Aggressive Portfolio
Aggressive Portfolio Composite
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aggressive Portfolio Composite Annual Gross Return | 21.33% | 17.20% | 9.12% | 0.11% | 1.71% | 7.96% | -7.28% | 20.31% | 2.25% | 21.14% | -12.80% | 13.52% |
| Benchmark Annual Return | 14.02% | 19.48% | 9.56% | 3.38% | 5.22% | 10.96% | -6.83% | 20.98% | 5.21% | 18.94% | -14.86% | 15.86% |
| Aggressive Portfolio Composite Average Annual Gross Return | 21.33% | 19.25% | 15.77% | 11.64% | 9.58% | 9.31% | 6.77% | 8.37% | 7.68% | 8.95% | 6.77% | 7.32% |
| Benchmark Average Annual Return | 14.02% | 16.72% | 14.28% | 11.45% | 10.18% | 10.31% | 7.68% | 9.26% | 8.80% | 9.77% | 7.27% | 7.96% |
| Aggressive Portfolio Composite Cumulative Gross Return | 21.33% | 42.20% | 55.17% | 55.34% | 57.99% | 70.57% | 58.15% | 90.28% | 94.56% | 135.69% | 105.53% | 133.31% |
| Benchmark Cumulative Return | 14.02% | 36.23% | 49.26% | 54.31% | 62.37% | 80.16% | 67.85% | 103.07% | 113.65% | 154.10% | 116.33% | 150.65% |
| Aggressive Portfolio Composite Three-Year Annualized Standard Deviation | 8.13% | 8.97% | 9.34% | 9.14% | 7.41% | 7.46% | 12.57% | 11.93% | 14.11% | 11.01% | ||
| Benchmark Three-Year Annualized Standard Deviation | 6.64% | 8.51% | 8.48% | 8.16% | 7.12% | 8.00% | 12.99% | 12.44% | 15.10% | 12.48% |
| 1M* | YTD* | |
|---|---|---|
| Aggressive Portfolio Composite Gross Return | -0.75% | 9.31% |
| Benchmark Return | -1.77% | 10.56% |
* As of 31 October 2024
The Aggressive Portfolio Composite includes all actual, fee-paying, discretionary aggressive portfolios. The typical allocation is 75% equities and alternative investments and 25% fixed income and cash equivalents.
The benchmark is 5% €STR Compounded Index1, 20% The Bloomberg Barclays Euro Aggregate Bond Index2, 37.5% S&P 500® Euro Hedged3, and 37.5% MSCI Europe Index4. The benchmark is rebalanced annually on 1 January.
Individual aggressive portfolio returns are calculated monthly as time-weighted rates of return that adjust for external cash flows. Portfolios are valued daily.
Total returns (investment income + capital gains/losses both realized and unrealized) are calculated for both individual aggressive portfolios and benchmark constituent indices.
Valuations are computed and performance is reported in Bulgarian lev.
New portfolios are included in the Aggressive Portfolio Composite return calculations as of the first day of the first full month the new portfolio has been under management.
Terminated portfolios are included in the Aggressive Portfolio Composite return calculations through the last full month the terminated portfolio was under management.
Aggressive Portfolio Composite return is calculated monthly by asset-weighting the individual aggressive portfolio returns using a method that reflects both beginning-of-period values and external cash flows. Each external cash flow is weighted in proportion to percentage of the time it is held in the relevant individual aggressive portfolio during the month.
Aggressive Portfolio Composite Gross returns are presented net of all trading expenses and withholding taxes.
Aggressive Portfolio Composite Gross returns are presented gross of management fees (up to 10% of positive annual performance), and account maintenance fees (up to 1% per annum of assets under management).
Benchmark returns are calculated using gross of withholding taxes returns for €STR Compounded Index and The Bloomberg Barclays Euro Aggregate Bond Index and net of withholding taxes returns for S&P 500® Euro Hedged and MSCI Europe Index.
Aggressive Portfolio Composite Annual Gross Returns and Benchmark Annual Returns are computed by compounding the corresponding monthly returns.
Aggressive Portfolio Composite Average Annual Gross Returns and Benchmark Average Annual Returns are calculated as the geometric average of the corresponding annual returns over the period starting 2012 through the year stipulated in the respective column header.
Aggressive Portfolio Composite Cumulative Gross Returns and Benchmark Cumulative Returns are computed by compounding the corresponding annual returns over the period starting 2012 through the year stipulated in the respective column header and are not annualized.
Aggressive Portfolio Composite Gross Return 1M and Benchmark Return 1M are the non-annualized returns for the most recent full month.
Aggressive Portfolio Composite Gross Return YTD and Benchmark Return YTD are the non-annualized returns since the beginning of the current year through the most recent full month.
The Three-Year Annualized Standard Deviation measures the variability of the Aggressive Portfolio Composite gross returns and the Benchmark returns over the preceding 36-month period. It is calculated as of the end of each year stipulated in the respective column header. The standard deviation is not presented for 2012 through 2013 because 36 monthly Aggressive Portfolio Composite returns were not available.
All calculations are performed using calendar days, months, and years.
The Aggressive Portfolio Composite was created on 1 January 2012.
The performance represented is historical and the figures refer to the past. Past performance is not a reliable indicator of future results, and the value of investments can go down as well as up.
Source: EuroFinance, Bloomberg.
1The ECB calculates and publishes the €STR Compounded Index, which is entirely based on the historical €STR rates. FTSE MTS Eonia® Investable Index was used prior to 31 December 2021. €STR Compounded Index is used subsequently.
2The Bloomberg Barclays Euro Aggregate Bond Index measures the performance of the investment-grade, fixed-rate, euro-denominated bond market, including treasuries, government-related, corporate and securitized issues. Inclusion is based on the currency of the issue, and not the country of risk of the issuer. The index is market value weighted.
3The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. It is a float-adjusted market capitalization weighted index that includes 500 of the top companies in leading industries of the U.S. economy and covers approximately 80% of available market capitalization. The S&P 500® Euro Hedged index is designed to represent the returns of the S&P 500® while hedging EUR/USD risk, but not the underlying equity market risk.
4The MSCI Europe Index is a free float market capitalization weighted index designed to represent the performance of large- and mid-cap equities across developed European countries.
