January monthly reports published
January 2018 started out with a strong rally in the equity markets, higher yields, collapsing crypto currencies and a weak dollar. However, market sentiment changed towards the end of the month as risk appetite faded with strong macro numbers, but more importantly higher labor cost data from the US. Fear of inflation came back into the market and a feeling that the very long trend with lower interest rates may have turned.
Excalibur gained from higher interest rates but lost some this month on the weak dollar and ended at -0,12%. Trude lost -0,08% and they gained from higher yields and momentum trading, but had some relative value positions close the month at disadvantegeous levels. A higher volatility and potential risk aversion going forward will most likely create opportunities for our funds. Log in with your password and read the entire monthly report for Excalibur and Trude with market comments, numbers and thoughts ahead.