Equity markets have enjoyed a strong performance in April, following a withering bout of selling prompted by the COVID -19 pandemic. Major benchmark are roughly 30% off-bear market lows put in on March 23. OPEC, Russia and other countries have reached an agreement to cut production starting in May. OPEC+ have agreed to cut by appr. 10 mb/d. Total Non-OPEC output falls cut reach appr. 2.3 mb/d. Meanwhile, the oversupply has briefly pushed WTI prices in negative territory and an increasing number of crude tankers were booked for storage purposes. VLCC-rates have peaked at a level of US$ 250k/day. The contango of oil futures prices allows oil tanker operators to generate record earnings during the first half year of 2020. Within the portfolio energy and shipping stocks had positive returns. Portfolio hedges via the S&P500 Futures, Eurostoxx50 Futures Contracts and individual short positions within the shipping and aviation segment have lowered the positive return in the calendar month.
More detailed fund information can be found in the attached Factsheet April 2020.
Seahawk Investments GmbH