|Highest positive contributions|
|+0.99%||US 10Y T-Note|
|+0.52%||United States Oil Fund LP|
|Highest negative contributions|
|-0.49%||High Grade Copper|
The Ivy strategy yearly performance for 2018 stands at -1.2% as of end of April.
Gains in 2018 come from short positions on US rates, from various commodity positions (including shorts on sugar and live cattle and longs on gasoil and crude oil), from some equity positions (technology sector) and being long convertible bonds.
Losses during the year come for the most part from specific futures positions on equity indices (Footsie100, SMI), and on some commodities (corn, copper, platinum).
A more detailed performance analysis is shown thereafter.
As per our convictions, we are now mildly bullish (almost neutral) on equities.
For bonds, we still favor convertibles which benefit from an increased volatility.
We are bearish on long term US, Canada and European rates.
For real estate, we favor the ex US instruments, and we are now moderately bearish on US REITs.
In the commodity space, we are bearish on natural gas and sugar, while we are bullish on 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).