grand canyon

In our monthly portfolio review, we give a run down of our performance across asset classes, along with any notable changes in positioning.

Summary

February P/L = +3.8%

FX 

We continued to be active in the FX market in February. We traded in and out on twelve occasions on a range of pairs including GBPUSD, EURCHF, USDZAR and GBPJPY. This generated a profit of just under 5% for the overall portfolio. GBPUSD trades were mostly playing the range, while we continue to like being long EURCHF as a way of expressing an undervalued EUR and an overly strong CHF. For intraday volatility, USDZAR remains our way of generating profit, with our bias towards being long.

Stocks

We didn’t close out any positions during February, but did pick up some new positions including Wells Fargo. We recently covered the US bank on our Premium coverage, which can be signed up for here. Overall, our stock portfolio moved lower by circa 1% in February.

Caution was warranted during February in the stock market, given the slump in the NASDAQ in January and the backdrop of pressure from rising interest rates. Added to this towards the end of the month was the invasion from Russia into Ukraine, something that again provided volatility in the stock market. We therefore found it prudent to be watchful on this asset class for the month.

Crypto

Our crypto exposure is a small part of our portfolio, making up around 7% of the overall holdings. We are still waiting to see a meaningful turnaround in both sentiment and price action for major coins before considering tactically getting long some. Again, with the slump seen from the invasion towards the end of the month, we don’t think the time has come yet.

March actions

Volatility enabled us to perform well on FX, with the aim to replicate the performance in March. We are likely to be more active on stocks in the coming month, especially as earning season continues. We have our eyes on some key names that will likely be added to the portfolio in coming weeks. As for crypto, tactical purchases may be made, but it will not feature as a large part overall.

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