July was another challenging month for the growth side of the portfolio. US Growth fell -10.9%, its second straight double-digit decline after June’s -14.1%, while Tactical ETFs slipped -2.0% for a second consecutive negative month. SG Dividend was the lone bright spot, rebounding +4.1% — its best month since April — and once again the only strategy in positive territory. Despite back-to-back rough months, US Growth remains the year’s top performer at +28.0% YTD, though that lead has narrowed sharply. Back in June, US Growth’s H1 return of 38.9% was nearly 18 points ahead of SG Dividend’s 21.0%. That gap is now under 3 points, with SG Dividend at +25.1% YTD. Tactical ETFs trails at +6.3% YTD.

Macro And Markets

July’s macro backdrop stayed noisy. The Fed’s July 29 meeting ended in a 9-3 vote to...