As market participants were uncertain about the global macro-economic consequences of Russia’s invasion, equity markets initially plunged before bottoming around March 7th/8th. Afterwards there has been a strong rally for stocks, albeit an unpopular one. On the 16th of March, the US Federal Reserve raised interest rates for the first time since 2018 as inflation rates (CPI) have increased by 7.9 per cent (YoY). The Bank of England also raised rates for a third straight meeting. Given the tightness of the oil market the price of Brent has continued to increase from $ 101.0 to 107.9. The energy equity market segment was able to gain. Within shipping product tanker rates have increased by 50% (MRs) and 10% (LRs) on a month-on-month basis. Capesize-rates were flattish around $14k/day. Within the aviation equity segment jet fuel prices continue to impede the recovery. The overall fund performance was positive. Short positions have in aggregate contributed negatively

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

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