The ongoing optimism towards a “Phase One” trade deal between the U.S. and China combined with strong corporate earnings has improved the market sentiment during the month of November. A better than expected US-GDP growth rate for Q3 2019 of 2.1% (Est. 1.9%) has pushed the S&P500 index to another all-time high of 3153 points. The price of Brent Oil has increased from 60.23$/barrel to 62.43$/barrel as OPEC was expected to extend existing production cuts during their early December-meeting. In this environment energy portfolio holdings have performed slightly positive. VLCC-rates have surged again in the second half of November, reversing earlier losses. Tanker shares have contributed positively to the overall result. LPG-and LNG-rates have been stable at elevated levels leading to positive segment-returns. On the other hand, short positions in the aviation segment as well as other hedging positions have overcompensated the positive performance drivers during the course of the month.
More detailed fund information can be found in the attached Factsheet November 2019.
During the month of November the fund has generated a performance of -0,93% for the USD S-share class and – 0,2% for the EURO S-share class.
The overall fund performance since inception on the 22nd of May was at +1,75% for the USD S-share class and +3,03% for the EURO S-share class
Seahawk Investments GmbH