Dear Investor,
after the strong market correction in May most equity markets were able to recover during the month of June ahead of the G20 meeting in Osaka. After the Brent oil price fell from US$ 72 / barrel to US$ 64 / barrel at the end of May it was able to recover to around US$ 67 / barrel as the Energy Information Administration (EIA) reported a relatively strong decline in US crude inventories of 12.8mn barrels on the 26th of June. During the month of June, in particular the more cyclical shipping and airline equity segment took the lead over energy and the broad market.After 30% of the fund’s NAV has been invested at the end of May, the investment ratio has been further increased to a level of around 70% at month end. Holding positions in Golden Ocean and Dorian LPG, the fund was able to benefit from rising dry bulk and LPG rates. Moreover, an improved market outlook for product tankers supported the fund’s position in Scorpio tankers.
More detailed fund Information can be found on the attached Factsheet June2019.
Seahawk Investments GmbH