April reminded us that markets aren’t always smooth sailing. After a strong first quarter, both stocks and bonds took a breather. Inflation came in hotter than expected, interest rates stayed firm, and investors started rethinking the idea that rate cuts were just around the corner. That’s part of the game — markets move forward, backward, and sideways, often in the same month.
At BGH, we don’t try to guess the next move. Instead, we focus on what we can control: disciplined rebalancing, smart fund selection, and minimal portfolio churn. Our process is built around monthly updates, but that doesn’t mean we make changes every month. Quite the opposite — we only make moves when the data tells us something has meaningfully shifted.
🔁 What Changed This Month?
Just one change this month across our equity and bond strategies — and even that was made with caution and clarity.
We replaced a bond fund that had lost steam with a more tactical, macro-aware alternative that’s currently ranked at the top of its category. The new fund offers a more defensive profile, better suited for an uncertain interest rate environment — think high-quality bonds, inflation protection, and exposure to real assets. It’s designed to weather volatility without sacrificing long-term resilience.
No other changes were made. Why? Because most positions have been in place for less than three months — and unless a fund is downgraded sharply or massively underperforms while a much stronger option emerges, we stay put. A fund moving up or down a few spots in a ranking? Not a reason to pull the trigger.
📊 How We’re Invested Now
The BGH portfolios remain positioned for balanced growth with a risk-aware mindset:
- On the equity side, we continue to emphasize U.S. and international growth exposure, with a tilt toward quality and dividend strength. Some funds lean more into tech and innovation, others into value and global diversification.
- On the bond side, we’re prioritizing flexibility and defense — with a mix of ultra-short funds, inflation-protected securities, and strategic bond allocations that adapt to the macro backdrop.
Across both portfolios, we maintain a maximum of five positions, with no requirement for equal weighting. Every fund plays a role.
🧠 Why So Few Changes?
Because that’s how real, long-term wealth is built. Jumping in and out of funds based on headlines is a recipe for stress, not success. Our rule of thumb: hold every fund for at least 3 months, ideally longer — unless there’s a truly compelling reason to act sooner.
This month, just one position met that threshold. Everything else stays the course.
🚀 Looking Ahead
Markets may continue to wobble — that’s fine. The BGH system is designed to adapt, not overreact. We’ll be back next month with a fresh update, and if a stronger signal emerges, we’ll respond.
Until then, stay invested, stay diversified, and stay focused.
Guillaume Decalf
CEO, Blue Grasshopper