December monthly reports published
December turned out to be a strong month with solid macro data, higher commodity prices, stable equity and credit markets and somewhat higher interest rates. Both Excalibur and Trude gained from the higher yields, and Excalibur also took advantage of US short rates going up more than the longer rates, as Federal Reserve hiked the FED Funds rate again. Trude on the other hand gained from higher yields in peripheral Europe, partly coming from the announcement in Italy of an upcoming parliamentary election.
Excalibur December return was +0.43%, and Trude December return was +0.29%.
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