April Performance Update: Riding The Risk-On Rebound
March was a month of contrasts for the stock lists:
Markets shook off March’s scare and surged to fresh highs in April, powered by AI, tech, and strong US earnings.
Your three model strategies all had a standout month: SG Dividend +9.7%, Tactical ETFs +20.8%, US Growth +27.5%.
Year to date, US Growth is leading at 27.6%, with SG Dividend and Tactical ETFs not far behind at 24.5% and 20.4% respectively.
Macro snapshot: from oil shock to new highs
After a bruising March driven by Middle East tensions and higher-rate worries, April flipped the script. Global equities, led by the US, pushed back to – and through – previous highs as fears of an extended sell-off faded.
In the US, inflation ticked up: headline CPI rose 3.3% year on year in March, up from 2.4% in February, largely thanks to higher energy prices. That keeps the Federal Reserve in “wait and see” mode rather than rushing to cut, but markets are increasingly comfortable with the idea of “higher for a bit longer” as long as growth and earnings hold up.
Markets: AI and earnings in the driver’s seat
The S&P 500 hit a record close around 7,231 on 30 April, capping an 9% gain over the past month – a huge move by historical standards. The rally has been heavily led by technology and semiconductor names as investors continue to price in the earnings potential of AI infrastructure spend.
Under the surface, earnings are doing a lot of the heavy lifting. Roughly a quarter of S&P 500 companies had reported by late April, with both the share of “beats” and the size of earnings surprises running above recent averages and the index posting double‑digit year‑on‑year earnings growth for the sixth straight quarter. In short: the market isn’t just re‑rating; profits are actually coming through.
This backdrop – solid earnings, still‑elevated but manageable inflation, and a powerful momentum trend – is exactly the kind of environment where growth and tactical strategies can shine, as April’s numbers show.
Portfolio at a glance
Here’s how the Money Unfiltered strategies did in April:
SG Dividend: +9.7% in April; +24.5% YTD
Tactical ETFs: +20.8% in April; +20.4% YTD
US Growth: +27.5% in April; +27.6% YTD
All three strategies outpaced broad global benchmarks this month, with US Growth and Tactical ETFs in particular benefiting from the sharp rebound in risk assets and the AI‑driven melt‑up in US markets.
SG Dividend – steady compounding, turbocharged month
What happened
SG Dividend gained 9.7% in April, building on a strong 7.6% in March after positive returns in both January and February. That brings the year‑to‑date return to 24.5%, which is exactly what you want to see from a core, income‑oriented sleeve that’s also participating meaningfully in upside.
The move was helped by:
A broad rebound in regional financials and REITs as rate‑cut hopes further out the curve remained alive despite the latest inflation blip.
Continued investor search for yield as real cash returns remain modest once you subtract inflation.
How I’m thinking about it
For SG Dividend, the focus remains:
Prioritising sustainable payout ratios and strong balance sheets over headline yield.
Avoiding REITs and high‑debt names that are most vulnerable if rates stay higher for longer than the market expects.
After back‑to‑back strong months, I’m comfortable keeping this as a core “sleep‑well‑at‑night” allocation, but I’m following our valuations model strictly – especially in popular blue‑chip dividend names that have rerated hard this year.
Tactical ETFs – volatility turned into opportunity
What happened
Tactical ETFs bounced 20.8% in April after a 4.5% drawdown in March, taking YTD performance to 20.4%. The whipsaw is by design: this sleeve is meant to lean into dislocations and momentum, not smooth them away.
Key drivers included:
Re‑risking into US equity and tech exposures as the March sell‑off pushed indicators into “oversold” territory.
Benefiting from the subsequent snapback as markets moved from early‑April oil‑shock worries to late‑April record highs.
US Growth – when the wind is at your back
What happened
US Growth had a standout month, returning 27.5% in April after smaller gains in January and March and a double‑digit dip in February. That puts the strategy at 27.6% YTD, marginally ahead of SG Dividend and comfortably ahead of most broad indices.
The rally was powered by:
Concentrated exposure to US growth and tech names that have been prime beneficiaries of the AI and semiconductor boom.
A supportive earnings season where many growth leaders beat expectations and raised guidance.
What this means
This is exactly the type of environment where a growth tilt earns its keep – but it’s also when drawdown risk quietly rises:
Valuations in parts of US growth and AI are now baking in a lot of good news.
Any disappointment – on earnings, regulation, or macro – could trigger sharp pullbacks.
How the pieces fit together
Putting all three strategies side by side:
Diversification did its job. The February drawdown in US Growth and March wobble in Tactical ETFs were cushioned by SG Dividend’s resilience.
April shows the payoff for staying invested. The temptation to de‑risk after March’s headlines was high, but sticking to the plan allowed the portfolio to participate fully in the rebound.
Risk is higher now, not lower. After such strong gains and new highs in US markets, forward returns are likely to be lumpier, even if the longer‑term trend remains intact.
Looking ahead to May
Here’s what I’m watching and how that feeds into positioning:
Inflation and the Fed: With inflation still above target at around 3.3% and energy prices lively, the Fed can’t fully relax. A hawkish surprise would hit growth and high‑duration assets first.
Earnings breadth: Early-season results are strong; the question is whether beats remain broad‑based beyond the mega‑caps.
Geopolitics and oil: Any escalation around key shipping lanes could quickly sneak back into inflation and risk sentiment.
Portfolio stance for now
Keep the core in SG Dividend for stability and income.
Stay constructive but selective in US Growth – favouring quality names with real earnings and strong balance sheets, trimming speculative edges.
Use Tactical ETFs as the flexible lever: willing to add on pullbacks and reduce after outsized runs, guided by data rather than headlines.
Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.