PAANDA Small - Q1 / 2021

Mis à jour : juin 14

Assets under Management

Total (EUR): 37 617


Valuation per Segment

Physical assets: 11 000

Digital assets: 6 000

Liquid assets: 20 617


Growth (AuM)

Total (EUR): +27 714

Q1/21 (EUR): +2 759


Download the full trading history (liquid assets only)

Daily_Statements_Q1_2021
.csv
Download CSV • 50KB

Allocation

30% Indices: China, Europe

20% Metals: Gold, Silver

50% Cash


Risk Functions

Invests no more than 200% of the principal (leverage <= 2:1)

Value at Risk (Var) on open positions average 3%


Global Strategy

Macro with focus on demographic and capital flow

The current main view and scenario is:

  • hyperinflation risks in the US (and USD drop)

  • slow and steady inflation trend in Europe

  • the shift in economic power and leadership from West to East

In the Markets

We currently play a:

  • USD neutral 91-89 on DXY, and breaking below,

  • US markets to remain stable, with a limited upside risk

  • EUR markets to remain stable, with a limited downside risk

  • ASIAN markets to remain volatile but stable, in consolidation of 2020 growth

  • COMMODITIES to remain stable or gradually trading higher

To sum up, we expect this boring market to remain boring in the next 3 to 6 months period if no huge event comes to precipitate the inflationist topic and narrative... that finally emerged!


Current Exposure

Indices > Long China A50 x Short EuroStoxx 50 (5:1 spread)

Metals > Long Gold x Short Silver (1:1 spread)


Note from the desk

Yes, China did it! 20.000 reached!

We sold most of our long between 19K and 20K.

Sellers were not that far, as the market already retraced back 15% of its gains at the moment I'm writing these lines. Chinese stocks are fantastic!


On stocks, we will be waiting for the price to come back between 17 and 15K / or trading above 20K, to re-engage in China.


On Metals, we will start to gradually turn our exposure from neutral to long during Q2.


On Cryptos, we have sold in:

ETH between 1250 and 1490 in EUR

CRO (partially) at 0.19 in EUR



Future will tell...


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