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August 2019: Altaica Alpha Strategies Fund: 1.16%

By | Multi Alpha Strategies

With a positive return of 1.16% over August the fund performed well. This during a challenging month for the equity and bond markets. The differences between the strategies the fund is invested in were interesting. It was an excellent month for our Credit managers. This type of strategies was the stellar outperformer with a gain of 7.6%. Especially our American based manager. With a stellar performance of 17.5% it was the best performing fund in our portfolio, bringing the year to date performance of this manager up to 65%. The two other credit managers were both adding to the positive result but not that exceptional. All other strategies performed less impressive. Most of them ended up in the red. Only…

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August 2019: Altaica Global Sustainable Long Short Equity: 2.29%

By | Emerging Alpha Eur-Asia

A solid performance for the strategy during a volatile month. The fund gained 2.3% which resulted in additional alpha generation. Compared to the Think Sustainable World ETF the outperformance since the start is around 13%. Main contributor to the performance and alpha is the equity hedge position at the start of the month. We added a significant position of AEX Put options to the portfolio at the end of the previous month. This AEX Put option position was closed near the bottom of the markets. The main contributors to the result in the portfolio are: Lowe’s (+12.1%), Pepsico (+8.1%) and Home Depot (+7.8%). The biggest drag to the result came from: Cisco (-12.6%), Assa Abloy (-8.5%) and Union Pacific (-8%)….

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July 2019: Altaica Alpha Strategies Fund: 4.18%

By | Multi Alpha Strategies

The fund performed well during July 2019. The strategies Credit, CTA and Equity Long/Short all contributed to the result in a good way. The strong performance of the Credit strategy was mostly driven by one fund which was able to gain more than 12.4%, and overall our Credit positions did relatively well. Within the CTA positions there was more diversity. The two top performers of July generated gains of +18.2% and +16.1%, respectively. Additionally, some of the funds couldn’t take advantage of the market conditions; one of them was even on the losing side. The Equity Long/Short strategies generated mixed results. The European Long/Short fund performed well but the other one ended up in negative territory. We closed the Private Equity…

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July 2019: Altaica Global Sustainable Long Short Equity: 2.05%

By | Emerging Alpha Eur-Asia

During July we performed in line with the global Sustainable Equity benchmark. We got some headwind by the losses on our derivatives bought end of June and start of July. After a fabulous June performance we decided to take some protection in the portfolio in case market sentiment would change in a negative way. As the markets performed in a positive way our derivates ended up with a 10% loss. A second drag on the performance came from Illumina. Illumina indicated softer than expected preliminary second-quarter results uDespite the lowered growth outlook for the remainder of the year, the demand prospects remain favourable for the foreseeable future. Also Svenska Handelsbanken lost 6,5% over July due to weak numbers. Not all went south,…

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June 2019: Altaica Alpha Strategies Fund: 0.81%

By | Multi Alpha Strategies

June was a relatively friendly month for most of the strategies. Both CTA and Equity Long/Short strategies performed well. Within the CTA’s there was a rebound of one of the strategies that suffered the most during the last 8 months of the violent market situations for CTA’s. This particular CTA gained more than 10%. All three Equity Long/Short positions performed well but not extraordinarily. We will sell the Private Equity allocation. The valuations are a bit high and in our expectation the strategy will suffer the most during a correction. Therefore we are looking for a substitute that offers exposure to the illiquid real estate markets. Also the Credit strategies contributed to the positive performance, however one of the top…

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June 2019: Altaica Global Sustainable Long Short Equity: 8.69%

By | Emerging Alpha Eur-Asia

At the end of May we reduced the leverage of the portfolio from 165% back to 139%, this due to the increasing volatility and market risks. However at the start of June markets took again a U-turn move back to the positive sentiment of early 2019. In this way we were able to regain the losses made in May 2019. Moreover we were able to increase our outperformance to almost 9% compared to the Think Sustainable World ETF since inception, meaning for a period of the last 4 months. In the portfolio we added again the Think Sustainable World ETF and the iShares MSCI World SRI ETF. Especially the individual stock selection contributed significantly to the June 2019 performance. We are…

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May 2019: Altaica Alpha Strategies Fund: -1.91%

By | Multi Alpha Strategies

During May the world equity markets faced a serious correction of about -5.7%. Bond markets got the impact of the market turmoil and served as a safe haven. Hedge funds performed better than equity markets by lower negative returns. Altaica Multi Alpha Strategies lost almost 2% of its value during this volatile month of May. The fund demonstrated to behave as a well-diversified portfolio. The dispersion in performance between the different strategies and also between funds within one strategy category was again considerable. Only Global Macro ended up in the black. Equity Long/Short performed poorly. When we focus on the main strategy of the fund, Managed Futures/CTA the diversity in returns was huge, ranging between +2.51% and -12.16%. Overall we…

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May 2019: Altaica Global Sustainable Long Short Equity: -8.10%

By | Emerging Alpha Eur-Asia

The markets made a downturn during May 2019, this after two positive months. The president of the USA, Mr Trump was the cause of the misery. He reignited the tensions of the trade war with China and reopened the trade war with Mexico. This in combination with the blacklisting of Huawei, real war tensions with Iran and a more gloomy scenario for BREXIT took away the positive market sentiment. The fund lost 8.10% of its value. This is a 3% more as the Think Sustainability World UCITS ETF, mainly caused by the leverage that we use. At the end of the month we brought down the leverage from about 64.5% to 38.6%. In summary, since the start of the fund…

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April 2019: Altaica Alpha Strategies Fund: 2.38%

By | Multi Alpha Strategies

In the month of April the fund gained 2.38%. Equity Long/Short strategies gained over 10% and Credit strategies rose 8.2%. As a group CTA’s generated a positive return. However, on a fund level there was quite some dispersion. The best CTA made +10.8%, while the worst lost almost 8%. Global Macro strategies didn’t perform well during April 2019. Our largest position within this strategy lost more than 2% of its value. Also in the category Other there was a loosing strategy, which was a volatility trader. We sold this position due to disappointing performance over the last 1.5 years as we want to have a volatility strategy in the portfolio that is better able at benefiting from volatility spikes in…

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April 2019: Altaica Global Sustainable Long Short Equity: 6.70%

By | Emerging Alpha Eur-Asia

After a decent start in March the fund continued to deliver a solid performance with +6.70% during the month of April. Compared with the Think Sustainable World ETF we outperformed with a solid margin of around +2.8% for the month of April. We are confident with the current level of leverage, it was stable during April,  between 65% and 70%. The Q1 corporate result publications dominated the portfolio developments. We didn’t change the portfolio of individual shares, besides some small rebalancing adjustments. We implemented some more diversification in the portfolio by adding an allocation in sustainable equities of the Emerging Markets. We are waiting for the opening of the Japanese equity market to add even some more diversification through an allocation…

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