Most equity markets have held up well during the month of July showing marginal positive returns. On the other hand, energy commodities haven shown a slight correction. As the global demand outlook for oil became clouded the price of Brent oil fell from 66.5 US$/barrel to 65.1 US$/barrel. Moreover, the global supply glut of gas has pushed down the Henry Hub Gas Price from 2.42 to 2.23 US$/mn. Btu.. As a consequence of that, energy equities have shown weakness. At the end of July the fund was now fully invested at a level 91.4% of NAV. Over the course of the month short positions were further increased to a level of 56% of NAV, thereby reducing the net Long Exposure to 35.4% of NAV (previous month 47.8%). The fund’s exposure in Golden Ocean has been reduced by 50% to appr. 3% of NAV thereby realising proﬁts. Negative quarterly earnings reports of marine and energy service providers Wartsila and Alfa Laval have contributed to a negative monthly return of the fund.
More detailed fund Information can be found in the attached Factsheet July 2019.
During the month of July the fund has generated a performance of -1,87% for the USD fund seeders share class and + 0,36% for the EURO fund seeders share class. The overall fund performance since inception on the 22nd of May was at -1,47% for the USD fund seeders share class and -1,05% for the EURO fund seeders share class.
Seahawk Investments GmbH