The calendar month of December was difficult for global stock markets. Investor concerns over high inflation, high interest rates, and a global recession resulted in the S&P500 having its worst calendar year performance since 2008, down over 19%. The U.S. central bank (Fed) increased the benchmark federal funds rate again by 0.50%. 10-year US-treasury yields rose by 0.12% up to 3.88% at month end. The price of Brent crude oil was unchanged in December, ending the month at $85.91 a barrel. In a negative market environment, the energy sector was slightly negative whereas transportation stocks had sold-off. Within the marine transportation segment crude tanker rates fell, averaging $ 49k throughout the month for VLCCs. Dry bulk rates increased from $13k/day to 15k/day (Capesize). The Shanghai Containerized Freight Index (SCFI) was flat from a month ago and is down 86% year on year. The overall fund performance (USD share class) was neutral. Short positions had a positive contribution.
For more information you can find our latest Fact Sheet – December 2022.
Seahawk Investments GmbH
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