Newsletter end of March 2021

For the month of March 2021, the Enhanced Permanent Portfolio strategy-account lost -0.61%.
In March, Gold (-1.15%) and Treasuries (-5.25%) continued to decline. Equity had a very good month with the S&P500 up +4.5%. Year to date Treasuries are now down by -13.9% and Gold down -10.35% while the S&P500 is up +6.35%.
It is important to point out, that the goal of this strategy is not to outperform the stock market during rallies, like we see it since some months, but the goal is to achieve long term returns with 2x to 3x lower risk (volatility).
It looks like Treasuries have reached a bottom after consolidating 20% since their August 2020 culmination. Due to again quite attractive yields they should from now on act again as a reliable hedge against market downturns and again add a positive contribution to the strategy performance.

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