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.
Self-Inflicted Pain, In large parts or Rational Reasons
We owe our investors an apology
We owe our investors an apology for the pain we have inflicted to them and to ourselves in the first part of 2023, that culminated in the brutal moonshot of NVIDIA, our largest short position, on Thursday.
Over the past months, and particularly since April, we have wrongly privileged fundamentals instead of riding markets trends and momentum, in a macro-economic and geopolitical environment that we have always considered to be the most treacherous we have seen in 40 years at managing money.
Value and Fundamentally-driven money managers like us never perform in irrational markets and tend to suffer temporarily until things turn.
Last week, was the culminating point in irrationality with two of our strategic themes working against us in a severe fashion, with NVIDIA shooting up 24 % from an already extremely overvalued position, taking the Nasdaq higher by almost 3 % on a very limited number of AI related mega caps, and China’s HSCEI Index falling by -5.69 % on a misplaced perception that the Chinese economic recovery is stalling.
In normal circumstances, we would not fight the trends, but the environment we are living through is far from normal, making the market environment susceptible to very brutal changes without warning, as highlighted in our April, 20th article titled The Conditions Are in Place For a Stock Market Crash.
Over the past few months, we failed to ride the last up-leg of the European Equity Markets, we remained short US technology stocks, we failed to take the measure of the nascent AI investment bubble, we missed the rally in Japanese stocks and we re-entered Chinese equities and the long volatility trade too early, let alone the amazing outcome of the Credit Suisse debacle and being hit by the sharp rebound in cryptos.
We also suffered from our strategic decision to increase the sensitivity of our portfolio too early at the end of April, resulting in the current negative showing of our portfolio in May, one of our worst month on record.
This is a lot in a few months and we have clearly not been good in the first few months of 2023, inflicting ourselves and our investors significant stress and temporary pain, hence our apologies to our investors, to our partners and to our staff.
We can’t be perfect all the time and It has been one of those periods where everything one does goes wrong.
But they usually do not last …
So, let us detail below How we see the environment, what our strategy is, and what is lying ahead.
Let’s start with the unique geo-political risks of the environment that has been the key driver of our strategic choice to remain short Western equity markets since mid – January 2023
Geo-Political Risks
As our readers may or may not know, we have a strong background in geopolitics and conflict situation assessment that we have constantly nurtured and perfected at Harvard Kennedy School of Government, mingling with the top brass of American and International military and intelligence, and through the constant research we do using specialised publications from reputed research institutes worldwide.
China – US
In many publications, we highlighted the fact that 2022 was marking the end of America’s geo-political dominance of the world and the beginning of China’s ascent to world prominence for macro-economic and political governance reasons that we detailed at length in our articles.
We also highlighted that this tectonic shift in the world order coincided, as it always does, with the structural shift form a lasting disinflationary cycle to a lasting inflationary cycle that would accelerate the geo-political transition in leadership. Suffice to observe that in 2022 and at the beginning of 2023, inflation has roared back in the US, Europe and Japan and remains at best sticky if not outright rising as can be seen in the Umm Japan or some European countries, while China is living with extremely low inflation and actually flirting with deflation.
The consequences on the respective monetary policies, interest rates, growth rates and debt imbalances could not be further apart.
Since 2016, the confrontational attitude of America vis a vis China has taken the world giants on the verge of a classical Thucydides trap, a situation where military conflicts may erupt accidentally or voluntarily,
We had a first taste of the magnitude of the problem over the summer of 2022 when America’s interference in Taiwan’s affairs led to the most important deployment of military force in the pacific since the Second World War, with China showcasing its resolve and capacity to invade Taiwan by force if it wanted to.
Again in the first quarter of 2023, Taiwan’s President visit to the US and meeting with House Leader Mc Carthy led the Chinese PLA to engage into even deeper drills using real ammunitions and sending missiles over Taiwan for a few days.
Unfortunately, even if none of the two superpowers want a military confrontation, wars do sometimes start by accident, when a miscalculation or defective order transmissions lead to unwanted military incidents that may triggers chain reactions.
So the heightening of tensions over the Taiwanese issue is a lasting thorn between the two superpowers that creates a layer of constant geo-political risks that can have grave implications for the financial markets.
And it will remain a significant risk until the next Taiwanese elections in January 2024, or four years later, bring back to power the Kuo Ming Tang opposition party that has a completely different vision and approach of how it sees the future of Taiwan and its relationship with China.
The Russian Invasion of Ukraine
2022 also saw another tectonic shift in the established world order since the end of the Cold War and the fall of the Berlin Wall with Vladimir PUTIN invading Ukraine militarily, causing the first military conflict on the European continent since the Second World War.
Putin’s aggression was motivated by fears of the expansion of NATO at its borders and the gradual but constant shift of Ukraine into the European Union zone of influence, trade and economic integration. His decision to use military force was probably a gross mis-calculation, as is often the case in military conflicts, where he thought that Zelensky’s regime would fall in a few days and another pro-Russian administration would be put in place at the helm of Ukraine.
He did not foresee the resilience of Zelensky and of the Ukrainian people, and even less the active siding of the US and of Europe with Ukraine, taking the opportunity to weaken Putin’s regime militarily and economically through wide-ranging sanctions.
15 Months later, the war in Ukraine has been a military disaster where Russia painfully secured a portion of Eastern Ukraine regions at the cost of 100’000 military casualties on both sides, a human disaster that saw 10 million of Ukrainians displaced inside or outside Ukraine, a devastation for the Ukrainian economy that lost 45 % of its GDP, but also significant consequences for Russia itself, where its the reputation of its military capabilities has been severely dented, where vast swathes of its upper middle class left Russia for more peaceful environments, where hundreds of thousands of young Russian males left the country to avoid conscription, where Russia’s industries and economic fabric had to re-engineer themselves and re-direct their sales to other destinations and where its public finances have been severely dented by the cost of the war.
But the war in Ukraine and the US and European sanctions also had significant and unintended consequences on the world geo-political order.
Besides failing to significantly weaken Russia’s economy, it has led numerous nations to distance themselves from what was previously seen as an unquestionable support of America’s leadership of the world with many countries in Asia, China, India, the Middle East and even some countries in Latin America and Europe choosing a far more balanced approach towards Russia, privileging their national trade and economic interests to the dogmatic desire of America to bring down Putin.
More importantly, the choice of America and the UK to wage a proxy war against Putin in Ukraine, at the expense of the Ukrainian people, has irrevocably dented the logic of Nations supposedly being protected by America’s military might from external aggression, leading many countries such as Germany, Japan, Saudi Arabia and many other Asian Nations to re-build their own military capabilities, a fundamental change to the world order inherited from the second world war.
But what has and is constantly keeping us awake at night is what follows :
The military situation on the ground in Eastern Ukraine is one where Russia has no longer any hopes of gaining additional territory or achieving its initial goals of bringing Ukraine back into its own zone of influence and its only objectives today are to formalise its annexation of Crimea and Eastern Ukraine.
The war is exacting an unbearable human, military and financial cost for Russia in the long term and its aim today is ti end the conflict and start negotiations on the future of a divided Ukraine, keeping control of the Russia speaking regions and obtaining guarantees that Ukraine will never join NATO or the European Union.
Hence the rare intermediation of China with a proposal for an immediate ceasing of military operations and organising peaceful conflict resolution negotiations, with the support of countries such as India, Saudi Arabia or even Brazil.
On the other side, the US, the UK and some Nations in Europe, as well as Zelensky for now, refuse any kind of negotiations until Russia has not withdrawn its troops from Eastern Ukraine and even in some cases from Crimea.
The US and European nations are funding Ukraine war’s efforts, providing latest technology military equipment, training Ukrainian forces and now even considering training jet fighter pilots to provide the Ukrainian army with an aerial capabilities capable of countering Russia’s air force supremacy. Their logic is one of a long-lasting war destined to weaken Russia’s military apparatus as well as Putin’s internal standing through a humiliating military defeat in Ukraine.
Unfortunately, and as the recent fight for Bakhmut showed, kicking the Russian Army out of Eastern Ukraine will prove difficult and come at the price of a total destruction of these cities and regions, if it ever comes. For now, the Ukrainian army has been kicked out of Bakhmut and the Russian army is heavily entrenched in the conquered territories, waiting for a spring offensive by the Ukrainian army that has yet to materialise.
In war strategy and game theory, we have two opponents that have different timelines, different resources, different and irreconcilable objectives, where one side- Russia- needs a quick resolution, while the other side – America, and to lesser extent Ukraine due to the heavy toll of the war on its own population and economy, is waging a long term war where time works in its favour.
The two sides are also on an asymmetrical rapport de force.
Both sides have strategic Nuclear weapons that neither of them want to use.
Both sides also have Non-Strategic Nuclear Weapons (NSNW) more commonly known as Tactical Nuclear weapons that one side – Russia – CAN and is WILLING to use in the conflict while the other side – Ukraine and the US – CANNOT USE in the conflict because it is happening on the Ukrainian soil on one hand, and because Ukraine does not have Nuclear Tactical weapons and would have to use American Nuclear Tactical weapons, a move that would cristallize the direct participation of the US military in the conflict with the risk of a generalised nuclear confrontation.
The other asymmetry is that America is a democracy where the use of Nuclear weapons is strictly regulated and constrained to situations where the US and the US population are under attack, while Russia is a dictatorship where Putin can decide to use Nuclear weapons from one minute to the other without any checks and balances.
In the past month or so, Putin has started to move nuclear weapons into friendly Bielorussia, has exited the Strategic Nuclear Non-Proliferation Treaty and has stopped informing the rest of the world of the whereabouts of its nuclear warheads as disposed by the convention and as has been the case since the end of WW2.
Unfortunately, when analysing the next potential moves of the adversaries in the conflict, again using game theory and war simulations, and as confirmed by all strategists, the ONLY way for Putin to bring an immediate end to the war is to start using Tactical Nuclear Weapons (TNW ) against Ukrainian military positions on the Ukrainian territory, putting Zelensky in front of the terrible decision to use the same on his own territory and against its own people, and the US in front of an almost impossible decision to enter the conflict directly through the use of its own – or of British – TNW on European Soil , while having refused to sit at a negotiation table and ending the conflict through peaceful negotiations.
Tactically, Russia could potentially send TNW from Bielorussia rather than from Russia directly, so as to avoid a direct US – Russia Strategic Nuclear confrontation, and under the pretext of some aggression on the Bielorussian Territory.
The use of TNW in Ukraine and any refusal off the US and Zelensky to end the conflict and sit at a negotiation table would lead to a massive pushback from European countries against the US, and even from the US population against the Biden administration in a pre-election year.
As was the case with the land invasion in Ukraine on Feb 24th 2022, Putin will use his TNW without warning. It will happen in the middle of the night and the world will wake up with the nightmare scenario of a potential nuclear conflict between the US and Russia.
No need to emphasise the devastating impact that such a situation would have on European and US equity markets hovering at all time highs or at extremely elevated valuations after the spectacular bull phase of the past six months, extreme participation, renewed bullishness, and extremely weak breadth in both.
A significant crash would ensue that would end only by the decision of Zelensky and the US to end the conflict and sit at a negotiation table.
Our role as money managers is not only to ride trends and scalp the markets to generate performance, it is also to protect our assets from perfectly identifiable risks with a high probability of occurrence and potentially devastating consequences for our portfolio.
This is why, against all the logic of trend following and momentum investing, we made the strategic decision to remain short the markets that we felt the most at risk from such an occurrence, in the knowledge that it could have and can still happen at any time.
We are paying the price of that protection through our current temporary downdraft, but at no point and in no circumstances would we have acted differently.
On the other hand, we cannot see how any money manager will be able to pretend that those risks were not identifiable and had not acted upon them to protect their clients assets.
Macro – Economic Environment
In exactly the way we had been predicting the return of inflation in 2021, way ahead of most economists and market strategists, our assessment for 2023 was that the Western economies would shift from Inflation fears to Recession Fears.
The Q4 bear market rally that we accurately predicted, timed and traded was all based on receding inflation fears as headline gauges started falling following the sharp decline in energy and food prices that we also predicted and traded successfully on the short side between August 2022 and the last few weeks.
Indeed the headline CPI came down almost everywhere, leading investors to start believing in a quick end of the fight against inflation and a pivot in monetary policy.
Unfortunately, when it comes to the core gauges of inflation and the recurrent components of it, we were always of the view that they would remain far stickier than the market expected, and the recent data coming out the US, Europe, the UK and even Japan are proving us right, with the UK gauges, the European gauges and the US Core Deflator ticking up again in April, leading to renewed fears that the monetary tightening is far from over and that the Fed could raise rates again in June after its pause in May.
We also highlighted the fact that monetary policy was still far too loose in Europe and probably also in the US as well.
In other words, contrary to equity market expectations, we are still very much in an INFLATIONARY environment and do not see any pivoting in monetary policy in 2023, unless we were to see a sharp break down in equity markets.
Our main macro-economic call for 2023 was and still is that Europe and the US will enter a deep economic contraction – Recession – in the latter part of 2023, contrary to the consensus expectations of NO landing at all or only a mild and short recession as the FED now forecasts.
Recessions are interesting things.
Either you wait to see them to accept that they are there, or you use advanced indicator and the laws of economics to predict them and prepare for them.
We are in the second camp and our conclusions are based on the numerous leading indicators that we follow and that have proven right all along the history of past recessions.
These are the rationale for our recession call.
- Inflation, and in particular its psychological and recurring components, has never been tamed without an economic contraction and significant job destruction.
It is a verified economic law that labor costs never comes down unless slack develops in the labor market and unemployment rates start climbing again. To that effect, and to win over inflation, Central Banks know full well that they have to tighten policy and take real rates into positive territory until the economy contracts and the job market cracks. We are not there yet, but are starting to see signs that tensions in the labor market are easing. - The tightening of monetary policy takes a significant amount of time before filtering into the economy.
It is only in August 2022 at Jackson Hole that Central Banks of the Western world finally acknowledged the non-transitory nature of inflation and started tightening monetary policy decisively. That is only 8 months ago, and since then, short term rates have risen 50 fold, mortgage rates have almost trebbled and bond yields have risen to zero or negative to 3 to 4 %, the sharpest and fastest global monetary tightening and liquidity withdrawal ever seen in four decades.
It takes time for economic agents to adjust their behaviour to this new interest rates environment, with. corporations cutting down on investments to privilege debt repayment and households seeing their purchasing power curtailed by the combined effects of higher rates and high inflation. All the econometrics models show that it takes between 9 and 18 months for monetary tightening to filter through the real economy, and ultimately impact economic growth, precisely the time frame we are entering now. - The inversion of the yield curve is the most reliable advanced indicator that a recession is at hand.
Contrary to equity investors where short term narratives inflame the imagination of retail investors, bond investors are highly qualified people with extremely strong macro-economic skills and credit analysis skills.
Individuals cannot really speculate in the bond markets so the bond markets are early indicators of the unfolding macro-economic trends.
Since the 4th quarter of 2022, the US yield curve has inverted by THE MOST in 40 years, with 1-year treasuries yielding 5.25 % and 10-Year Treasuries yielding 3.80 % a 145 basis point inversion never seen since the 1980s.
What this inversion is telling us is that bond markets foresee a sharp decline in inflation rate in two to three years, after a sharp economic downturn will have quashed labor costs.
4. Real Estate crises have ALWAYS led to Recessions
There again, real estate prices go through major cycles of uptrends and downtrends and have a considerable impact on the real economy through the size of the real estate and construction sectors – between 17 and 20 % of GDP depending on the economies – on one hand, and through the negative wealth effect on the other hand, as households feel poorer when the price of their homes decline and therefore cut on their spendings, especially the un-necessary ones such as big ticket items and luxury goods.
We accurately predicted the peak of real estate prices in the US and Europe economies in June 2022 and since then both housing and commercial real estate prices have been falling significantly, leading some over-leveraged countries such as Sweden into recession already.
As prices have only started to fall, and will accelerate downwards in the coming months under the weight of maximum supply and declining demand due to high mortgage rates, the negative wealth effect will amplify and translate in lower consumption in the coming quarters.
5. Banking Crisis lead to credit contraction
We also highlighted the risks of a major banking crisis as early as the 4th quarter of 2022, particularly for the highly fragmented regional and niche US banking sector that characterises the US.
The banking crisis unfolded in March 2023, far quicker than we expected, with the demise of SVB and First Republic Bank, the 14th and 20th largest banks in the US, alongside some smaller institutions, revealing the dire situation of both the US and European banking systems that are left with considerable unrealized losses on their portfolios of bonds accumulated during the Zero interest policy and quantitative easing years of the past decade.
Contrary to the 2008 Great Financial Crisis, the current situation is far more dangerous and widespread than was the case then, as it is the entire banking system that has to cope with a potential liquidity crisis and fight a flight of depositors money towards Money market funds paying returns that are sometimes there to four times higher than the interest paid by banks on deposits. To date, according to the Fed data, close to US$ 2 Trillion have already left the US banking system for money market funds and the flow is not ending yet.
The consequences of the banking crisis are numerous, but two important trends have developed.
On one hand, since March 2023, the US and European bankings systems have considerably tightened their lending standards and reduced the amount of new credit to the economy, having a major recessionary impact on investments and businesses, that can be seen in the first contraction in M2 money supply in 90 years.
On the other hand, the opening of the FED’s Emergency Facility to help the banking system has temporarily stopped the qualitative tightening that started in 2022, with banks transferring to the Fed parts of their loss-making bond portfolios at cost to access liquidity, sending the balance sheet of the FED to rise again, and pouring more liquidity in an economy that is not granting new loans to its corporations.
As a result, this new bout of liquidity had the effect of sending equity prices higher temporarily, extending the peak of the Q4 bear market rally further out from April to May.
The impact of the US banking crisis is already seen in the very sharp contraction in manufacturing and the extreme pessimism in the surveys of business managers both in the US and Europe, who are seeing sales and revenues holding up in monetary terms thanks to price hikes, but a decline in volume – or real terms – when adjusted with inflation and price hikes. Less new cars being sold means less orders to suppliers who themselves cut back on buying materials and on their hirings and workforce, as we have started to witness in almost every industry, starting with technology.
That is how downturns start, they then feed into consumption and then into the labor markets ultimately.
6. The outsized macro-economic impact of sharply rising interest rates in a highly leveraged environment
What makes the current environment far more treacherous than previous cyclical downturns and makes us believe that the coming recession will not be garden-variety slowdown, but a lasting and highly deflationary contraction is the unprecedented accumulation of debt that has taken place following years of zero interest rates policies.
When interest rates surge as they have in the past 12 months, the cost of servicing the humongous amount of Government, Corporate and Household debt explodes upwards, making de-leveraging a major priority for corporations and households alike, at the expense of investments and consumption respectively.
In addition, countries like the US and most European nations apart from Germany are in a public debt spiral where the sharp increase in the cost of their accumulated public debt leads to outsized budget deficits, forcing them ultimately to cut down on public expenditures while tax receipts decline as the economies are contracting, potentially forcing them to raise taxes at the worst possible time.
All the above to say, that contrary to the bullish narrative of equity investors and strategists who have not yet taken the measure of the coming recession while bond investors and prominent bankers such as Jamie Dimes have, we are on the verge of a very sharp economic contraction in the second quarter of 2023, and that economy contraction will be deeper and far more lasting than most want to believe.
Granted, they also did not believe in the return of inflation in 2022, when we were predicting it.
And we already have early signs of this economic contraction with Germany surprise GDP contraction in Q1 2023 after an already negative quarter in Q4 2022, the official definition of a recession, and the US sharp 60 % miss on Q1 GDP projections, as the month of March marked a significant downturn when compared to January and February.
The current macro-economic environment is one of PERSISTENT INFLATION ät the time of an economic RECESSION, THE MOST LETHAL COMBINATION FOR EQUITY MARKETS as corporate margins get squeezed by higher input, labor and financial costs while sales are declining in real and ultimately nominal terms as could be seen already in Apple’s 40 % decline in sales of notebooks.
These macro-environments have ALWAYS led to a MASSIVE DECLINE IN EQUITY VALUATIONS as investors finally realise that corporate earnings may actually continue to decline rather than quickly recover as the market expects at the moment. In the last STAG-FLATIONNARY episode in the 1980s’ the PE ratio of the SP 500 fell to between 7x and 10x, to be compared to the current 19x for the SP500 and 32x for the Nasdaq index.
These are the reasons why we see US and European equities falling sharply in the next six months with the second leg of the secular bear market unfolding right now and taking the SP500 towards our ultimate targets of between 2800 and 3200 by November 2023, a -33% decline from current levels.
Hence our significant short positioning in the most over-extended segments of equity markets, luxury in Europe and tech mega caps in the US, as these sectors have seen a massive FOMO phenomenon and the most extraordinary concentration in a few stocks in history, making them the most dangerous stocks to hold at the moment considering there downside potential.
The following chart shows how extreme and unprecedented concentration and weak breadth of the US markets, meaning that when they turn, they stand to lose between 50 and 60 % of their value extremely quickly as investors realize that their hopes for a quick recovery in profits fades.
Our negative performances of the past 7 weeks comes from the fact that we have stayed our strategic course for the above geo-political and macro economic reasons while the markets have not yet grasped the severity of what lies ahead.
But as we mentioned several times before, the turning point is around the corner and we are extremely worried about how sharp the fall can be, either in June, or most likely in August 2022, because of both macro-economic reasons and the growing risk coming from the developments in Ukraine.
China
As we have detailed many many times before, the dynamics at play in the Chinese economy could not be more different than the ones at play in the US or Europe. China has avoided all the imbalances built by the western economies during the COVID period, has maintained prudent monetary and fiscal policies, has handled its self-caused real estate crisis, has extremely low inflation and is recovering from the sharp slow down induced by its COVID related policies.
Chinese equities made a secular low in October 2022, with its equity markets trading at levels last seen in 2008, 15 years ago when it economy was a fraction of its current size, leaving them at valuation levels never seen in their history.
China is expected to grow at a 5 % clip in 2023 and is likely to surpass this growth rate according to many economists.
Contrary to what we can read in the occidental press that highlights a significant loss of momentum the recovery, the latest data shows that if the breakneck pace of the 4th quarter of 2022 catch-up is slowing down, growth is till on a strong footing. We are data based and not narrative based managers and we do our home work.
As the following table shows China’s retail sales are accelerating markedly reaching + 18.4 % year on year, industrial production is accelerating to +5.6 % year on year, Residential property sales are accelerating to + 11.8 % year on year with new home prices increasing for several months now, while credit to the economy are surpassing the expectations of economists and the unemployment rate has started falling.
Industrial profits profits have bottomed out in March and started to climb again in April and inflation is falling sharply towards zero, putting a significant pressure on the Central Bank to ease monetary policy forcefully to avoid deflation, a considerable tail wind for equity markets when it happens.
Last but not least, far from constituting a sign of frailty of the Chinese economy, the recent weakness of the Chinese Yuan, a currency that is completely driven by the Government itself, is a mean to make Chinese exports far more competitive and boost its exports in a world that is entering a global recession.
So when everything is said and done, we, as value investors prefer to invest in an economy that is growing way faster than any other country in the world, has the largest consumer market of the world that is recovering from three years of lockdowns, has the means to ease monetary policy decisively and to use fiscal policy to boost its economy with equities trading at extremely low valuations and extremely high earnings and dividend yields.
After having traded the market extremely successfully in the fourth quarter of 2022, we made the mistake of re-entering Chinese equities too early in March / April and are suffering from the last downdraft that is caused by the lack of confidence of global investors in Chinese equities.
But this temporary downdraft is nearing its end and we expect Chinese equities to mark a significant higher low in June before starting a the second leg of the secular bull market.
We are suffering temporarily but our fundamental long term case remains entirely valid and we expect Chinese equities to deliver significant performances in the remainder of 2023, completely decoupling from Western equity markets, as its economy shows signs of strength and industrial profits recover strongly, pushing valuations higher.
Finally the last negative contributor to our portfolio in the last few weeks has been our early entry into the volatility trade, partly due to our geo-political worries highlighted above and partly due to our worries that the likelihood of a crash is increasing, leaving no time for positioning.
To sum it all, Our Portfolio is down 25 % year-to-date and we have not been the best of managers in the first few months of 2023.
However, a lot of the downdraft comes from rational strategic decisions that we stick to on the basis of our exhaustive analysis of the environment.
Despite this downdraft, we are extremely confident that the next few months will see our portfolio to deliver significant positive performances and outperform the global markets by far more than we did in 2022.
As was the case in 2022, our followers should take advantage of the current downdraft to invest in MAXIN GLOBAL FUND – USD.
It is the mature of our management style and the extraordinarily exceptional environment that we are living in since 2022 that causes those large swings, but they are opportunities rather than risks.
Thank your for your confidence and our sincere apologies for not having been at our best.
As the Month-End is in only there trading days, we shall not publish a full report this weekend but just an intermediate report.
Portfolio Details
Asset Allocation
Transaction List
Week Ending 26th May 2023
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