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BIAS Balanced Fund - BIAS Global Portfolios SPC - 2018 Results

Hamilton, Bermuda–:  10 June 2019 – In a filing with the Bermuda Stock Exchange BIAS Balanced Fund - BIAS Global Portfolios SPC (the "Company”; Ticker: BIASGLB.KY), announced their 2018 results.   The full filing stated:




The Segregated Portfolio (“the Fund”) holds a portfolio of global equities or limited partnership interests together with money market instruments, corporate bonds and government bonds of countries that are members of the Organization for Economic Cooperation and Development (“OECD”) and other income producing securities.




We are pleased to present the Annual Report and Financial Statements of the Fund for the year ended December 31, 2018. The net asset value per share of the Fund decreased from $128.96 as at 31st December 2017 to $122.38 as at 31st December 2018. This increase in value represents a total return after fees for the Fund of negative 5.10% for the 2018 calendar year. The total assets of the Fund increased from $31.1 million to $36.0 million over the calendar year ending December 31, 2018.




Over the course of the year, the equity allocation in the Global Balanced Fund was decreased due to maturing economic cycle and litany of concerns around trade, the Fed, and decelerating growth. Within our fixed income allocation, we maintained a slightly shorter duration in 2018 to guard against rising interest rates and added floating rate notes.


Despite the best economic growth of the cycle, and 25 percent year-over-year earnings growth for the S&P 500, US stocks struggled to deliver positive performance in 2018. A great deal of uncertainty relating to trade tensions and a rising geopolitical concerns undermined the stock prices. Within sectors, Healthcare was the best-performing sector as defensive characteristics of the group appeared attractive. On the flip side, Energy was the worst performing sector as oil prices plummeted almost 25 percent. European equities also struggled as negative economic surprises weighed on performance. Emerging Market equities were weighed down by currency weakness, the trade war, and country-specific issues. Our stock selection in Information Technology added the most value to the portfolio performance. Meanwhile, our stock selection in Communication Services sectors detracted from performance.




We still favor equities over fixed income securities. Whilst the economy is still relatively healthy, slower economic and profit growth expectations for 2019 have led to a more cautiously optimistic outlook on the equity markets. As a result, we remain defensively skewed in our positioning. In the US we prefer high quality companies to defend against the growing risk of rising margin pressure. We are overweight a mix of Cyclicals with depressed multiples and Defensives. In terms of regions, we are overweight China as well as other Asian emerging markets. Aggressive Chinese monetary stimulus and positive signs for US/China trade negotiations reinforce our decision to hold Chinese equities.







Robert R. Pires, MBA, CFA


BIAS Global Portfolios SPC

BIAS Global Balanced Fund – US$ Segregated Portfolio

May 23, 2019


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