The broad equity markets have shown positive returns during the month of June. The end of the lock-down coupled with increased domestic air traffic in the US has triggered a sentiment-driven rally in aviation stocks. Within this segment the fund was positioned with a slightly net-positive weight, as we see increased equity dilution risk. Within shipping individual segments had a strong dispersion. Increased iron ore demand has pushed Capesize rates from $ 3k/day to $ 30k/day by month end. Additional dry bulk exposure was added. On the other hand, ongoing OPEC + production cuts and unwinding crude storage have pushed VLCC rates down from $ 64k/day to $ 21k/day. Dry bulk stocks have been a positive contributor whereas tanker stocks a negative contributor. The overall fund result was neutral. Hedging positions were mixed. Short positions in the aviation segment have been a negative contributor whereas a short position in the shipping segment has been a positive contributor.
For more information you can find our latest Factsheet – Jun 2020 for the month of June 2020.
During the month of June the USD-S-Class has gained +1.1%. The YTD fund performance is at -16.0%.
Seahawk Investments GmbH