Investor Update | September 2024
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We often find ourselves in the minority when we make a move on an asset and start investing. whether it is Gold or Japan or uranium or recently China we are getting solid successes in picking up right theme although we do have our share of failures as well.
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Chinese etf worked wonders for our portoflio in the month of September with significant alpha creation and the only question for us at this moment is whether China is really investible or only tradeable. Frankly I don’t have an answer for this million dollar question at this time.
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We are becoming cautious going into US presidential election. We fear markets are too complacent about an event risk whether it is geopolitical risk or even a risk of delayed election result. We have added some hedges to the portfolio just in case.
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Somehow I believe that the investing world is changing in front of our eyes and we would be open to significant changes in our portfolio if that happens.
Performance Since Inception (%)
Capital appreciation via investments in a combination of Equity, Fixed income, Commodities and other thematic cross country asset classes
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Global Asset Allocation fund
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Absolute return strategy
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Focus on global liquidity flows
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Top-down/Macro driven strategy
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US listed ETFs/ETNs/Stocks
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Low volatility using cash opportunistically
Benchmark Construction
Benchmark is a blend of Vanguard total world stock Index ETF (VT) – 34%, Vanguard total bond market ETF (BND) – 33% & VanEck Inflation Allocation ETF (RAAX) – 33%. ETFs are chosen for the benchmark to reflect the diversified nature of the underlying portfolio. Peers in the space typically use a 60:40 combination of MSCI World stock Index and Bloomberg global bond Index as benchmark.
The reason for including real asset as a part of benchmark – As early sings of multi polar currency world emerges, the efficiency of supply chains will be challenged pushing the cost of procurement upwards. As developed economies struggle through the massive debt burden creating an overhang on fiscal & monetary policies; real asset owners like commodity producers, efficient commodity procurers may emerge as winners. Inclusion of real assets in the Benchmark has increased the challenge for the fund as hard commodities act as inflation hedge.
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Ritesh Jain
Twitter: @riteshmjn
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