October showed continued strong macro data synchronized in most large economies right now, resulting in higher stock prices and lower credit spreads. Interest rates in the US ended relatively unchanged as President Trump finally nominated what the market interprets as a somewhat more dovish Federal Reserve Governor in Jerome Powell. European interest rates ended softer despite strong macro data after ECB Governor Draghi announced halving bond purchases next year from € 60 bn to € 30 Bn, but promised continued monetary stimulus if needed at the same time. Swedish interest rates also came down as inflation data was slightly softer than anticipated and the Riksbank continuing to be extremely stimulative.

Excalibur return in October ended at -0,11%, mainly due to the lower Swedish interest rates, while Trude ended  the month at -1,20% with lower credit spreads affecting returns the most.


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