September lived up to its expectations for inflicting pain on stock investors. As daily new cases of COVID-infection were rising again in the US and particularly in Europe, renewed fears of potential lock-downs came up. This had repercussions on the near-term oil demand, pushing the price of Brent -Oil down by around 9.5% from $ 45.30 per barrel to $40.95 per barrel. The energy sector has led the overall market decline. The aviation and marine shipping equity segment fell whereas freight services have been strong. Cape-Size-Rates have averaged around $ 18k/day vs. $ 19k/day in August. VLCC-rates have further come down from an average of $ 15k/day to $12k/day. On the other hand, the SCFI (Shanghai Containerized Freight Index) had another monthly increase of 13%. The overall fund result was negative. Overall hedging position in the S&P 500 index and a short position in Equinor have contributed positively, whereas long positions in energy and aviation stocks have contributed negatively.
For more information you can find our latest Fact Sheet – September 2020 .
During the month of August the USD-S-Class has lost -9.0%. The YTD fund performance is at -19.4%.
Seahawk Investments GmbH