|Highest positive contributions||YTD|
|E-mini S&P 500||+0.92%|
|E-mini Nasdaq 100||+0.77%|
|US 10Y T-Note||+0.77%|
|Vanguard Health Care||+0.32%|
|Highest negative contributions||YTD|
|Henry Hub Natural Gas||-0.25%|
The Ivy strategy performance stands at +5.0% in 2018 after one month.
The gains on the ETFs represent approximately 60% of the performance, and the longs and shorts on futures 40%.
Gains during January 2018 come from equity markets, fixed income (notably short positions on US rates) and real estate.
Losses during the month come from specific futures positions, notably on some commodities (corn, platinum and natural gas) and the Footsie 100 equity index.
A more detailed performance analysis is shown thereafter.
As per our positions and convictions, we remain bullish on equities at a mid term horizon. Our lowest
convictions are in the telecommunications and utilities sectors, as well as in some European markets.
Regarding bonds, we still favor convertibles and corporate bonds. We remain short on long term US rates and Canadian rates.
For real estate, we favor the ex US instruments.
In the commodities space, we are bearish on corn, natural gas and sugar, while we are bullish on copper, Brent crude oil and palladium.
The graphs (one by asset class) show the contribution to performance of ETFs since January 1st 2018 (in USD).
The graphs (one by asset class) show the contribution to performance of the futures since January 1st 2018 (in USD).