C8 GBI Good Governance December 2021 Monthly Report – Cirdan Capital

Monthly Commentary

The ‘Good Governance’ certificate closed out the year with a strong month, up 6.3% in December, to leave the certificate up 4.9% in 2021, and 10.7% since inception. Most notable was a rotation away from some of the more speculative (and less well-governed) stocks in the S&P 500 into our Good Governance portfolio, as year-end approached. We believe that concerns about a more aggressive US Fed tightening path ahead may have encouraged this shift.

Looking at the sector performance of the underlying equities, unusually, it was a mixed bag of strong performers, including tech, business outsourcing, auto parts and food stocks, whilst the only underperformers were in tech (correcting from recent highs).

In January, overall positioning is stable, around typical levels, with a L/S of 2.29/1.89.

Other posts

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy September 2023 Update

BY BRIAN SANBORN
Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

C8 Weekly Bulletin: The ExtractAlpha advantage

BY ROBERT MINIKIN
This week’s Bulletin is guest edited by one of C8's index contributors – ExtractAlpha. Their Smart Earnings Index leverages their proprietary US earnings and revenue forecasts - which both consistently outperform the Wall Street consensus. The Index is a highly liquid strategy favouring large cap stocks and has delivered an annual return roughly 40% higher than that of the S&P500 over the past decade - and with similar volatility. Read more →

NDR Fixed Income Allocation Strategy October 2024 Update

BY BRIAN SANBORN
The NDR Fixed Income Allocation Strategy, Positioning Update Read more →
Back to all posts →