Quadriga Igneo fund provides investors with a liquid absolute return strategy with a dual objective of cpital preservation and upside participation in the long-term performance of the precious metals sector.
We achieve this through anti-bubble and anti-crisis strategies such as precious metals, US Treasuries and long-term options.
LIQUIDITY VALUE ($/SHARE)
Class A – ISIN LU1844121522
28/02/2023
FUND SIZE
28/02/2023
Quadriga Igneo UCITS is a daily liquidity strategy focused on:
We meet these objectives throufgh our structural positions in anti-bubble and anti-crisis strategies such as precious metals, US Treasuries and option purchases. It is a discretionary managed strategy that follows disciplined mandate and risk limits that include zero leverage, zero short positions and only buying options. This is combined with top -down macro analysis, bottom-up micro analysis, quantitative, technical and positional analysis, within a disciplined framework for portfolio construction and risk management.
What happened during the month?
Quadriga Igneo UCITS is -5,1% in february. Very mixed month where Equities in US saw a huge rally during first couple of weeks to end -2,4% for the month, while European indexes ended positive with Eurostoxx 600 +1,9%. Emeging market equities underpeformed by -7,6% led by Hang Seng -9,41%. Meanwhile bonds retreatred on new inflation fears by -3,27% in 10y and -4,85% on long end (20+ years), this pushed down precious metals significantly with gold -5,28% and silver -12,25%. Market is back to higher for longer interest rates after inflation numbers surprised to the upside both in Europe and America, which drove up inflation expectations for the next 2-5y significantly higher. Some macro numbers came better than expected like PMIs although still in negative territory. We think leading indicators are showing harder landing than the bond or the equity markets are discounting, together with highest ever corporate margins, excesively optimistic EPS expectations, the change in the mindset of Central Banks from two decades of “deflation fear” into “inflation fear”, and the still high valuation of equities when compared to real interest rates, posing a great risk to equity and credit markets going forward.
Diego Parrilla
INVESTMENT MANAGER
Diego has over 21 years of experience in the industry. Prior to joining Quadriga, he worked for JP Morgan, Goldman Sachs, Merrill Lynch, Nareco, BlueCrest, DymonAsia Capital and Old Mutual.
Diego holds a degree in mining and petroleum engineering from the Universidad Politécnica de Madrid and two master’s degrees in economics related to oil and minerals.
