Dear all,

Despite a fairly benign presser from Powell Wednesday, the continuation of sour risk sentiment and weak economic data has made it difficult to make money in equities, crypto and the likes, while fixed income has been one of the few places to hide together with copper and gold as tariff hedges have come back once again.

We had decent luck with fixed income positioning and are now focusing on how to play the much-anticipated Trump tarriffs next week. We have entered a short gold position to capitalize on easing pressures due to the uncertainty over the Trump tarriff plans as well as the potential for the exclusion of Switzerland in the tarriffs scope. Furthermore we have entered a short copper position to leverage tarriff announcement effects as well. We have seen massive stockpiling of copper in anticipation of the tarriffs (which makes a lot of sense, really!) and are anticipating a sell-off after buyers receive more clarity over the tarriff question. In the slightly longer term, we’re obviously on the look-out for the central bank sentiment which appears to be very much in “waiting mode”. More on that next week!

So far, we’re really pleased with the performance of the fund through a very trying Q1 and looking to build on this in coming quarters.

We have returned approximately .52% through March so far and are now up 2.71% year to date.

If you would like an update on the strategy and your investment options, please book a meeting with us here!

Best regards,
Asgard-Steno Global Macro Fund

Performance chart of the week: