In our monthly portfolio review, we give a run down of our performance across asset classes, along with any notable changes in positioning.
June P/L = -3.51%
June continued our strong performance year to date for FX. We were able to cash in on long USD positions, both versus EUR and GBP. Elsewhere we also had tactical positions on USDCHF and USDZAR throughout the month, taking advantage of elevated volatility in the market.
We did take some losses from getting caught the wrong side of EURUSD during the month, but was able to make this back from other trades to finish the month up.
As of month end we do not have any open FX positions to carry through to July.
Our stock portfolio really struggled this month, with losses across the board. Our tech names including Tesla and Apple underperformed, while our oil stocks also shed some profits as the oil price stuttered.
We took on tactical positions on ABNB and MTDR during the month, but were stopped out on both. As we came into month end, we decided to cut some of our exposure to stocks and move to cash. We feel the market is uncertain right now, and prefer to wait for things to settle down before allocating cash back to stocks as a segment.
We only had a small amount of crypto left on our book as we came into June. Halfway through the month we sold our last two positions, ETH and DOT. We had held these in the belief that they were two of the most resilient coins so far. However, the bear market showed that crypto is still in a bad place right now, and so again we cut and sit on the sidelines.
Until we have a higher conviction (in a similar way to stocks) about the crypto market, we’ll only be wanting to take on tactical ideas for the next few months.
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