Portfolio B underperformed its benchmark by 1.27 percentage points year-to-date. The underperformance was primarily driven by weak returns in technology exposure (Janus Henderson Global Technology: -7.55% YTD) and US equity (VOO: -3.54% YTD). Fixed income positions showed resilience with positive returns in HSBC securitized credit funds.
| # | Fund Name | ISIN/Ticker | Target % | YTD Return | 1-Month Return | Data Date |
|---|---|---|---|---|---|---|
| 1 | JPM Europe Equity Plus (USD Hedged) | LU1046624042 | 7.1% | +1.21% | -5.76% | 2026-03-31 |
| 2 | HSBC Global IG Securitized | LU1822287964 | 11.4% | +0.73% | -0.13% | 2026-03-31 |
| 3 | HSBC Flexible Securitized Credit Bond | LU1823213381 | 7.1% | +0.53% | -1.15% | 2026-03-31 |
| 4 | PGIM Multi Sector Income | IE00BZ4CS792 | 7.9% | -0.40% | -1.48% | 2026-03-31 |
| 5 | PIMCO Income | IE00B87KCF77 | 13.6% | -0.75% | -2.41% | 2026-03-31 |
| 6 | Schroder Global Credit Income | LU1751207694 | 10.0% | -0.97% | -2.20% | 2026-03-31 |
| 7 | VANGUARD S&P 500 ETF (VOO) | VOO | 5.0% | -3.54% | -3.32% | 2026-02-04 |
| 8 | Janus Henderson Global Technology | LU0828813369 | 5.7% | -7.55% | -7.34% | 2026-03-31 |
Comparing two strategies over Q1 2026: Buy & Hold (no rebalancing) vs Disciplined Rebalancing (2% deviation trigger, 0.5% transaction cost).
Date: January 22, 2026 (Week 3)
Trigger: 2.22% deviation from target allocation
Trades Executed: 3 funds rebalanced
Transaction Cost: $21.55 (0.5% of trade value)
Showing weekly allocation monitoring for PIMCO Income, Schroder Global Credit, and PGIM Multi Sector funds.
| Week | Date | Fund | Target % | Actual % | Deviation | Action |
|---|---|---|---|---|---|---|
| 0 | 2026-01-01 | All Funds | — | — | 0.00% | HOLD (Initial) |
| 1 | 2026-01-08 | PGIM Multi Sector | 25.08% | 26.08% | +1.00% | HOLD |
| 2 | 2026-01-15 | PGIM Multi Sector | 25.08% | 26.86% | +1.78% | HOLD |
| 3 | 2026-01-22 | All Funds | — | — | 0.00% | ✓ REBALANCED |
| 4 | 2026-01-29 | PGIM Multi Sector | 25.08% | 24.24% | -0.84% | HOLD |
| 8 | 2026-02-26 | PIMCO Income | 43.17% | 44.06% | +0.89% | HOLD |
| 11 | 2026-03-19 | Schroder Global Credit | 31.75% | 30.32% | -1.42% | HOLD |
| 13 | 2026-04-02 | Schroder Global Credit | 31.75% | 30.76% | -0.98% | HOLD |
Value Difference: Buy & Hold outperformed by $122.35
Return Difference: +0.12 percentage points
In Q1 2026, the disciplined rebalancing approach incurred transaction costs without sufficient market volatility to justify the trades. The single rebalancing event on Jan 22 cost $21.55, which eroded the strategy's edge versus the simple buy-and-hold approach.
Source: Morningstar Global Database
Method: Live Web Scraping - Main Session + Subagent Batch
Extraction Date: April 6, 2026
Data Currency: As of March 31, 2026 (most funds)
Status: 8 of 13 funds successfully extracted; 5 pending retry
Trigger Threshold: ≥2% deviation from target allocation
Transaction Cost: 0.5% per trade
Analysis Period: Q1 2026 (Jan 1 - Apr 6)
Starting Portfolio Value: $100,000