Benchmarks Rally While Mosaic Portfolios Stay Under Pressure
The July 31 update is the mirror image of the previous one. A week earlier the Mosaic portfolios had held up against falling benchmarks; this time every benchmark closed higher, between 0.55% and 4.21%, and six of the seven strategies still finished lower. Australia50 was the only portfolio in positive territory. Four markets changed their selections and benchmark hedge levels ranged from about 8% to 21%.
USA100 lost 4.43% while its benchmark gained 1.10%, giving back more than the previous week's advance. The selection was unchanged at MU, CAT, FDX, GEV and CSCO, and the benchmark hedge stayed close to its prior level at 7.76%, the lowest in the group.
Nasdaq100 declined 2.14% against a benchmark gain of 0.55%. CSCO entered the portfolio in place of TER, and the benchmark hedge rose markedly from about 10% to 12.74%.
European portfolios lagged a strong week for their benchmarks. Europe50 fell 1.55% versus 2.41% for the benchmark, with no selection change and a hedge of 10.36%. Germany40 recorded the widest relative gap of the week: -1.78% against a benchmark advance of 4.21%, again with no rotation.
Italy40 posted the weakest absolute result at -4.99% while its benchmark gained 2.43%. ENI.MI entered the selection and replaced IG.MI, and the hedge eased to 11.57%. UK100 lost 3.37% against 2.50% for the benchmark and rotated into PCT.L, removing ANTO.L.
Australia50 was the only portfolio to close higher, gaining 2.16% and matching its benchmark almost exactly. It also carried out the broadest rotation of the week, adding BHP.AX and MQG.AX in place of RIO.AX and S32.AX, while its benchmark hedge rose from about 18% to 20.96%, the highest in the group.
Compact Weekly Dashboard
| Market | Current Tickers | Rotation | Hedge | Portfolio | Benchmark |
|---|---|---|---|---|---|
| USA100 | MU, CAT, FDX, GEV, CSCO | No change | 7.76% | -4.43% | 1.10% |
| Nasdaq100 | MU, MRVL, GFS, ROST, CSCO | In: CSCO Out: TER | 12.74% | -2.14% | 0.55% |
| Europe50 | NOKIA.HE, ASML.AS, ENI.MI, ENGI.PA, BAYN.DE | No change | 10.36% | -1.55% | 2.41% |
| Germany40 | IFX.DE, ENR.DE, RWE.DE, BAYN.DE, DHL.DE | No change | 11.85% | -1.78% | 4.21% |
| Italy40 | STMMI.MI, SPM.MI, PRY.MI, ENI.MI, BPE.MI | In: ENI.MI Out: IG.MI | 11.57% | -4.99% | 2.43% |
| UK100 | GLEN.L, CCC.L, PCT.L, SDR.L, IGG.L | In: PCT.L Out: ANTO.L | 8.15% | -3.37% | 2.50% |
| Australia50 | BHP.AX, WOW.AX, WDS.AX, QBE.AX, MQG.AX | In: BHP.AX, MQG.AX Out: RIO.AX, S32.AX | 20.96% | 2.16% | 2.16% |
Portfolio Message
The relevant signal this week is relative, not absolute. Benchmarks recovered across the board while the concentrated Mosaic selections did not follow, and the widest gaps opened in Germany40 and Italy40. Taken together with the previous week, when the same portfolios outperformed falling benchmarks, this looks more like the normal cost of concentration than a change in regime. A single week of underperformance against a rising benchmark is not in itself a reason to intervene, but it is the kind of reading that deserves confirmation at the next weekly processing before drawing conclusions.
Australia50 remains the exception, and it carries the highest benchmark hedge of the group at almost 21%.
This weekly update is research material only and is not personalized financial advice.
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