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A. Stotz All Weather Strategies – November 2025

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The All Weather Strategy is available in Thailand through FINNOMENA. If you’re interested in our allocation strategy, you can also join the Become a Better Investor Community. Please note that this post is not investment advice and should not be seen as recommendations. Also, remember that backtested or past performance is not a reliable indicator of future performance.

What happened in world markets in November 2025

Performance of the World stock markets

  • US was up, but Tech-heavy NASDAQ fell
  • Japan saw strong gains
  • China fell across all three exchanges
  • Europe fell slightly

Find the updated Performance of the World stock markets here.

The most hated rally ever?

  • Retail investors are bearish
  • Yet the S&P 500 is up double digits 2025YTD

60% of global equity markets have reached all-time highs

Institutional investors aren’t sitting on much cash to put into the market

AI spending is still low as a share of GDP

Exploding debt costs if yields rise, yen collapse if the BoJ prints to stop rising yields

  • Higher yields make Japan’s huge government debt harder to finance
  • Falling bond values causes losses at banks and pensions

China sees a decline in investments

World Equity gained 0.4% in November

  • The strategy has a core target allocation of 20%
  • Mixed economic news led to flat global equity; however, the fund we use gained 0.4% in November 2025

Global Bonds were flat in November

  • The strategy has a core allocation to Global Bonds; the current target allocation is at 45%
  • Mixed expectations about future actions of the biggest central banks led to a flat month

Commodities fell in November 2025

  • We had no target allocation to Commodities

WTI oil closed November at US$59/bbl versus US$62/bbl in October

  • Oil became cheaper as supply remained ample

Precious Metals was strongest in November 2025

Gold gained 3.3% in November 2025

  • We had a 10% target allocation to Gold
  • Gold closed the month at US$4,219/oz t
  • Continued geopolitical risk and expectations about a coming Fed rate cut drove up the price

All currencies have weakened >30% against Gold 2025YTD

  • A stronger US$ usually pushes gold prices down
  • But if demand surges, gold can still rise even against a strong dollar
  • Gold exposes real currency debasement by revealing lost purchasing power

Performance review: All Weather Inflation Guard

All Weather Inflation Guard gained 0.3%

Since inception, the strategy was up 17.9% and 8.2% above a 40/60 portfolio

  • The strategy has also experienced less volatility

In November 2025, the strategy was up 0.3%, which was 0.4% above the 40/60 portfolio

  • Gold outperformed significantly
  • Our 5% tilts to Financials did well, while Info. Tech. underperformed
  • The World Equity fund we use in the strategy outperformed slightly

The strategy has outperformed a 40/60 portfolio by 0.2% 2025YTD

  • The strategy beat a 40/60 portfolio by 1.0% in 2024

Performance review: All Weather Strategy

All Weather Strategy lost 1.6%

Since inception, the strategy was up 71.7% and 28.7% above a 60/40 portfolio

In November 2025, the strategy was down 1.6%, which was 1.4% below the 60/40 portfolio

  • Our 25% allocation to Gold did great
  • Our 25% allocations to Asia Pacific ex Japan ex China and China drove the underperformance
  • A 5% allocation to the outperforming Japan fund helped offset a bit

The strategy has added 5.0% value compared to a 60/40 portfolio in 2025YTD

  • The strategy beat a 60/40 portfolio by 7.0% in 2024

Performance review: All Weather Alpha Focus

All Weather Alpha Focus gained 2.1%

Since inception, the strategy was up 21.7% and 14.2% above a 60/40 portfolio

And 1.3% below World Equity, but with a lot less volatility

In November 2025, the strategy was up 2.1%, which was 2.3% above the 60/40 portfolio

  • Our 20% tilt to Precious Metals Miners outperformed massively
  • Healthcare, Gold, and Infrastructure helped the  outperformance, too
  • Our 20% tilts to Vietnam and China Small Caps dragged on performance

The strategy has added 8.2% value compared to a 60/40 portfolio in 2025YTD

  • The strategy beat a 60/40 portfolio by 3.7% in 2024

DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article.

Posted in All Weather Strategy