Report 6- 2017
Here is the example that we have just spent the past month with the central bank's complicity.
We saw the first European index correction while the benchmark SP500 had had a slight positive change; let's remember that the target of the index is positioned at about 5% above current levels. The € / $ cross pushed up to 1.14 on a more optimistic European cycle view, but the drop in yields seems to say the contrary. In addition the main macro-US data is not at all positive.
The fund is now positioned at 29% on equity.
At cost of repeating this is a difficult phase as many signals are negative with residual growth spaces. Correction might be close but depth cannot be predicted.
We feel right to remain underweight of equities while we grow on gold and invest in futures to increase the fund’s volatility.