During the month of December the USD-S-Class has gained +8.8%. The YTD fund performance is at +16.9%. The annualised return since inception is at 14.6%.
After the strong market rally during the previous month the stock market has shown further strength. Before year end the major indexes hit all-time-highs. Given a potential demand recovery during 2021 the price of Brent Oil has moved up further from US $ 48.0 / barrel at the end of last month to US $ 51.8 / barrel by the end of December thereby giving energy stocks a further lift. In this environment the transportation sectors have been more or less range-bound throughout the month. Within the shipping sector VLGC-rates have increased to around US$ 100k/day and the strong increase in Asian gas demand have propelled LNG spot freight rates (large carriers) to more than US$ 150k/day by the end December. The SCFI (Shanghai Containerized Freight Index) continued to trend upward another 20% to now ultra-high levels. Most individual long positions were profitable. Renewable energy stocks led the gains. Overall hedging positions have contributed negatively. The overall fund result was strong.
For more information you can find our latest Fact Sheet – December 2020.
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