State of the Themes: Q1 2025
Our Quarterly Review
Preface
Our last State of the Themes was released the day before the election and, in keeping with our commitment to release when everyone is focused on anything but thematic equity, we’re releasing this quarter’s right before March FOMC during the first real market drawdown since last summer.
Without further ado,
The State of the Themes: Q1 2025
Citrindex Core Portfolio Performance
Year to date, our Core Thematic Portfolio - comprised of our best ideas and active management of our published baskets - has returned +4.17%. The baskets that have contributed to this return are:
QTD Contributors (Total Return YTD, Average Weight, CTR)
Chinese Equity Barbell (+21.15%, 10.96%, 2.32%)
Hedges (+38.41%, 3.32%, +1.83%)
Fiscal Primacy (+13.07%, 11.23%, +1.46%)
QTD Detractors (Total Return QTD, Average Weight, CTR)
Connectivity (-8.17%, 5.61%, -0.55%)
NatGas (-9.56%, 7.38%, -0.74%)
Medtech & Healthcare Innovation (-15.43%, 14.00%, -1.06%)
Below the paywall: CitriniResearch’s Q1 Thematic Chartbook for the 30+ themes in our coverage, as well as short commentary and suggested adjustments to thematic basket exposures.