February monthly reports published
February started out with sharply falling equity markets and higher volatility indices. Interest rates in the US drifter higher all month despite falling equities, driven by strong macro numbers and higher prices seen in both CPI and wage development. In Sweden a lower than expected CPI number and following minutes from the Riksbank showing concern over inflation falling back, led to interest rates falling back towards all time lows again. In Europe the coalition discussions in Germany and upcoming election in Italy had little impact and Europe moved sideways.
Excalibur gained from higher interest rates in the US but lost on the lower interest rates in Sweden and ended at -0,41% for February. Trude also lost on the Swedish downturn in rates, but gained from wider credit spreads and higher volatility and returned -0,40% in total. Log in with your password and read the entire monthly report for Excalibur and Trude with market comments, numbers and thoughts ahead.