Newsletter end of July 2021

For the month of July 2021, the Enhanced Permanent Portfolio strategy-account added +3.4% while the 100% equity ACWI index (All Country World Index) was up by 0.9%. Europe added 1.97%.
As it can be seen in the below monthly chart, the EPP (blue line) only had about half the volatility than major equity indexes, because of the again negative correlation of the defensive US Treasury component (yellow line).

Your Rational Invest Team
Walter Baumann / Frank Grossmann / Thomas Ritter
Tel +41 79 306 11 60 / Email