Stock indices from New York to Tokyo have pushed higher over the past month. As US crude oil inventory levels have further decreased throughout the month, the price of Brent Oil has further increased from 43.3 $/barrel to 45.3 $/barrel. In this environment energy stocks have shown moderate returns. The overall transportation sector has shown strong returns, especially in the sectors of freight services and aviation. Within the shipping sector performance results were mixed. As floating storage has been unwinding VLCC-rates have further decreased from USD 25.4 k/day in July to USD 15.5 k/day. Capesize-Rates have decreased from a level of USD 24.5 k/day to USD 19.4 k/day. On the other hand, Container-Rates have firmed-up with the SCFI (Shanghai Containerized Freight Index) increasing by 14% during the month. The overall fund result was positive. Diverse energy sector picks have been positive contributors whereas overall hedging positions were negative performance contributors.
For more information you can find our latest Fact Sheet – August 2020 .
During the month of August the USD-S-Class has gained +2.3%. The YTD fund performance is at -11.4%.
Seahawk Investments GmbH