PAANDA Small - Q1.21 Look Back
Total (EUR): 37 617
Valuation per Segment
Physical assets: 11 000
Digital assets: 6 000
Liquid assets: 20 617
Total (EUR): +27 714
Q1/21 (EUR): +2 759
Download the full trading history (liquid assets only)
waiting for FM to add EUR accounts so we can link the strategy
30% Indices: China, Europe
20% Metals: Gold, Silver
Invests no more than 200% of the principal (leverage <= 2:1)
Value at Risk (Var) on open positions average 3%
Macro with focus on demographic and capital flow events
The current main view and scenario is:
- hyperinflation risks in the US (and USD drop)
- slow and steady inflation trend in Europe
- the shift in economic power and leadership from West to East
In the Markets
We currently play a:
- USD neutral 91-89 on DXY, and breaking below,
- US markets to remain stable, with a limited upside risk
- EUR markets to remain stable, with a limited downside risk
- ASIAN markets to remain volatile but stable, in consolidation of 2020 growth
- COMMODITIES to remain stable or gradually trading higher
To sum up, we expect this boring market to remain boring in the next 3 to 6 months period if no huge event comes to precipitate the inflationist topic and narrative... that finally emerged!
Indices > Long China A50 x Short EuroStoxx 50 (5:1 spread)
Metals > Long Gold x Short Silver (1:1 spread)
Note from the desk
Yes, China did it! 20.000 reached!
We sold most of our long between 19K and 20K.
Sellers were not that far, as the market already retraced back 15% of its gains at the moment I'm writing these lines. Chinese stocks are fantastic!
On stocks, we will be waiting for the price to come back between 17 and 15K / or trading above 20K, to re-engage in China.
On Metals, we will start to gradually turn our exposure from neutral to long during Q2.
On Cryptos, we have sold in:
ETH between 1250 and 1490 in EUR
CRO (partially) at 0.19 in EUR
Future will tell...
Edited 22 Jun 2021, 11:23
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