December return comment
When we sum up the yield changes in the fixed income markets where the Excalibur fund is active, they add up to a sideways pattern. Incoming economic data did not deliver any surprises either. The month can thereby be described with the term consolidation after the very strong upturn in risk appetite in November.
The Excalibur return in December mirrored the sideways pattern in the fixed income markets where the fund is active. Total return for the month was 0,24 percent. The fixed income strategies utilized in the fund has delivered 10,90 percent for the full year of 2020 and the returns from the fund since inception has been 146,69 percent. Looking into 2021, market conditions continues to look favorable.