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February 2020: Altaica Alpha Strategies Fund: -1.33%

By | Multi Alpha Strategies

February was a turbulent month. The impact of the Covid-19 virus started to become visible in the financial markets. It set the sentiment upside down. Especially CTA managers and Credit managers turned out to be vulnerable for this sentiment swing. The prosperous intra month perspectives of the Long Short Equity Managers were lost. The big profits were blown away. The portfolio was saved by the strong development of Global Macro managers as well as the Crypto Currency positions. The latter positions were closed by us almost at the top of the market. We have the intention to step back in after a correction. This correction started earlier and more aggressively as we could imagine. For the next months the environment…

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February 2020: Altaica Sustainable Long Short Equity: -3.97%

By | Emerging Alpha Eur-Asia

Equity markets sentiment was extremely bullish during most of February 2020, until its last week. An abrupt and devastating change in sentiment and market direction was ignited by the Covid-19 virus. The virus started to spread all over Europe. Heavily hit by the virus are Italy and Spain. Just these two countries which are still struggling to recover from the financial crisis were forced to close down large parts of their economies. Almost all our individual equities ended the month with losses. The only exeptions were Novozymes (+5.26%) and Applied Materials (+0.95%). The most heavily hit equities in our portfolio were; Walt Disney (-14.28%), Cisco Systems (-12.5%) and Danone (-12.23%). The sectors Technology and Industrials took the hardest hits. The…

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January 2020: Altaica Alpha Strategies Fund: +2.36%

By | Multi Alpha Strategies

The year 2020 started well for most of our strategies. There were only a few funds with negative results. The fund gained 2.36% for the month of January. This even could have been better without the turmoil in the last week of the month. The corona virus ignited a volatility spike which erased some of the profits of CTA managers and Equity Long Short managers. Within the category Other we have a long position in Crypto Currencies which gained an exceptional 40%. Besides the Crypto Currencies one CTA manager performed particularly well with a jump of 26.5%. The other CTA managers performed more modestly. Two of the CTA managers unfortunately ended up in the red. Global Macro was the biggest…

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January 2020: Altaica Sustainable Long Short Equity: 0.82%

By | Emerging Alpha Eur-Asia

Equity markets extended the strong bullish trend of 2019 in early January 2020. However, at the end of January the positive sentiment got disrupted by the Corona virus worries. All major indices ended up in the red for January. The hedge position of our portfolio kept the portfolio result positive over January. This gave us an outperformance of 1.42% over the Long Only Equity Benchmark. The best performing company in the portfolio was Novozymes (+11.8%), followed by Microsoft (+5.4%) and RELX (+5.2%). Negative results came from Illumina (-13.4%), Applied Materials (-7.5%) and ASML (-6.95%). But the biggest negative impact on the portfolio was caused by the Emerging Markets ESG ETF; this is a large position and over January it suffered…

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December 2019: Altaica Alpha Strategies Fund: -0.01%

By | Multi Alpha Strategies

December’s strategies performance was quite diversified. CTA’s and Equity related investments performed positive, Global Macro and the other strategies suffered losses. Overall we ended up with a small loss of -0.01%. For the year 2019 the result was positive and almost +2%. CTA’s was the best performing strategy. Two CTA managers were top performers of the month with profits of +5.6% and +3.8%. There were also two of them ending December in the red. Over the year the performance differences were even more spectacular; the best performing CTA of 2019 won more than 30% and at the other end of the spectrum there was a manager with a loss of more than 11%. Within Global Macro, our largest position was…

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Altaica Alpha Strategies Fund is now investing in direct real estate and private equity

By | Uncategorized

The Altaica Alpha Strategies Fund has, until a couple of months ago, not been invested in direct real estate and direct private equity. The Altaica Alpha Strategies Fund has mainly been invested in liquid alternatives, of which 50% of the total investments has always been invested in systematic approaches (prospectus guideline). The Altaica Alpha Strategies Fund has recently added the Capiva Plus Fund, a fund that invests both in direct real estate and direct private equity. Since the first of January 2020 the Altaica Alpha Strategies Fund is now also invested in Lionstone Europe Real Estate Fund 1, a newly setup fund with direct investments in the European real estate market. The reasons for investing in direct real estate and…

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December 2019: Altaica Sustainable Long Short Equity: 1.64%

By | Emerging Alpha Eur-Asia

During December 2019 the fund was able to gain 1.64%, bringing the Start To Date performance above the 25%. The combination of a portfolio with a high positive ESG rating and best of class performance (Morningstar) makes Altaica Sustainable Equity Long Short Fund a proposition that is different than the mainstream offerings. We started the month carefully without any leverage. During the month the sentiment turned and it gave us the courage to gear up to a leverage level of almost 60%. The portfolio is still hedged. The best performing shares belonged mainly to the IT sector. Especially Adobe (+7.8%) and Cisco (7.3%) delivered a strong performance. On the losing side we found shares like Assa Abloy (-2.4%) and Walt…

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November 2019: Altaica Alpha Strategies Fund: 1.03%

By | Multi Alpha Strategies

During November the performance differential between managers and strategies was remarkable. We ended up with a positive return of just a little bit more than 1%. The drivers of the performance were CTA (+2.3%) and Equity strategies (+3.2%). The other strategies suffered losses during November. Except two managers all CTA managers performed well. One of the managers which suffered huge losses in previous months was able to turn the tide and recovered partly by 12.1%. The other managers performed more modest with gains and losses between -1.6% and +4.4%. Due to a 4.8% loss of one of our largest positions in the portfolio the category Global Macro dragged down the total performance of the portfolio. The Equity managers performed well….

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November 2019: Altaica Sustainable Long Short Equity: 5.60%

By | Emerging Alpha Eur-Asia

The portfolio performed strongly during November 2019. With a gain of 5.6% it outperformed our long only benchmark by more than 2.4%. This brings us to a total performance of 25.95% since start in March 2019. Our outperformance of the long only benchmark is now up to about 14.5%. The outperformance related to the Long Short Equity Benchmark is more siginificant. At the very end of the month we reduced our leverage factor to zero. The strong positive performance over the last months is making us a bit more careful at the end of the year. The portfolio is still 100% long but also fully hedged by put options on the AEX Index against a market drop of around more…

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October 2019: Altaica Alpha Strategies Fund: -1.74%

By | Multi Alpha Strategies

During October we suffered from a severe currency headwind. The US dollar weakened almost 2%. On portfolio level this is a minus of about 1%. This explains almost the total loss of the portfolio during October. Between the different strategies the performances were quite mixed. First of all one of the big disappointment came from one CTA manager. This manager, one of the big names in the industry, burned all its impressive performance earlier this year into a loss. Last month this fund lost more than 13%, making it the biggest loss maker in the portfolio. This was exceptional because the other CTA manager performed not at all in this way. This also promotes this fund manager on the watch…

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