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 […]
Q3 Strategic Opportunities Fund Commentary
Global equities ended the 3 quarter on a negative note. Chinese equities continued the downward momentum that started in February. On top of the ongoing concerns over regulatory tightening, reforms and the health of Huarong, worries over the ability of Evergrande to service its debt became a focal point of the Chinese capital markets in […]
Q4 Strategic Opportunities Fund Commentary
2021 was an eventful year, marked by high drama in geopolitics, the ever-changing face of the pandemic, and the marked divergence in the stock performance of the world’s largest and second-largest economy. The emergence of the Omicron variant towards the end of 2021 was a stark reminder that the pandemic is far from over. Its […]
Q1 Strategic Opportunities Fund Commentary
The setup for financial markets as we entered 2022 was challenging. Inflation was rising rapidly globally, resulting from supply chain constraints, rising commodity & energy prices, and wages. The 10-year Treasury benchmark yield, reflecting this concern and anticipating the onset of rate hikes by the FED, went from 1.51% to 2.38% at the end of […]
Q2 Strategic Opportunities Fund Commentary
Financial assets endured a difficult quarter. The war in Ukraine disrupted global energy and grain markets, pushing inflationary pressure up everywhere. US headline inflation rose to 9.1% in June. 10-year US Treasury yields hit a high of 3.5% in the quarter, rising from 1.5% at the end of last year. Central banks’ expansionary monetary policy […]
Q3 Strategic Opportunities Fund Commentary
It had been hoped that going through the first 2 volatile quarters this year, the financial market would demonstrate some signs of stability in the third quarter. And indeed we had a short-lived rally that started in mid-June and ended in mid-August. However, taking a more cautious stance, we took that opportunity to exit certain […]
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 […]
