QUADRIGA STABLE RETURN-UCITS

What happened during the month?  QSR was -5.4% in June and -5.4% YTD

What happened to the markets and our portfolio? It has been a bit of bad timing starting the fund on June 15th. All our positions in gold miners, global minerrs and oil companies have been returned very poorly during the last week of the month, more than 10% in average. We also started the fund with very small positions as short since we saw that we could have a technical short term rebound. Overall, equity markets went down 8.7% for the month reaching -20% YTD. Corporate bonds, both IG and HY, suffered losses with credit spreads reaching levels not far from march 2020. The US HY spread are now close to 600 bps which is higher than 2018 and same level as february 2016. Due to recession fears, this month saw also commodities losing momentum with oil down 7%. We are disappointed by the gold performance which should be defensive in this scenario but did go nowhere , punishing gold miners that lost 13% in the last week of the month. Our portfolio is now almost fully invested and we are waiting for new opportunities to deploy few more names in the long and short book.

Factsheet Stable Return – June 2022

Monthly Reports 

Net Asset Value and Returns