outlook

October 03, 2020

The third quarter performance of the benchmark allocation, the LJE allocation using the various index-based ETFs show that during the third quarter the benchmark appreciated 3.70%, while the LJE Asset Allocation utilizing the ETFs gained 3.88%. The LJE tilt portfolio outperformed the benchmark by 18 basis points. Looking forward there is a great deal of uncertainty regarding the outlook for the coming quarter which move our overall asset allocation closer to our benchmark. While not meant to be exhaustive, our list of concerns includes among other the election, the Fed new operating procedures and the pandemic possible second wave. An increase in uncertainty unambiguously reduces our forecasts conviction levels. In the extreme case, absent any information, our asset allocation process drives us to the benchmark.

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