Last month our Aggressive Powerfund Portfolio, which debuted on March 31st, 2002, moved past the 300% since-inception return mark (recent weakness in bonds and stocks currently put us just below that level).  In the warm glow of the rearview mirror, that 300% (or just over 11% annualized) seems pretty grand. But it’s important to look at what actually happened to generate that return and consider how repeatable it is. “Past performance is no indication of future results” is as true for us as anyone else.

March was a pretty lousy month for stocks globally. The 2015 market is turning out to be a little topsy-turvy, with quick rebounds and drops. Our Conservativeportfolio moved more or less with the markets, while our more uniquely positioned Aggressive portfolio bucked the benchmarks with a nice gain, giving us a decent spread of about 4% over the S&P 500 thus far in 2015.

We're throwing open the windows, sweeping the floors, and tidying up both Powerfund portfolios with big spring cleaning trades in each. We're cutting back on a speculative short fund that's produced some of our biggest gains ever. We're waving goodbye to a fund we've held twice since 2003. And we're saying hello to a brand new position in an international bond fund of mystery - a fund category we ditched years ago when the Euro was riding high. Read all about it by clicking here.

So far, so good. 2015 is off to a nice start. At least for us. The S&P 500 was down 3% while both of our portfolios were up just over 2%. That's a 5% performance gap, and it's only been four weeks.