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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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October 2019: Altaica Sustainable Long Short Equity: 0.90%

By | Emerging Alpha Eur-Asia

During October the fund was able to deliver a positive return. However we were not able to catch up with the VanEck Vectors Sustainable World Equal Weight ETF. Due to some sector rotation in the markets and the expenses of our portfolio hedge the fund had a small underperformance. We added the iShares S&P Global Clean Energy ETF to the portfolio due to two reasons. First of all, to improve the diversification of the portfolio; according to the fund’s nature the fund has an underweighted position in the energy sector. We avoid the polluting carbon energy sector. By adding the Clean Energy ETF we compensate this underweighting. Secondly, we like to increase the impact factor of the fund. Not only…

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September 2019: Altaica Alpha Strategies Fund: -1.42%

By | Multi Alpha Strategies

The fund lost about 1.4% during September after three positive months. During September a lot of markets made quick changes of direction. One of the events causing them was the attack on the Saudi Aramco oil facilities. This resulted in a spike in the oil prices causing havoc on the short oil positions of many CTA managers. Next to this there were sector rotations in the equity markets and rebound reactions in currencies and bond markets. This all resulted into a relatively small loss on the portfolio level. We were saved by the Credit strategies which generated a solid return and a little help from the Equity Long/Short strategies. Both CTA and Global Macro strategies suffered losses of more than…

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September 2019: Altaica Sustainable Long Short Equity: 1.79%

By | Emerging Alpha Eur-Asia

During September the portfolio added a solid 1.8% performance to the result since the start of the Altaica Sustainable Equity Long Short Fund, bringing it up to 18.2%. During September we stayed invested while hedging the portfolio by buying put options on the AEX Index. The Put Option position returned negative due to rising equity markets. This tempered the overall performance of the portfolio. Because of this the portfolio underperformed compared to the Think Sustainable World ETF. However, since the start on the 1 March 2019 the outperformance relative to this ETF is about 11.5%. We remain confident regarding our positioning with solid downside protection given the combination of (very) positive equity sentiment and the fact that some important issues…

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