Equity markets have been stable until the last week of February as active Corona-infection cases seemed to leveloff. Thereafter, global infection statistics gave evidence that the Corona Virus would spread dramatically outside China. Risky assets have sold-off subsequently. Particularly, European airline stocks had strong negative returns. But also other transportation segments declined. As oil demand is not expected to grow in 2020, oil prices (Brent) continued to decline from US$ 58.16/barrel to US$ 50.52/barrel and energy stocks have plummeted. The price of gas (Henry Hub) fell from 1.841 US$/MMBtu to a record low of 1.684 US$/MMBtu. Within the portfolio both energy and shipping stocks had strong negative returns. Portfolio hedges via the S&P500 Futures Contract and individual short positions within the energy, aviation and shipping segment have cushioned the losses in the calendar month..
More detailed fund information can be found in the attached Factsheet February 2020.
During the month of February the fund has generated a performance of -8.06% for the USD share class and -7,48% for the EURO S-share class.
The overall fund performance since inception on the 22nd of May 2019 was at -9,2% for the USD S-share class and -7,59% for the EURO S-share class.
Seahawk Investments GmbH