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Please click on the link above to view the July Monthly Report of the ‘C8/GreenBlue – Good Governance US Equity L/S Certificate’, that we are forwarding on behalf of the issuer, Cirdan Capital. “After a strong run since February, the ‘Good Governance’ Certificate gave back some of these gains in August, falling by 0.7%. The HFRX Equity Hedge Fund Index (and the S&P 500) continued to recover ground from Q1 falls. This took the performance of the Certificate to +4.8% since inception, on the 21 January, versus a 4% fall in the US Equity Hedge Index. The ‘Good Governance’ risk premia shone through in the first half of the year, we note similar outperformance in the backtest during 2008/09 and in other volatile years for US stocks. So it is perhaps not surprising to see some underperformance as US stocks recover lost ground. In terms of individual stock performance, UPS continues to be the star performer as the delivery business remains robust. GAP rose as shops reopened and Apple and Adobe benefited from the continued strength of Tech. On the negative side, Clorox saw further unwinding from the H1 boom in cleaning products. For September, the overall risk in the portfolio, whilst relatively low, is rising again at 129% long and 103% short, with a 26% long bias.” |
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If you would like further information on the Certificate, please let us know and we will pass your details onto Cirdan Capital. The Certificate is not available for US Investors but our Good Governance Index can, of course, be traded directly anywhere on the C8 platform. |
C8 WebinarWe recently had the pleasure of taking part in a webinar for Alphabot, discussing ‘Risk Premia: Dead, Alive, Reinvented’. Please take a look, by clicking on the link below: |