March update

BY WILLEM VINKE

25 Apr 2018

BY WILLEM VINKE

In March, NYMEX WTI CRUDE was up 5.35% to finish the month at $64.94. During the month, the US 10y treasury yield decreased 4.25%, closing at 2.7389.

The German 10y treasury yield declined by 24.29% to finish the month at 0.497%, while the Swiss 10y treasury yield decreased by 71.27%, ending at 0.027%.

The UK 10y gilt yield decreased by 10.00% to finish the month at 1.350%. Gold increased by 0.54% to finish at $1,325.48, with silver decreasing by 0.29% and closing at $16.3678. During the month, the Euro strengthened against the US$, finishing at 1.2324 (up 1.07%), whilst weakening against the sterling, ending the month at 0.8791 (down 0.80%). 

STRATEGIC EUROPE VALUE FUND

The Fund* lost 0.48% in March, outperforming its benchmark by 1.54 percentage points. Utilities, Real Estate and Consumer Staples were the best performing sectors in the benchmark, whilst the worst performing were Financials, Information Technology and Materials.

The Fund’s top performing stocks were Shire, Unilever and Equifax, while the worst were Criteo, SBM Offshore and Sage. During the month, the Investment Adviser exited Equifax and Intertrust and at the same time established new positions in Glaxo Smith Klein and Qiagen.

* EUR I Class

STRATEGIC GLOBAL QUALITY FUND

The Fund returned 0.46% in March, outperforming its benchmark by 1.72 percentage points. Utilities, Real Estate and Energy were the best performing sectors in the benchmark, whilst the worst performing were Financials, Technology and Materials.

The Fund’s top performing stocks were Shire, Estee Lauder and Unilever, while the worst were Criteo, Oracle and Alphabet. During the month, the team exited positions in Equifax and Mastercard and established positions in Coca-Cola, Electronic Arts, Kao Corp and McDonalds.

The views and statements contained herein are those of Lofoten Asset Management in their capacity as Investment Adviser to the funds as of 16/04/18 and are based on internal research and modelling.