October monthly reports published
October showed continued strong macro data with synchronized growth in most developed economies right now, resulting in higher stock prices and lower credit spreads. Interest rates in the US ended the month relatively unchanged as President Trump finally nominated what the market interpreted as a slightly more dovish FED Governor in Jerome Powell. In Europe interest rates came down despite strong macro data after ECB Governor Draghi announced halving bond purchases in 2018 from € 60 Bn per month to € 30 Bn, but at the same time promising more monetary stimulus if ever needed. Swedish interest rates also came down after a softer than expected CPI number and a Riksbank which continues to be extremely stimulative.
Excalibur returned -0,11% in October, mainly due to lower Swedish interest rates, and Trude returned -1,20% where lower credit spreads had the most effect.
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