July was calm but quietly powerful.
U.S. equities posted fresh all-time highs once again. The S&P 500 and Nasdaq climbed more than 2%, buoyed by resilient earnings, steady inflation, and increasing hopes that the Fed could pivot later this year. Tech led the way, but gains were broad across sectors.
Abroad, international developed markets took a breather, dipping modestly after a strong run. Emerging markets ticked higher, showing signs of strength under the surface.
Bond markets rallied too, especially in the intermediate-duration space, as long-term yields fell slightly and rate cuts came back into view.
What Changed This Month?
Nothing and that’s the point.
Our latest review showed no meaningful shifts in the rankings that warrant action. All current holdings remain either top-ranked or within our minimum holding periods.
- The equity sleeve continues to favor U.S. momentum, quality growth, and international value.
- The bond sleeve blends short-term stability with interest-rate sensitivity and tactical flexibility.
No fund was downgraded. No fund lost its edge. So we stood pat.
How We’re Invested Now
Each portfolio holds just five funds, the strongest ideas, no clutter.
Equity Strategy
- A blend of U.S. momentum, large-cap growth, and non-U.S. value
- Exposure remains tilted toward quality and relative strength
Fixed Income Strategy
- Short-duration anchors
- Intermediate-term corporates and Treasuries
- Tactical bond strategies
We’re not here to guess. We’re here to adapt — with clarity and purpose.
Why So Few Changes?
Because our system isn’t built for noise. It’s built for signal.
We only make a move when:
- A fund is downgraded or underperforms persistently
- A better-ranked option emerges
- Or we identify structural concerns that demand attention
This rules-based discipline keeps turnover low and conviction high, exactly what’s needed in a long-term portfolio.
🔮 Looking Ahead
Seasonality says August and September can be choppy but we don’t trade on seasonality.
We follow the rankings. We stick to the plan. And we let the data — not the drama — drive decisions.
We’ll be back next month with the latest portfolio scan. Until then: stay invested, stay steady, and stick with the process.
Guillaume Decalf
Founder & CEO, Blue Grasshopper