We have been stopped out of our shipping bets in large container companies (BOAT) among other things due to the story from shippingwatch.dk on a peace deal between shipping companies and the Houthis annihilating the momentum. Even if the story is fake news, the momentum has not been regained.

Instead, we focus on the USD liquidity trade. The liquidity trades continue to perform in relative terms amidst this uncertain start to the year. Liquidity keeps improving beneath the hood and the below are some of our top-picks given this..