As third quarter earnings have surprised on the upside developed market equities registered solid returns throughout the month. On the other hand, tight labour markets and high inflation rates continued to exert pressure on central banks. The European Central Bank has raised its key rates by 75 bps. 10-yr US treasury yields have risen from 3.8% to 4.05% at the end of the month. The price of Brent crude oil increased from $87.96 a barrel to $ 94.83. In a positive market environment energy as well as energy transportation stocks have performed strongly. The aviation sector has rallied, as booking demand in the leisure sector has recovered. Crude tanker rates have increased further averaging $ 60k throughout the month for VLCCs. LNGC spot rates (MEGI) have reached record levels of $ 400k/day at month end and dry bulk rates have increased from $12k/day to 17k/day (Capesize). The overall fund performance was positive. Short positions had a negative contribution.
For more information you can find our latest Fact Sheet – October 2022.
Seahawk Investments GmbH
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