The month of February was highly volatile. US consumer price data (CPI) came in higher than expected at a headline rate of +7.5% (YoY). This was the highest level since February 1982. As 10-yr US treasury yields have risen to more than 2%, prospects for growth stocks have deteriorated. During the latter part of the month the focus has shifted to geopolitics. Equity markets came under pressure as Russia invaded the Ukraine and harsh sanctions were introduced, such as removing some Russian banks from the SWIFT network and freezing central bank assets. As the price of Brent oil continued to rally from $ 91.2/barrel to $ 101.0 at month end, the energy equity market segment was able to gain. Energy transportation led the shipping segment. Tanker rates have rallied at the end of the month with the Aframax and Suezmax segment taking the lead. Capesize-rates were flattish around $14k/day. The overall fund performance was positive. Short positions have in aggregate contributed positively.

For more information you can find our latest Fact Sheet – February 2022.

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