Welcome to our weekly Portfolio Watch.

We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent return profile given the drawdowns seen across the asset universe.

We have been sitting on our hands due to the trickiness of timing the missiles flying back and forth in the Middle East and due to our lack of conviction that the timing is right to re-enter riskier bets.

The tax season is probably a culprit behind the weakness in risk assets but obviously also paired with the rising geopolitical risk premiums.

Our quant-tools have started flagging solid value gaps to invest into once the dust settles with several of the larger indices trading 2-3 standard deviations below fair macro value, meaning that the embedded latent value is strong once the geopolitical dust settles.