Investors continued to be concerned about inflation and further central bank tightening at the beginning of the month. After the release of US inflation data for October, where US CPI Core inflation rates have increased by 6.3% (Y-o-Y) and thereby less than anticipated, investor sentiment improved significantly. Both equity and bond markets have rallied subsequently, as US inflation rates may have peaked. The price of Brent crude oil decreased from $ 94.83 to $ 85.43. In a positive market environment energy as well as transport-aviation stocks have performed strongly, whereas the marine transportation segment was mixed. Crude tanker rates have increased further, averaging $ 88k throughout the month for VLCCs. Dry bulk rates have decreased from $17k/day to 13k/day (Capesize). The Shanghai Containerized Freight Index (SCFI) by 28% from a month ago and down 86% year on year. The overall fund performance (USD share class) was positive. Short positions had a negative contribution.
For more information you can find our latest Fact Sheet – November 2022.
Seahawk Investments GmbH
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