Overview
During the 4th quarter of 2018, my non-taxable portfolio generated a loss of 13.86%, while S&P 500 was down 14.28% (see the table below for a full comparison against major indices).
Index Data Source: Yahoo Finance.
The absolute performance was certainly unsatisfactory, although the portfolio outperformed the benchmark again (by a narrow margin this time) since my last update (see My Quarterly Non-Taxable Portfolio Update).
In general, I would expect high chances of outperformance during market downturns and of underperformance during bull markets in terms of this portfolio due to its emphasis on