Assets under Management
Total (EUR): 21 824
Valuation per Segment
Physical assets: 9 000
Digital assets: 1 500
Liquid assets: 11 324
Total (EUR): +11 921
Q3/20 (EUR): +10 102
Download the full trading history (liquid assets only)
60% Indices: China A50
30% Metals: Silver, Gold
Invests no more than 500% of the principal (leverage < 5:1)
Value at Risk (Var) on open positions: 5 to 10% Diversified across Metals and Indices
We invest new additional margin (if) created by indices, in indices only.
Risk has been hedged on Metals with a spread, searching for intraday arbitrage opportunities in order to improve our global buying price, for (hopefully) the next wave.
Macro with focus on demographic and capital flow events
The current main view and scenario is:
hyperinflation risks in the US (and USD drop)
Consolidation in commodities (metals)
The shift in economic power and leadership from West to East
In the Markets
Covering the risk on Metals and moving resources to Asian stock markets. We currently play:
Asian and emerging to outperform Europe in market recovery
USD to resume downtrend toward the 89-90 level DXY if breaks below 92
COMMODITIES to consolidate
Indices > Long China A50 x Short EuroStoxx 50 (5:1 spread)
Metals > Long Gold x Short Silver (1:1 spread)
Note from the desk
We have moved our attention and capital from Metals to Asian Stock Indices... to China precisely. We have decreased our global exposure to metals and increased our exposure to stocks.
On Stocks, the idea is to pursue our search for growth in the most dynamic area, but not at the cost of being overexposed (we are leveraged). We made the choice to hedge and arbitrate our exposure to stock markets over the time with some EuroStoxx. With a downtrending USD, it seems ok to think that the US stock market will more likely benefit from an "upside risk" than the EUR market at this stage.
On Metals, and after all this volatility, it is legitimate to think that we will probably need a "long" pause here. Hence, we found the spread strategy the most appropriate in this context - if you buy the idea that we might a new wave in the future, of course.
Future will tell...