Progress despite weak dollar

Like the SMI, our portfolio has risen over the past week, reaching -2.76% since February 3. The Swiss market has now reached -0.23% since the same date. Remember that our holdings are defensive in nature, and that our primary objective is not to beat the market, but to come close to its performance with lower volatility. The portfolio's resilience in the face of a falling dollar is particularly pleasing, and indicates that our strategy of concentrating on world-class companies is a coherent one. Portfolio volatility was stable at 12.32%, well below the SMI's 17.60%. Despite this, the Sharpe ratio is still negative and below that of the Swiss market, due to the portfolio's underperformance for the time being.