September capped a strong quarter for Umbra MPS, with all 31 models outperforming ARC benchmarks. Gains were broad-based across equities, fixed income, and alternatives. Gold soared +11% on fiscal and geopolitical concerns, while global infrastructure rose +2.2%. Equity strength came from Japan and Asia, supported by a weaker dollar and AI momentum. The Fed’s first rate cut of the year, easing trade frictions, and firm macro data buoyed sentiment. Umbra portfolios remain well diversified, maintaining disciplined alignment across all strategies.
September closed a robust quarter for Umbra’s MPS, with all 31 risk-rated models outperforming their respective ARC benchmarks. Performance was driven by a diverse mix of equity, fixed income, and alternative exposures.
Across global markets, the recovery from April’s lows persisted. The MSCI ACWI gained +3.6% in September (+7.6% for Q3), supported by robust earnings and optimism around AI. The S&P 500 advanced +3.7%, while Japan’s Nikkei 225 gained +5.8% and China surged +9.5% as liquidity and policy support strengthened confidence.
Fixed income added stability, with further spread tightening driving strong returns in high yield and emerging-market debt. The Federal Reserve’s first rate cut of 2025, combined with easing trade tensions and steady corporate earnings, reinforced risk sentiment. The Bank of England held rates at 4% but trimmed its quantitative-tightening target.
Alternatives continued to shine. Gold rose +11.4% in September (+16.6% for Q3) as trade tensions, fiscal profligacy, and currency debasement fears boosted demand. Global infrastructure also delivered gains (+2.2% in September, +5.6% for Q3), supported by renewed investment in energy capacity, AI infrastructure, and climate commitments.
Umbra’s portfolios posted strong absolute and relative gains, with outperformance seen across all risk profiles. Long-term returns across one, three, and five years remain ahead of benchmarks.
