LCI Monthly Strategy Review April 2026
April was a tough relative month for SE (active-enhanced) strategies. All 9 SE sleeves lagged their benchmarks by 100–214 bps. The two primary drags were shared across every SE strategy:
- Gold: down ~3.4% (CHF), ~2.8% (EUR), ~1.5% (USD) — Gold's 10% weight translated to -34 bps (CHF/EUR SE) to -15 bps (USD SE) at the total portfolio level.
- Amundi Stoxx Europe Defense ETF: newly initiated across all SE strategies this month (1–3% weight), immediately detracted - down ~3.1% CHF, ~2.5% EUR, ~1.2% USD. The rotation funded by trimming US equity (S&P 500, MSCI USA) and/or Euro Stoxx 50.
S (semi-passive) strategies were broadly in line with their benchmarks. Balanced CHF S essentially matched (+2 bps); Growth CHF S and EUR S were within -10 and -24 bps respectively. The small shortfalls reflect a fixed-income tilt that lagged in a strong equity month.
RELATIVE PERFORMANCE (April, bps vs benchmark)
LCI Yield CHF S -75 bps
LCI Yield EUR S -80 bps
LCI Yield USD S -101 bps
LCI Balanced CHF S +2 bps
LCI Balanced EUR S -11 bps
LCI Balanced USD S -53 bps
LCI Growth CHF S -10 bps
LCI Growth EUR S -24 bps
LCI Growth USD S -28 bps
LCI Yield CHF SE -145 bps
LCI Yield EUR SE -172 bps
LCI Yield USD SE -188 bps
LCI Balanced CHF SE -114 bps
LCI Balanced EUR SE -147 bps
LCI Balanced USD SE -189 bps
LCI Growth CHF SE -172 bps
LCI Growth EUR SE -205 bps
LCI Growth USD SE -214 bps
YTD CUSHIONS REMAIN SOLID
Every strategy is ahead of its benchmark year-to-date.
BEST PERFORMER OF THE MONTH
Amundi MSCI Korea was the universal standout across all strategies,
returning +32.4% (CHF) / +33.2% (EUR) / +34.9% (USD).
FX IMPACT SUMMARY
CHF strategies: negative FX impact due to CHF strength.
EUR strategies: negative FX impact mainly from USD weakness.
USD strategies: positive FX contribution from weaker USD.
PORTFOLIO CHANGES THIS MONTH
Changes occurred exclusively in SE strategies (S sleeves: no changes).
All 9 SE strategies initiated Amundi Stoxx Europe Defense ETF.
EDITORIAL NOTE
The April shortfall in SE strategies is the direct cost of two active bets — gold and European defence — neither of which has been reversed. The YTD lead across all strategies provides meaningful buffer; the key question for May is whether the Defence ETF recovers or consolidates further after its April sell-off.
