"it doesn't exclude the fact that trade tensions between US and China are going to affect returns for the portfolio until it is resolved."
Market returns, perhaps. Company returns, not so much. Which in my mind is what presents a great buying opportunity.
"I'm also underwater on PMC. I bought back in Oct 2017. Also a bit annoying that PMC is underperforming against IVV which I also hold."
The S&P500 PE ratio has now expanded to 24. Meanwhile the Shanghai Stock Exchange, for example, sits just under 14. The PMC holdings average well under that.
Given the very different valuations, there could be an argument of a reversion to the mean. If it were me, I'd be considering shifting my now historically overvalued profits to a historically undervalued home.
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