Bonds, Sterling, and hedge funds all performed relatively weakly, though positively, which because they are each a large share of the portfolio brought down the overall return. The negative return on USD cash reflects investment management fees which are deducted from this asset. All equities as well as commodities performed strongly as did the local currency which is what "other cash" is and the real estate value moves with the local currency against the USD as well.
For the year the portfolio gained 5.52% compared with a 13.21% gain in the MSCI. Our own portfolio gained roughly 10% for the year. The portfolio is still in rebound from the GFC, though within the range of the previous highs:
The majority of individual funds are now showing a positive rate of return since we bought them. This includes half the funds we bought in 2008.
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