Persistently high inflation rates led market participants to reconsider their interest rate expectations. During the Jackson Hole Economic Symposium, which took place between August 25-27, the US central bank committed to use its tools forcefully for some time, acknowledging it would inflict some pain. US-10yr-treasury yields increased from 2.65% to 3.25% at the end of the month. The broad equity markets have sold-off. Recession fears put oil prices under pressure. The price of Brent oil decreased from $ 110.0 to $ 96.5 by month end. In a general risk-off environment most cyclical equity markets corrected from previous month gains. Within transportation, crude tanker rates increased significantly, whereas dry-bulk rates continued to fall. Capesize-rates have softened further from $ 18k/day to $ 2.5k/day. LNGC spot rates (MEGI) increased from $70k/day to $ 125.5k/day at month end. The overall fund performance was positive. Short positions had a neutral contribution.

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

Seahawk Investments GmbH

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