Portfolio, August 5, 2015

No changes this month, as the portfolio continues to hold IBB, PGJ, and FSHCX.  A quick review of mutual fund performance through the end of July shows that PGJ has underperformed, while indicating that other sectors such as consumer discretionary are showing momentum.

But, looking at consumer discretionary ETFs such as XLY shows that a recent decline in traditional media is likely to hit XLY hard as earnings announcements are made over the next several days, while PGJ continues to trade at relative lows.  Further, PGJ includes only Chinese equities trading on non-Chinese exchanges, so liquidity concerns that plague Chinese stocks after recent changes in trading regulations should affect PGJ less than most Chinese ETFs and funds.

So, despite the numbers, no changes are being made this month.