Total Return Investor GM Fund Gains 23% YTD in Challenging Markets

Summary

The Total Return Investor Global Macro Fund returned 23% year-to-date as of March 31, 2020 during one of the most challenging markets in history. While many investors were excessively bullish into February 2020, the Total Return Investor was waiting for a catalyst to trigger a market correction. That catalyst, was the Covid 19 virus that has brought the world to a stand-still creating a swift and large sell-off in equity markets.
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Rabbie Gill

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The positive 23% performance of the TRI Global Macro Fund was a result of its proprietary and repeatable investment process anchored around the business cycle. The TRI GM Fund had positive attribution from long positions in fixed income assets that rose as interest rates fell, long USD against the Canadian dollar and the Euro, short oil and flipped from being long equities in February to short in March.

Going forward TRI expects a challenging economic environment where risk assets will continue to be re-priced to reflect the new business environment. The central banks lowering interest rates, asset purchases, loan facilities along with government stimulus packages have taken the worst case economic and market scenario of the table. However, TRI analysis shows a high level of complacency among investors along with unrealistic economic growth projections for the near term. Investors are urged to be defensive and be patient for a better risk / reward opportunity as equity markets are in a reflexive bounce though April 2020.

For more information on the TRI Global Macro Fund please contact rabbie.gill@fieldhousecap.com or 778 330 3002.

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