Please click on the link above to view the October Monthly Report for the ‘C8/GreenBlue Good Governance US Equity L/S Certificate’, that we are forwarding on behalf of the issuer, Cirdan Capital.
‘The ‘Good Governance’ certificate recovered some of last month’s losses in October, rising by 0.7%, as commodity markets stabilised, and in some cases, reversed their recent sharp gains. High energy prices and post-Covid supply chain issues remain however, but, as we have previously expressed, we believe that the ‘Good Governance’ premia can perform well as these influences diminish over time.
Looking at the performance of the underlying equities, strong earnings helped Merck whilst some of our well-known tech names (Microsoft, Nvidia and Google) also performed strongly. An acquisition by Paychex pushed that stock higher. Continuing on from last month, Garmin weakened further, still beset by supply chain issues.
The drop in volatility has meant that overall positioning has increased in November, with a L/S of 2.25/1.85 (versus 1.91/1.51).’
