Fortem Capital Progressive Growth Fund
UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only
Monthly Commentary – 28th May 2021
May was characterised by a raft of positive economic data, but with a slightly more muted response from risk assets compared with the previous month. It may be the case that after such a strong start to the year, risk assets were due to pause for breath, but it is likely that they might need good data, without being so good that it forces central bank hands with regards to accommodative policy. European markets performed best as the pace of vaccinations increased, restrictions started to be eased, and PMIs recovered. Hard data is now suggesting marked inflationary pressures, bond markets have been sanguine for the time being, but the effects would need to indeed turn out to be transitory for this to continue in all likelihood.
Against the positive backdrop in May the Fund increased by 0.7%. There were positive contributions across most of the greeks, led by delta and theta, and further supported by vega due to the fall in volatility over the month. Two new positions were added to the Core Portfolio in May, both with UK & European underlying indices.
The Diversifier Portfolio was positive over the month, buoyed in particular by the commodity strategies. Once more, the rates volatility strategies were the laggard as bond markets continue to look through the data for the time being.
The Fund retains a large level of protection, with cover to capital 41.6% and cover to growth 39.9% on average, and still retains the ability to outperform equity markets in multiple scenarios, as shown on the projected Fund performance on page 2 of the factsheet.
|Hong Kong 50||8.0%||2.0%|
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