Rising US treasury yields were a catalyst for the shift in sector leadership to accelerate towards economically sensitive sectors that have lagged since the start of the pandemic. Growth style investments logged their worst month over value investments since 2000. Brent oil has increased from $56/barrel to $ 66/barrel supporting the energy segment. Transportation stocks, led by the aviation sector have rallied throughout the month posting double digit gains. Shipping stocks have shown strong gains. Within the dry bulk sector freight rates within the midsized Panamax segment have increased from $ 13k/day to $ 17k/day. The SCFI Containerized Freight Rate Index is hovering around peak levels (up 215% YOY). On the other hand, LPG-, LNG- and Crude-Rates have softened following their seasonal pattern. Most individual long positions were profitable. Overall hedging positions have contributed negatively.
For more information you can find our latest Fact Sheet – February 2021.
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