brown field and blue sky

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

Summary

May P/L = -7.27%

FX (+6.21%)

May was a good month for FX, which helped to stem the losses particularly from the crypto side. We traded the volatility on GBPUSD well, netting good profits along the way from being both long and short. We were also active on shorting USDCAD and shorting USDCHF during periods when the USD bull run looked a little over done.

For June we are aiming to make profits from being long USD, while acknowledging that volatility into the start of summer might start to wane.

Stocks (-4.5%)

We only closed out one position in May from the stock class, namely cutting out position in Devon Energy. We added Netflix to the portfolio, having written a piece on why we think the company is undervalued following the steep drop post Q1 results.

Given the ongoing market slump, our book finished down for the month as a whole, although we are more optimistic going into June for a rebound in some of our tech names.

Crypto (-8.9%)

We have reduced our crypto exposure in a large part earlier this year, and so only held minor positions going into May. However, we decided to take on a long position in Luna following the collapse of the coin in May. Even though we bought when the coin had lost 90% in value, it ultimately proved to be a wrong call, with the coin now trading for next to nothing, with the position costing us.

The risk/reward stacked up for us, and if we had seen a rebound it would have significantly added to our performance. For June, we remain open to crypto positions tactically.

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