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Asset Class Return Quilts – Q2, 2023

- August 1, 2023

Asset Class Return Quilt

Calendar Year and Trailing Total Returns

Calendar Decade and Trailing Total Returns

U.S. Equity Sector Return Quilt

Calendar Year and Trailing Total Returns

U.S. Equity Factor Return Quilt

Calendar Year and Trailing Total Returns

Fixed Income & Credit Return Quilt

Calendar Year and Trailing Total Returns

The Most Loved & Hated Return Quilt

Calendar Year and Trailing Total Returns

Commodity Futures Return Quilt

Calendar Year and Trailing Total Returns

Liquid Alternatives Return Quilt

Calendar Year and Trailing Total Returns

Private Markets Return Quilt</b

Calendar Year and Trailing IRR

Portfolio Return Quilt

Calendar Decade and Trailing Total Returns

Disclosures & Definitions: Benchmarks

Disclosures & Definitions: Definitions


All Private Markets: All private markets is an aggregation of all private funds mentioned in this report.
Buyout Private: Equity funds primarily focus on purchasing at least a controlling percentage of a company’s stock to take over its assets and operations.
Fund of Funds: Funds that take equity positions in other, newly created alternative investment funds.
Growth/Expansion: Private equity funds that make minority (non-control) equity investments.
Other Private Equity: Other private equity includes all private equity that is not specifically buyout or growth/expansion. This includes, but is not limited to: Diversified Private Equity, Mezzanine and Restructuring/Turnaround.
Private Debt: Private debt in general provide various types of debt on private equity transactions and generally includes, but is not limited to, the following: Bridge financing, Credit Trading, Direct Origination or Capital Solutions, Distressed-for-Control, Direct Lending, Distressed Debt, Infrastructure Debt, Real Estate Debt and Venture Debt.
Private Real Assets: Funds that focus on physical assets with intrinsic value due to their substance and natural resources with commodities assets. This includes, but is not limited to: Oil/Gas, Metals & Mining, Timer and Agriculture.
Private Real Estate: Private real estate funds in general are private equity funds that invest in buildings in land. This includes core, core plus, value added, opportunistic and distressed real estate.
Secondaries: Private equity funds that invest in limited partnership interest of funds that have already been raised or directly the purchase of companies from other fund managers.
Venture: Venture Capital funds that invest in new companies with high growth rates. Includes angel funds, early (seed, first, second rounds) stage and later stage (third and later rounds) venture.


Alternative Bonds: Alternative bonds refer to fixed income securities that are not traditional government or corporate bonds. These may include asset-backed securities, high yield bonds, or other types of debt securities that offer unique risk and return characteristics. While alternative bonds may offer the potential for higher yields or diversification benefits, investors should carefully consider the risks associated with these securities before investing.
Convertibles: Convertibles refer to a type of hybrid security that combines elements of both stocks and bonds. Convertible securities typically offer a fixed income stream, like a bond, but also give investors the option to convert the security into shares of the underlying stock at a predetermined price. Convertibles may offer investors the potential for both income and capital appreciation but may also be subject to additional risks and complexities.
Long-Short Equity: Long-short equity refers to an investment strategy that involves taking long positions in securities that are expected to increase in value and short positions in securities that are expected to decrease in value. This strategy may provide the potential for alpha generation and downside protection but may also be subject to additional risks and complexities associated with short selling.
Managed Futures: Managed futures refer to an investment strategy that involves trading futures contracts, such as those based on commodities, currencies, or interest rates, with the goal of generating returns. Managed futures may use a variety of trading techniques, including trend following and counter-trend strategies, and may be subject to additional risks and complexities associated with futures trading.
Market Neutral: Market neutral refers to an investment strategy that aims to generate returns regardless of whether the overall market is up or down. This is achieved by simultaneously taking long and short positions in different securities or asset classes, with the goal of offsetting the impact of market movements. While market neutral strategies can provide diversification benefits, they may also involve additional risks and complexities that investors should be aware of.
Multi-Strategy: Multi-strategy refers to an investment approach that combines multiple investment strategies or styles, such as value, growth, or momentum, in a single portfolio. This may involve a mix of long-only and alternative investment strategies, with the goal of achieving diversification and enhancing risk-adjusted returns. However, investors should be aware that multi-strategy portfolios may involve additional risks and complexities associated with managing multiple investment styles and strategies.
Option Writing: Option writing is an investment strategy that involves selling options contracts, such as calls or puts, on an underlying security with the intention of generating income. However, option writing may also expose investors to potential losses if the market moves against the position. It is important for investors to understand the risks associated with option writing and to carefully consider their investment objectives and risk tolerance before engaging in this strategy.
Tactical Allocation: Tactical allocation refers to an investment strategy that involves making adjustments to a portfolio’s asset allocation based on market conditions or other factors. This may involve shifting investments between different asset classes, such as stocks and bonds, or making changes to individual holdings within a particular asset class. Tactical allocation strategies may be used to capitalize on short-term opportunities or to manage risk in changing market conditions.
World Allocation: World allocation refers to an investment strategy that involves investing in a diversified portfolio of global assets, including stocks, bonds, and other securities, with the goal of achieving long-term growth and income. World allocation strategies may use a variety of approaches, including active and passive management, and may invest in both developed and emerging markets. However, investors should be aware that world allocation strategies may be subject to additional risks associated with international investing.


Short Volatility: Short volatility refers to a strategy where investors sell put options to market participants who want to hedge their portfolios against strong, usually negative fluctuations.

Disclosures & Definitions: Asset Classes

Disclosures & Definitions: Portfolios


Magnus Financial Group LLC (“Magnus”) did not produce and bears no responsibility for any part of this report whatsoever, including but not limited to any microeconomic views, inaccuracies or any errors or omissions. Research and data used in the presentation have come from third-party sources that Magnus has not independently verified presentation and the opinions expressed are not by Magnus or its employees and are current only as of the time made and are subject to change without notice.

This report may include estimates, projections or other forward-looking statements, however, due to numerous factors, actual events may differ substantially from those presented. The graphs and tables making up this report have been based on unaudited, third-party data and performance information provided to us by one or more commercial databases. Except for the historical information contained in this report, certain matters are forward looking statements or projections that are dependent upon risks and uncertainties, including but not limited to factors and considerations such as general market volatility, global economic risk, geopolitical risk, currency risk and other country-specific factors, fiscal and monetary policy, the level of interest rates, security-specific risks, and historical market segment or sector performance relationships as they relate to the business and economic cycle.

Additionally, please be aware that past performance is not a guide to the future performance of any manager or strategy, and that the performance results and historical information provided displayed herein may have been adversely or favorably impacted by events and economic conditions that will not prevail in the future. Therefore, it should not be inferred that these results are indicative of the future performance of any strategy, index, fund, manager or group of managers. Index benchmarks contained in this report are provided so that performance can be compared with the performance of well-known and widely recognized indices. Index results assume the re-investment of all dividends and interest and do not reflect any management fees, transaction costs or expenses.

The information provided is not intended to be, and should not be construed as, investment, legal or tax advice nor should such information contained herein be construed as a recommendation or advice to purchase or sell any security, investment, or portfolio allocation. An investor should consult with their financial advisor to determine the appropriate investment strategies and investment vehicles. Investment decisions should be made based on the investor’s specific financial needs and objectives, goals, time horizon and risk tolerance. This presentation makes no implied or express recommendations concerning the way any client’s accounts should or would be handled, as appropriate investment decisions depend upon the client’s specific investment objectives.

Investment advisory services offered through Magnus; securities offered through third party custodial relationships. More information about Magnus can be found on its Form ADV at


This report is intended solely for the use of its recipient. There is a fee associated with the access to this report and the information and materials presented herein. Re-distribution or republication of this report and its contents are prohibited. Expert use is implied.


Asset class performance was measured using the following benchmarks: U.S. Large Cap Stocks: S&P 500 TR Index; U.S. Small & Micro Cap: Russell 2000 TR Index; Intl Dev Large Cap Stocks: MSCI EAFE GR Index; Emerging & Frontier Market Stocks: MSCI Emerging Markets GR Index; U.S. Intermediate-Term Muni Bonds: Bloomberg Barclays 1-10 (1-12 Yr) Muni Bond TR Index; U.S. Intermediate-Term Bonds: Bloomberg Barclays U.S. Aggregate Bond TR Index; U.S. High Yield Bonds: Bloomberg Barclays U.S. Corporate High Yield TR Index; U.S. Bank Loans: S&P/LSTA U.S. Leveraged Loan Index; Intl Developed Bonds: Bloomberg Barclays Global Aggregate ex-U.S. Index; Emerging & Frontier Market Bonds: JPMorgan EMBI Global Diversified TR Index; U.S. REITs: MSCI U.S. REIT GR Index, Ex U.S. Real Estate Securities: S&P Global Ex-U.S. Property TR Index; Commodity Futures: Bloomberg Commodity TR Index; Midstream Energy: Alerian MLP TR Index; Gold: LBMA Gold Price, U.S. 60/40: 60% S&P 500 TR Index; 40% Bloomberg Barclays U.S. Aggregate Bond TR Index; Global 60/40: 60% MSCI ACWI GR Index; 40% Bloomberg Barclays Global Aggregate Bond TR Index.