|Highest positive contributions|
|+1.08%||United States Oil Fund LP|
|+0.56%||Low Sulphur Gas Oil|
|+0.49%||US 10Y T-Note|
|Highest negative contributions|
|-0.58%||High Grade Copper|
The Ivy strategy yearly performance for 2018 stands at -2.8% as of end of June.
Gains in 2018 come from short positions on US rates, from various commodity positions (including longs on gasoil and crude oil), from some equity positions (technology, discretionary consumption and health sectors) and being long convertible bonds.
Losses during the year come for the most part from short positions on Canadian rates, specific futures positions on equity indices (Footsie100, SMI), and on some commodities (corn, copper, palladium).
A more detailed performance analysis is shown thereafter.
As per our convictions, we are mildly bullish, almost neutral, on equities.
For bonds, we still favor convertibles which benefit from an increased volatility.
We have decreased our exposures on long term US and Canada bonds and are long bunds and gilts.
For real estate, we favor the ex US instruments.
In the commodity space, we are bearish on sugar and 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).