Geldzug – FUND MANAGER COMMENTARY – Bears on Cocaine

December 20, 2022

ALPS is in positive territory year to date to November (+14.71%), in stark contrast with global equities (-15.81%) and bonds (-14.58%).  Global Macro funds have shone this year as they capitalised on a semblance of normality returning to bond markets with the Fed leading the charge of recalibrating interest rates after keeping the world high on low rates since 2009. With the dual effort of reducing liquidity in the system through quantitative tightening while beginning a rates ascent back to a natural level of 4-5%, macro funds have survived the wanton wealth destruction of 2022 far better than both active & passive equity and bond funds… [read more]