May 2018: Altaica Alpha Strategies Fund: +0.09%

May started promising. Most of the funds in our selection performed very well during the first weeks of the Month. However the tables turned in the last 1.5 week. Turbulence because of the Italian Government formation and the starting sign for a trade war with Europe by the tweets of US President Mr Trump swept the markets into all directions.

The profits made in the first weeks melted quickly away. CTAs and currency trading performed relatively well. Two months ago we added a new CTA manager, this month he won more than 10% measured in USD. At the opposite of the spectrum we find a Credit Manager, we added this manager at the same time as the new CTA manager. During the last two months he performed pretty well, this month he lost part of the gains made earlier and became the biggest loss in the fund over May 2018.

Equity Long Short strategies suffered the most of the turbulence in the end of May. Halfway May they published interim results of +5%. At the end of the month it turned into a loss of 1%. The portfolio result was saved by the strengthening of the US Dollar of more than 3%. This had a significant impact on our portfolio result. We placed already a range of orders to add one new CTA manager and to extend existing positions in the portfolio. At the end of May we expect the Cash levels will be reduced to 10%, this mainly in favour of CTA /Managed Futures managers.