Dear all,

Last week was another solid performance for our macro strategy as we successfully navigated a tariff-fueled market environment. We found “shelter” in our strategy, favoring precious metals, JPY, and other macro momentum bets in response to incoming tariffs.

The reciprocal tariffs expected this week will be important to monitor in our nowcasts. For now, both China and Europe appear well-equipped to handle them, particularly as they have lower average starting tariffs compared to India, Brazil, and other large emerging market economies, which are more vulnerable to losing export market share in a tariff war.

We remain vigilant for signals of physical market distortions caused by tariffs, such as those recently observed in Copper and Gold, where physical metals have shifted location in an attempt to front-run the tariffs.

A particularly interesting development over the past 1–2 weeks—contrary to common perception—is the early signs of inflation (and growth) rolling over in the U.S. economy. This trend could support lower bond yields and a weaker USD, particularly against JPY.

We have returned approximately 0.72% through February so far and are now up 3.52% year to date.

If you want an update on the strategy or help with onboarding, please book us directly here: BOOK CALL

Best regards,
Andreas Steno
Chief Investment Officer,
Asgard-Steno Global Macro Fund