Dear investors and followers,

The relief rally from Trump’s apparent semi back-tracking on the tarriffs issue continued and drove up equities. The key question, however, is still whether the de facto embargo between US and China ends this month, and to which extent sectorial tariffs will hit equity markets on Wednesday when announced. The USD has been SUPER weak versus Asian FX, and we are participating in that move via a position in JPY and CNH.

Our models on inflation remain much more benign than feared by many, but the big surprise is currently that European and Asian growth are doing WORSE than the US. This is also something that we are going to capture in our risk taking in coming weeks.

We had our BEST month on record in April, and we are running at incredible sharpe- and sortino ratios so far this year. We expect a strong return profile through May and June as well.

Best regards

Andreas Steno, CIO