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Cumulare Asset Management
Portfolio Tear Sheets
Cumulare's US Equity Diversified Portfolio beat the S&P 500 by 6%, achieving a 24% return, net of fees, in 2025. (Our compound annualized return since inception, seven years ago, is 20%.)
We were heavily overweight the banks, which benefited from a loosening US regulatory environment – top performer was Citigroup, +70% for the year.
Artificial Intelligence remains a major theme, with excellent performance from our big stakes in Alphabet/Google (+66%), and semiconductors.
US industrial stocks like Caterpillar (+60%) and General Motors (+54%) also provided a strong boost.
Past performance is not necessarily indicative of future results.
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