Happy Friday! 

Every week, we dive deep into macro trends, analyze asset movements, and uncover the best value plays in the world of macro. These insights are shared with hedge funds and institutional clients, and each Friday, we bring them directly to you.

While the macro landscape can be complex, we believe it doesn’t have to be intimidating. In this recurring series, we break down the key takeaways from the week, explain what we’ve told hedge funds, and outline how we’re trading these ideas — all in a straightforward and actionable way.

As always, let’s have a look at the current portfolio setup before we jump into the macro stories

Despite a fairly benign presser from Powell Wednesday, the continuation of sour risk sentiment and weak economic data has made it difficult to make money in equities, crypto and the likes, while fixed income has been one of the few places to hide together with copper and gold as tariff hedges have come back once again. 

The portfolio has therefore suffered a bit again this week, but our South Korean and European equities bets have once again been superior to US equities, and together with our Fixed Income position the portfolio has safely navigated the week with a limited loss, but we think it’s soon time to up the risk in a more directional fashion.

Chart of the Week: Current performance