08.06.2021

Signet FFF Asset Management Ltd (previously FFF Asset management Ltd)

FFF GLOBAL OPPORTUNITIES Compartment - UPDATE 04/2021

The FFF Global Opportunities Fund gained 1.19% for the month of April 2021.
Market Review:
April was a positive month for global markets with US stocks outperforming on the back of rapid vaccine rollouts, additional government stimulus and a good earnings season. PMI indices also showed a synchronous recovery across the globe. The sell-off in US government bonds that took place in March stalled in April as Fed officials said that the acceleration in inflation is "transitory". As a result, the S&P 500 index jumped 5.2% in April, the European STOXX Europe 600 index rose by 1.8%, and the MSCI Emerging Markets rose by 2.4%. The best performing sectors in April were real estate (+ 8.1%), communication services (+7.6%) and consumer discretionary (+7.1%). The following sectors lagged behind the broad market index: consumer staples (+2.0%) and the energy sector (+0.5%). Commodity prices continued their rally. The price of Brent crude rose 5.8%. Iron ore prices rose 5.2%, nickel and copper soared 10% and 12%, respectively. Precious metals were also in demand – the gold price added 3.1% in April.
 
Fund Performance:
In April the Global Opportunities fund returned 1.19%. The fund's beta-adjusted net market exposure fluctuated in the 5-15% range throughout April and was at the 9% level by the end of month. Our long equity portfolio (including sold put options on stocks) contributed 5.44 % of NAV. The top stock performers were NVIDIA (+0.80%), Microsoft (+0.63%), Alphabet (0.58%), Adobe (+0.38%), and Amazon.com (+0.34%). Hedging instruments (SPX futures) subtracted 3.47% from the monthly return. Our gold position contributed 0.12% to the return while the long position in VIX futures subtracted 0.2%
 
Investment Objective:
Global Opportunities is an absolute return, variable bias, Equity Long Short fund. The Fund is aimed to provide double digit return to investors while maintaining profile of high liquidity and manageable risk of investments. The fund invests in global equities across a number of markets and sections with a particular focus on technology, healthcare, industrial and consumer and retail sectors. The Fund may also have a limited exposure to Fixed Income, Currencies and Commodities in certain market conditions.
 
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