Rutherford Portfolio Review (Tranche 3): 14 July 2023

Leaving Sydney and The Harbor Bridge, Australia

Despite a pullback on Friday it was a bullish week in US equities with prices closing ~2.7% higher than last week’s close and still sitting at the upper 1 SD boundary of the uptrend channel with volatility at it’s lowese level in the past 12 months:

Deespite this nice performance, US equities did not make it into the top half of major asset classes in terms of performance over the past week:

International equities (Developed and Emerging Markets) and Real Estate all outperformed US equities. All major asset classes showed gains on the week.

Holdings in the Rutherford Portfolio look like this:

with performance matching/slightly ouperforming the benchmark AOR Fund:

This week we take a look at Tranche 3 and decide whether any adjustments are necessary based on the momentum rotation system:

From the above plots in the rotation graphs we still see VTI as a standout in the desirable upper right quadrant and suggested holdings in the portfolio look like this:

i.e since we are already holding all the assets with Buy recommendations we will continue to hold these ETFs and no adjustments are necessary (ignoring small differences in share allocation numbers):