Q1 Strategic Opportunities Fund Commentary
We entered 2025 with heightened expectations of change as President Trump began his new term. Indeed, the first quarter of 2025 was a marked departure from the relative stability in 2024. While the baseline recession probability remained moderately low as chairman Powell stated in his March FOMC press meeting, the risk has likely increased. Navigating […]
Q4 Strategic Opportunities Fund Commentary
Despite some political and economic uncertainties in many developed economies, 2024 was marked by relative stability. Political transitions in Taiwan, France, the UK, and Japan, as well as a significant shift in the US political landscape with a Republican resurgence, occurred in a calm and orderly manner. Even the brief imposition of martial law in […]
Q3 Strategic Opportunities Fund Commentary
3Q2024 was dramatic. We started 3Q 2024 with a rigorous debate about the potential of recession after Sahm’s rule was triggered. The Fed later cut 50 bps then across the pacific the PBOC followed suit with its own stimulus plans. Though we are not a macro driven fund, we could not help but to realize […]
Q2 Strategic Opportunities Fund Commentary
Macroeconomic forecasting is a humbling job. We started the year with an expectation of at least 4 rate cuts from the Fed but by the middle of the second quarter, that expectation was significantly reduced to just 2 cuts (even 1 cut to some forecasters). Coming to the end of June, the consensus trended towards […]
Q1 Strategic Opportunities Fund Commentary
Financial markets started the year on a note of optimism, buoyed by expectations of at least 4 rate cuts and the confidence that the US economy would be able to avoid a recession. The tailwind from this benign narrative, increasingly became a headwind and source of volatility as the tenacity of inflation and the resilience […]
Q4 Strategic Opportunities Fund Commentary
The year 2023 was truly a remarkable year. We witnessed many events, from the multiple bank failures to the Hamas-Israel war and to the 10-year US rate hitting the 5% mark. Yet none of these could stop the magnificent seven from keeping the bull market going. Our portfolio delivered a positive performance of nearly 44% […]
Q3 Strategic Opportunities Fund Commentary
Our YTD performance for 3Q2023 closed at approximately 26.25%, slightly lower than the previous quarter. Our portfolio rose initially before the downdraft in September that effectively erased all the gains of the summer. Even though we focus on selecting businesses that we believe will deliver superior long-term value, we are not immune to the macro […]
Q2 Strategic Opportunities Fund Commentary
We ended the second quarter with a YTD positive performance of about 29%. Just after the market closed on 30 June 2023, Apple reached a market cap of 3 trillion Dollars, the highest ever achieved by any company to date. In this light, let us take this opportunity to address a major point of controversy […]
Q1 Strategic Opportunities Fund Commentary
In Q1 2023, the market experienced significant rare events, including the failure of Silicon Valley Bank and other regional banks in the US, as well as the forced merger of Credit Suisse and UBS. Despite the speed and rarity of these events, financial markets remained relatively calm, helped by the regulators’ prompt and forceful response […]
Q4 Strategic Opportunities Fund Commentary
The year 2022 has truly been a uniquely humbling year. Financial assets tumbled across the board in reaction to FED’s response to rising inflation. With the exception of energy, prices across capital & commodity markets fell, and the positive correlation was astounding. Our portfolio has experienced a 31.53% downdraft in the year. In 4Q 2022 […]
