April 1, 2026
For the quarter, the account rose 3.06% (after-fees) compared to 2.10% (BEFORE fees) for the Russell 1000 (Total Return), outperforming the index by 96 basis points. The S&P 500 DECLINED by 4.33% (DEFORE FEES) over the same period, against which the portfolio outperformed by 739 basis points — with the CT Capital portfolio operating at a considerably lower level of risk than any widely-used benchmark.
Our credit analysis and credit trends have been a key and powerful metric to our work for 53 years!
Consistent, risk‑adjusted, and superior stable performance has defined our analyses and results over the years, a pattern reaffirmed this past quarter despite numerous financial disruptions—echoing similar episodes twice last year. At times, market distortions remain “hidden” intra‑quarter, including those arising from the trillions of dollars that move during quarter‑end positioning. Yesterday’s hyperbolic, Ponzi‑style quarter‑end dynamics were a case in point, made even more perverse by the fact that Iran—not the U.S. President—signaled openness to ending the conflict.
If Iran is truly the party driving events, and given its control over the Strait of Hormuz, the question becomes: what are the implications for global credit markets should Iran choose to restrict passage through that critical chokepoint?
We again encourage all readers who have not yet done so to read the Review in its entirety, as it provides meaningful context and a stronger analytical framework for evaluating the periods ahead.
