After Q1 the fund is performing just above the morningstar conservatative balanced catagory average - an also ran. If you look at the elemets of the portfolio you can see how we got to the 6% Q1 return. Below are how the Q1 market segments did:
Q1 us stocks up 12% Q1 gold / silver up 8% Q1 swiss fr up 4% Q1 gvt bonds ~0%
Should we be satistified? I think so since only 35% of the fund is in stocks.