Both equity and bond market have shown strong gains in January following last year’s weak performance. Moderating inflation data has led to optimism amongst market participants that central banks may be close to the peak of their rate hiking cycle. Moreover, China’s reopening after dropping the zero COVID policy in late December improved the sentiment further. The price of Brent crude oil fell from $85.9 to $ 84.5 a barrel. In a strong market environment, cyclical stocks have performed positively. The aviation sector took the lead in the transportation sector. Within the marine transportation segment crude tanker rates fell from $ 49k to $ 25k for VLCCs whereas dry bulk rates dropped from $15k/day to $9k/day for Capesizes. The Shanghai Containerized Freight Index (SCFI) dropped by another $7k/day. 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 – January 2023.
Seahawk Investments GmbH
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