INNOVATIVE TRADING  I  COST-EFFICIENT  I  FULL CONTROL  I TRULY GLOBAL  I  TRANSPARENT & ETHICAL

Please click on the link above to view the March Monthly Report for the ‘C8/GreenBlue  Good Governance US Equity L/S Certificate’, that we are forwarding on behalf of the issuer, Cirdan Capital.

‘So, all is revealed… we have been perplexed by the volatility of our ‘Good Governance’ portfolio this year, particularly in March, resulting in weak performance in the Certificate since November.  The sharp moves in stocks on the day that the Archegos Capital L/S portfolio was liquidated, resulted in a 3.7% jump in the Certificate, which closed up 5.8% on the month. The strong back-test of our L/S strategy would suggest there are risks in betting against ‘Good Governance’ and so it proved. The Certificate is up 4% this year, and 9.6% since inception.

In terms of individual stocks, there was no standout sector story, with strong performance from Cisco (tech), Cigna (health), Home Depot (consumer) and Smucker (food), and no major under-performers, also consistent with our viewpoint that the Certificate was a beneficiary of the large Archegos’ position unwind.

The jump in volatility in March has resulted in a dialing back in overall leverage for April to long 210/short 170 (from 240/200).’

Other posts

NDR Fixed Income Allocation Strategy September 2024 Update

BY BRIAN SANBORN
The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

MI2 Partners: Thoughts From The Divide: Rules and Guidelines

BY JON WEBB
In our note from April of 2020, which now feels like half a lifetime ago rather than less than 5 years (it’s not the years but the miles?), we wrote about how COVID and the related crises had “made it clear that in many ways, reality is more like Calvinball” than an orderly system: one where “the rules of the game around the world appear to be in flux”. This week has provided yet more evidence, if any more was needed, for this view. Read more →

Thoughts From The Divide: An Inevitable Recession? –Surprise! (An Interview)

BY JON WEBB
In lieu of this week’s Thoughts From The Divide newsletter, we’re thrilled to share Julian Brigden’s recent chat with Blockworks’ Felix Jauvin. So, what’s on the docket? Well, we dive headfirst into the market’s somewhat naive hope that central banks will start slashing rates like they're on a budget cut spree. Spoiler alert: historical trends suggest that rate adjustments are rarely as swift or predictable as we'd all like. Those tightening cycles? They’re like that unpredictable friend who shows up late and drunk—potentially disastrous. Next up, we take a magnifying glass to those overly rosy 2025 pricing forecasts. Turns out, the market's optimism might be a tad misplaced. We break down the difference between disinflation that’s deliberately crafted and the kind that just happens because, well, life. Either way, it’s a wild ride with plenty of risks to consider. Read more →
Back to all posts →