MAXIN GLOBAL FUND - USD is a Long / Short Directional hedge Fund incorporated in Luxembourg. It started trading on February,22 2022 and replaces MAXIN ADVISORS' MODEL PORTFOLIO which has been trading since January 1st 2014.
Having published an extended report for the end of November, we shall just publish the weekly update on the portfolio for the first two trading days of December 2022 in the Weekly report
MAXIN GLOBAL FUND / MODEL PORTFOLIO
Gross Performance
+ 1.71 % Month to Date December 2022
+ 83.21 % Year to Date 2022
+ 997.87 % Since Inception
NAV 1097.87
Manager’s Comments
As we are entering the last few trading weeks of the year, with Chinese equities strongly overbought and due for a breather, the SP500 failing to sustain its impulsive rise following Jay Powell’s announcement that the Fed would reduce the pace of rates hikes ahead, and with US Government bonds having reached our target of 3.50 % on the US 10 year tenor, we have been taking profits and reducing our exposure to China, taking profits on our Future and ETF positions as well as in XPENG, BAIDU and JD.COM, took our profits on our long Vietnam position, took profits and closed our long position in the US TLT Government bond ETF and on our TELECOM ITALIA EUR Bonds as well as on our long EUR position.
In the US, we have been adding to our long position in Volatility, increased our short future positions in the NASDAQ, SP500 and RUSEEL 2000, and increased our strategic short positions in MSFT, AAPL, GOOGL, ANZN, TSLA, AMD and NVDA.taking our global asset allocation to a net 50 % short.
Investors should not get fooled by the hopes of any FED pivot. Inflation is still strong across the board, we expect bond yields to have bottomed and start rising again, particularly in Europe, and we are entering the year-end, a period where traditional investors will lighten up on equity risk after the strong rebound of the 4th quarter.
We see the Yen and the EUR having peaked, and oil declining further despite the sharp output cuts decided by OPEC.
Have a great week-end.
Portfolio Details
Asset Allocation
Transaction List
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