November Market Performance

The Equity Market Went Defensive in November

November proved once again why TPP stands apart. While global equity markets stumbled, our strategies delivered exactly what sophisticated investors demand: consistent, positive returns regardless of market direction.

The MSCI All Countries World Index slipped -0.09% for the month, with the U.S. S&P 500 barely managing to stay positive at 0.13%. Emerging markets faced steeper declines of -2.4%,whilst MSCI Asia ex-Japan dropped -2.8%.

Yet amidst this challenging environment, our traders identified and capitalised on genuine opportunities. The result? An impressive average gain of 1.70% across TPP strategies in November alone, propelling our year-to-date performance to an exceptional 28.60%. Our congratulations to the entire trading and portfolio management team—with one month remaining, the momentum continues.

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Market Summary

November witnessed a significant shift in market dynamics. The defensive rotation that began accelerating through autumn intensified, with traditionally stable sectors substantially outperforming their cyclical and technology counterparts.

Global equities paused their ascent despite the resolution of the 43-day U.S. government shutdown mid-month. Persistent uncertainty surrounding economic data, growth trajectories, and monetary policy direction kept investor sentiment cautious. Developed market equities advanced a modest 0.3%, even as corporate earnings remained robust and expectations grew for a Federal Reserve rate cut in December.

Technology sectors bore the brunt of November's volatility, weighing heavily on growth-oriented equities, which declined -1.3% and lagged value stocks by a substantial 3.5 percentage points. Technology-concentrated markets, including South Korea and Taiwan, which have surged throughout the year, experienced sharper reversals, contributing to emerging markets' -2.7 percentage point underperformance relative to developed markets.

Energy market headwinds compounded pressure on Middle Eastern indices, as forecasts point toward oil market surplus conditions in coming years. Commodities posted overall modest gains for November, with strength in precious metals offsetting weakness across energy and industrial metals.

Fixed income markets remained largely range-bound, returning little as softer U.S. employment and consumer sentiment data provided support, whilst concerns over increased future supply tempered gains.

TPP Performance

November exemplified TPP's core value proposition. Whilst broader markets languished or declined, every TPP portfolio delivered positive returns. This is active management at its finest.

Certainly, our platform includes passive index-tracking strategies, and several recorded negative returns last month, but this is precisely why our multi-strategy philosophy exists. By dynamically allocating across diverse approaches and actively timing market entries and exits, we transformed a difficult market environment into another month of client gains.

Our least successful strategy, the S&P Tracker, declined -2.0% as expected given index performance. However, numerous TPP strategies more than offset this decline with substantially positive results, which is why it pays to have a diverse portfolio. Here were the best of the bunch for November.

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This diversified, multi-strategy ethos enables us to neutralise market losses whilst amplifying returns from our most effective active approaches, delivering yet another profitable month for TPP clients.

Why TPP?

The traditional wealth management model is stale. Your adviser collects their fees regardless of performance. Market declines are external factors beyond their control, yet market gains somehow validate their expertise. The inconvenient truth: approximately 80% of professional fund managers consistently fail to outperform simple index funds, making selecting one which will outperform in any given year almost impossible.

We built TPP to solve precisely this problem, delivering retail investors institutional-grade access to sophisticated multi-strategy, multi-asset portfolios that blend active and passive approaches. Our professional traders are tasked with one goal: exceed benchmarks and compound client wealth.

Our incentives align completely with yours. When you profit and achieve your financial objectives, our business grows. We hold our traders and portfolio managers to one uncompromising standard: outperform their designated benchmarks over the year.

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2025 Is Shaping Up to Be Another Exceptional Year for TPP

We're fundamentally reimagining investment management by placing you, the client, at the centre of our mission. But we understand that actions speak louder than words, so please visit our website to examine live data and comprehensive performance records. Every single trade is documented, every gain and loss fully visible. Complete transparency, without exception.

You deserve to know exactly what your capital is doing at every moment. Because ultimately, it's your money and your financial future.

Ready to experience investment management that works for you? Discover how TPP can transform your portfolio performance.

Disclaimer: The views expressed in this article are the author’s own and should not be considered to render any legal, business or financial advice. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions.

Past performance may not be indicative of future results. Therefore, you should not assume that the future performance of any specific investment or investment strategy will be profitable or equal to the corresponding past performance.

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