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Augustus 2020 : Altaica Sustainable Long Short Equity + 7.9%

By | Altaica Sustainable Equity Long Short

The fund performed excellent during August with a gain of 7.86%. By this we extended our outperformance by 2.51% up to 42.7% since start on the first of March 2019. Especially our stock selection contributed to the result. There were two stellar performing stocks, Varta (+37.64%) and Salesforce.com (+38.03%). Only a couple of stock ended up with a small negative return. Our portfolio hedge contributed as expected in a negative way to the result. However due to active management we managed we kept the impact relatively small. During August we repositioned the portfolio. Firstly we sold three underperforming stocks and sold part of the profits on Varta and Salseforce.com. We added five new positions and increased the stakes in some…

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December 2019: Altaica Sustainable Long Short Equity: 1.64%

By | Altaica Sustainable Equity Long Short

During December 2019 the fund was able to gain 1.64%, bringing the Start To Date performance above the 25%. The combination of a portfolio with a high positive ESG rating and best of class performance (Morningstar) makes Altaica Sustainable Equity Long Short Fund a proposition that is different than the mainstream offerings. We started the month carefully without any leverage. During the month the sentiment turned and it gave us the courage to gear up to a leverage level of almost 60%. The portfolio is still hedged. The best performing shares belonged mainly to the IT sector. Especially Adobe (+7.8%) and Cisco (7.3%) delivered a strong performance. On the losing side we found shares like Assa Abloy (-2.4%) and Walt…

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November 2019: Altaica Alpha Strategies Fund: 1.03%

By | Altaica Alpha Strategies

During November the performance differential between managers and strategies was remarkable. We ended up with a positive return of just a little bit more than 1%. The drivers of the performance were CTA (+2.3%) and Equity strategies (+3.2%). The other strategies suffered losses during November. Except two managers all CTA managers performed well. One of the managers which suffered huge losses in previous months was able to turn the tide and recovered partly by 12.1%. The other managers performed more modest with gains and losses between -1.6% and +4.4%. Due to a 4.8% loss of one of our largest positions in the portfolio the category Global Macro dragged down the total performance of the portfolio. The Equity managers performed well….

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November 2019: Altaica Sustainable Long Short Equity: 5.60%

By | Altaica Sustainable Equity Long Short

The portfolio performed strongly during November 2019. With a gain of 5.6% it outperformed our long only benchmark by more than 2.4%. This brings us to a total performance of 25.95% since start in March 2019. Our outperformance of the long only benchmark is now up to about 14.5%. The outperformance related to the Long Short Equity Benchmark is more siginificant. At the very end of the month we reduced our leverage factor to zero. The strong positive performance over the last months is making us a bit more careful at the end of the year. The portfolio is still 100% long but also fully hedged by put options on the AEX Index against a market drop of around more…

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October 2019: Altaica Alpha Strategies Fund: -1.74%

By | Altaica Alpha Strategies

During October we suffered from a severe currency headwind. The US dollar weakened almost 2%. On portfolio level this is a minus of about 1%. This explains almost the total loss of the portfolio during October. Between the different strategies the performances were quite mixed. First of all one of the big disappointment came from one CTA manager. This manager, one of the big names in the industry, burned all its impressive performance earlier this year into a loss. Last month this fund lost more than 13%, making it the biggest loss maker in the portfolio. This was exceptional because the other CTA manager performed not at all in this way. This also promotes this fund manager on the watch…

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October 2019: Altaica Sustainable Long Short Equity: 0.90%

By | Altaica Sustainable Equity Long Short

During October the fund was able to deliver a positive return. However we were not able to catch up with the VanEck Vectors Sustainable World Equal Weight ETF. Due to some sector rotation in the markets and the expenses of our portfolio hedge the fund had a small underperformance. We added the iShares S&P Global Clean Energy ETF to the portfolio due to two reasons. First of all, to improve the diversification of the portfolio; according to the fund’s nature the fund has an underweighted position in the energy sector. We avoid the polluting carbon energy sector. By adding the Clean Energy ETF we compensate this underweighting. Secondly, we like to increase the impact factor of the fund. Not only…

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September 2019: Altaica Alpha Strategies Fund: -1.42%

By | Altaica Alpha Strategies

The fund lost about 1.4% during September after three positive months. During September a lot of markets made quick changes of direction. One of the events causing them was the attack on the Saudi Aramco oil facilities. This resulted in a spike in the oil prices causing havoc on the short oil positions of many CTA managers. Next to this there were sector rotations in the equity markets and rebound reactions in currencies and bond markets. This all resulted into a relatively small loss on the portfolio level. We were saved by the Credit strategies which generated a solid return and a little help from the Equity Long/Short strategies. Both CTA and Global Macro strategies suffered losses of more than…

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September 2019: Altaica Sustainable Long Short Equity: 1.79%

By | Altaica Sustainable Equity Long Short

During September the portfolio added a solid 1.8% performance to the result since the start of the Altaica Sustainable Equity Long Short Fund, bringing it up to 18.2%. During September we stayed invested while hedging the portfolio by buying put options on the AEX Index. The Put Option position returned negative due to rising equity markets. This tempered the overall performance of the portfolio. Because of this the portfolio underperformed compared to the Think Sustainable World ETF. However, since the start on the 1 March 2019 the outperformance relative to this ETF is about 11.5%. We remain confident regarding our positioning with solid downside protection given the combination of (very) positive equity sentiment and the fact that some important issues…

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August 2019: Altaica Alpha Strategies Fund: 1.16%

By | Altaica Alpha Strategies

With a positive return of 1.16% over August the fund performed well. This during a challenging month for the equity and bond markets. The differences between the strategies the fund is invested in were interesting. It was an excellent month for our Credit managers. This type of strategies was the stellar outperformer with a gain of 7.6%. Especially our American based manager. With a stellar performance of 17.5% it was the best performing fund in our portfolio, bringing the year to date performance of this manager up to 65%. The two other credit managers were both adding to the positive result but not that exceptional. All other strategies performed less impressive. Most of them ended up in the red. Only…

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August 2019: Altaica Global Sustainable Long Short Equity: 2.29%

By | Altaica Sustainable Equity Long Short

A solid performance for the strategy during a volatile month. The fund gained 2.3% which resulted in additional alpha generation. Compared to the Think Sustainable World ETF the outperformance since the start is around 13%. Main contributor to the performance and alpha is the equity hedge position at the start of the month. We added a significant position of AEX Put options to the portfolio at the end of the previous month. This AEX Put option position was closed near the bottom of the markets. The main contributors to the result in the portfolio are: Lowe’s (+12.1%), Pepsico (+8.1%) and Home Depot (+7.8%). The biggest drag to the result came from: Cisco (-12.6%), Assa Abloy (-8.5%) and Union Pacific (-8%)….

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