After five months of constant escalations the US and China have finally agreed to a series of modest concessions. Another set of US-tariff increases, originally scheduled to take effect on Oct. 15 has been suspended. Moreover, an annualised 1.9% (Q3) US-growth rate has beaten market expectations at the end of the month. The S&P500 has reached a new record high of 3046 points. OPEC has cut its demand growth forecast a third consecutive time for remainder of the year. The price of Brent-Oil has been nearly flat over the month at around US$ 60/barrel and thereby limiting a recovery of the energy equity market segment. Tanker stocks have outperformed the general equity market segments generating double-digits returns. Scrubber retrofitting as well as sanctions imposed on COSCO have led to a shrinkage of vessel supply. VLCC-rates have spiked at US$ 300k per day, the highest level in 15 years. Hedging positions have contributed negatively to the overall the positive return of the fund
More detailed fund information can be found in the attached Factsheet October 2019.
Seahawk Investments GmbH