MTI Declines; Equity Exposure Trimmed To 55% In Early August
The Core’s gross composite lost 1.6% in July but is still up 6.3% YTD, ahead of the all equity benchmarks. The S&P 500 lost 1.4% for the month and is up 5.7% YTD. As the MTI declined in early July, we cut exposure by trimming stocks and shorting ETFs. We followed suit with another round in early August targeting 55% net equity exposure. A Neutral MTI warrants caution as we wait for a more decisive reading.