Minimum volatility strategies are having a scorching run in 2019. This year min volatility funds are boasting outperformance above the benchmark in a largely bull market, with IShares Min Vol ETF (USMV) gaining 22% against S&P 500’s 19%. These figures may come across as surprising; min vol is typically pitched as safety trade with better downside protection than the market, but less upside potential. Is minimum volatility purely a defensive portfolio solution?