The market has entered panic mode, but we have maintained a steady hand amid the turbulence triggered by Trump’s outrageous tariff plans. Our ability to track the economy in real-time has once again helped us avoid the drawdown. We’re now observing similarly weak growth patterns across the globe, making it difficult to find safe havens anywhere.
The downturn is particularly evident in services such as flights, shipping, and hotel bookings. Accordingly, we’ve leaned short in commodities sensitive to the growth picture, while increasing our bond exposure as price inflation is now falling rapidly worldwide.
We are fully aware that these are unprecedented times. We remain highly vigilant and continue to stay on top of developments using our nowcasting technology. Despite the turmoil, we remain optimistic about our ability to deliver strong returns.
We have returned approximately +1.66% month-to-date in April, bringing our year-to-date performance to +4.37%.

If you’d like an update on the strategy, please feel free to book a meeting with us here!

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