The Nasdaq Composite Index ended the month up +10.68% and in EUR terms +9.11%. Our performance in January was positive, +6.11%.

A very strong start to the year for US risky assets, a sign of disinflation began to appear in some US inflation components. The market has been pricing smaller rate hikes along with a potential pause of the FED cycle. This has greatly benefited Growth stocks and it has been reflected in our record monthly performance since inception.

As we are entering February, with both the FED and ECB staging some crucial meetings, we have been favouring a capital preservation approach, we bought some protection whilst maintaining upside potential.

During the month of January one of our USD forward contracts expired thus reducing our hedging on the EURUSD exposure. The expiration date coincided with the highest EURUSD level of the last few months, thus we have opted to wait for a better execution level. Should the latter not materialise, we will roll at a shorter date as it’s our primary objective to be hedged against the USD. Inevitably, the EURUSD move in January impacted our monthly performance.

We remain cautious given the divergence between market expectations and central banks narratives.





DISCLAIMER: Past performance is not an indicator or a guarantee of future performance.
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