|Highest positive contributions||YTD|
|US 10Y T-Note||+0.97%|
|Vanguard Information Technology||+0.29%|
|E-mini Nasdaq 100||+0.29%|
|E-mini S&P 500||+0.22%|
|Highest negative contributions||YTD|
|High Grade Copper||-0.39%|
The Ivy strategy performance stands at -2.9% in 2018, two months into the year.
ETFs show a performance of -0.7%, while the longs and shorts futures are at -2.2%.
Gains in 2018 come from fixed income (short positions on US rates) and various other positions such as short sugar, long US equities (S&P500 and Nasdaq) – even though February has cancelled most of the gains on that asset class – and long convertible bonds.
Losses during the year come for the most part from specific futures positions on equity indices (Footsie100, SMI), and on commodities (corn, copper, platinum).
A more detailed performance analysis is shown thereafter.
As per our convictions, we remain bullish on US equities at a mid term horizon
for the time being, although our conviction is fairly reduced, now at about 50%, and we are now neutral
on European equities. Sector wise, our lowest
convictions are in the telecommunications and utilities sectors.
We remain short on long term US rates and Canadian rates, and are now short UK rates as well.
For real estate, we favor the ex US instruments, and we are now moderately bearish on US REITs.
In the commodities space, we are bearish on corn, natural gas and sugar, while we are bullish on copper, gold and crude oil.
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).