Monthly Report. May ,61

Transcription

1 NAV MAY YEAR 3 YEARS 5 YEARS SINCE INCEPTION Global Allocation Fund* 111,34 0,39% 5,61% 7,76% 21,42% 207,69% 193, Performance of March 31, 2006 to May 31, Global Allocation Euro Stoxx 50 Index Global Allocation Fund* January 1091, 2017 to May 31, ,

2 Informe Mensual There is very little to highlight about this month of May. Basically nothing. It seems markets are in a phase where they pay no attention to any news. It doesn t matter whether it is a terror attack in London or the possibility of a conflict with Korea. Markets are completely indifferent. Trump attacks some European countries, namely Germany, for their small contribution to NATO budget, but more importantly because of the balance of trade with the USA. At the same time, he signs an armament agreement with Saudi Arabia of unpredictable consequences (Our Lockheed Martin shares have profited from that). In Brazil we had a big shock, but it seems we haven t even noticed. In Spain we have a new corruption case every day and the outcome of the Socialist party primary elections was the worst from an stability and economic point of view. Volatility is beating record lows. This makes investors have an excessive sensation of security, which leads to complacency. And that is not positive at all from our point of view. As we use to say, volatility and risk is not the same, and if the former drops, the latter increases. The Euro has gained versus the dollar, especially because of the expectation of less expansive monetary policies. But this week we will see how Draghi explains again that we have no inflation and that the ECB will keep buying bonds and will maintain negative rates. Moreover, the comments from the ECB regarding the worries about the funding capacity of some countries if yields rise has provoked a partial recovery of the month s loses in European Government Bonds. In the first days of the month we slightly increased our exposure to equities while reducing our bond exposure. In the latter part of the month we have decreased our exposure to equities to end with less exposure both to bonds and equities. We keep the other positions as they were. Our portfolio seems a little boring now. This is due mainly to the decorrelation of the different positions, which we find very valuable.

3 Option Put Euro 0,97 Option Put Euro 1,02 ETF Physical Silver ETF Physical Gold Lockheed Martin Philip Morris Ireland Finland Belgium Italy Netherlands Spain Germany France Future Euro Stoxx 50 Future BUXL Informe Mensual Portfolio 31/05/ ,12% 20,1 0,00,01% 7,45% 8,61% 5,42% 2,89% 0,65% 0,8 1,86% 2,65% 6,73% 8,84% - -18,28% -4 * -6-54,53% OPTIONS 0,01% ETF 16,06% EQUITIES 69,06% FUTURE -72,81%

4 Monthly Performance JAN. FEB. MAR. APR. MAY JUN. JUL. AUG. SEP. OCT. NOV. DEC. YEAR ,27% 2,63% 4,09% -1,26% 0,39% 5,61% ,03% 3,56% -5,39% 7,97% -1,12% -17,22% 5,36% 3,42% -1,53% 10,33% 1,77% 2,33% 13,17% ,12% 5,91% 3,72% 4,31% 1,22% 1,53% 4,22% -11,5-2,72% -4,49% -3,01% 0,74% 3,65% ,03% 9,27% 0,64% 2,58% 1,17% -2,15% -3,33% -0,09% 0,44% -1, 5,65% -1,07% 15,26% ,93% -3,41% -1,45% 7,02% 2,95% -8,62% 9,46% 6,21% 7,02% 7,13% -0,11% 0,01% 39,02% ,46% 2,86% -0,73% -12,3-17,26% 6,36% -9,13% 17,91% 12,83% 5,48% 8,1 5,73% 21,13% ,9 4,39% -0,85% 3,74% -4,33% 2,29% -3,83% -18,49% -1,74% 5,7-17,27% 3,81% -19,27% ,34% 0,84% 4,67% 2,13% -13,65% -4,04% 14,29% 0,43% 2,99% 3,36% -10,95% 7,33% 10,91% ,6-8,7 6,01% 14, 5,98% 1,11% 10,07% 5,04% 4,76% -0,89% 0,86% 6,25% 43,83% ,79% -0,15% -0,06% 2,74% -0,65% -4,73% -0,51% 0, -1,95% 2,99% -2,95% -2,91% -16,96% ,79% -0,79% 1,78% -0,86% 4,53% -4,08% 1,21% 0,26% 0,19% 4,37% -6,99% -4,31% -1,62% ,31% -6,88% 3,01% 1,74% 1,04% 8,11% 6,01% 0,48% 3,49% 16,0 Historical Annual Returns (March ) Monthly Returns Distribution (March ) 55% 45% 35% 18% 16% 14% 12% 25% 15% 5% -5% -15% % 6% 4% 2% -25% Currency Exposure Country Exposure (Equities & Bonds) 8,31% 20,1 19,12% 16,06% EQUITIES 8,84% 8,31% 6,73% FRANCE GERMANY 2,65% 1,86% 0,8 0,65% SPAIN USA NETHERLANDS ITALY BELGIUM 91,69% - -18,28% FINLAND IRELAND ETF METAL ETF FUTURES -4 EURO STOXX 50 BUXL EUR USD -6-54,53%

5 Performance Risk Analyst Since Inception Last 12 months 3 years Cumulative Return 192,27% 6,14% 22,36% Average monthly return 1,01% 0,71% 0,7 Maximum monthly return 17,91% 10,33% 10,33% Minimum monthly return -18,49% -17,22% -17,22% Annualized return 10,16% 6,14% 6,96% Sortino Ratio % Positive months 0,57 61,65% 58,33% 58,33% CONTACT DIEGO TORRES diego.torres@aurigasv.es Performance Risk Analyst Since Inception Last 12 months 3 years Cumulative Return 193,4 7,76% 21,42% Average monthly return 1,01% 0,84% 0,68% Maximum monthly return 17,91% 10,33% 10,33% Minimum monthly return -18,49% -17,22% -17,22% Annualized return 10,12% 7,76% 6,68% Sortino Ratio % Positive months 0,57 61,94% 66,67% 58,33% Click here for more information *Performance of Global Allocation FI until 31th of July Performance of Auriga Investors Global Allocation since then DISCLAIMER The information and data contained in this brochure has been prepared for marketing purposes and does not constitute advice. Whilst every effort has been made to provide accurate and complete information, the information contained in this brochure has been prepared in good faith and with due care and no representation or warranty is made as to the accuracy, adequacy or reliability of any statement, estimates, opinions, plans, diagrams o other information contained in this brochure. Auriga reserves the right to change the contents of this brochure at any time. Auriga disclaim all liability and responsibility for any direct or indirect loss, damage, cost or expense which may be suffered through the use of or reliance on anything contained in or omitted from the information contained in this brochure.