Takeaways? Mixed

It was completely rational that a diversified global portfolio perform in this manner. A diversified portfolio is not only USD-centric. It would fit correctly into the “glue.”

That said, it is a bit odd that adjustments to the inputs were not made, we will never completely know why this is the case. It may, in the very long run, work its way back. For now, however, let’s leave as an explanation for the very recent performance, and reveals what is “underneath the hood.”

Note that “intelligent portfolios” by robo-advisors or “global equity ETFs” may have been affected by the foreign exchange market described here.

We will see, over time, whether or not the machines underneath the hood adjust.