![]() ![]() For example, German 10-year Bund yields began the year at 0.541% and ended May at 0.487%. Interest rates on 10 year government bonds were essentially unchanged for the first five months of the year despite a high degree of volatility. This dichotomy created rotation and volatility in currency, fixed income, commodity and equity markets. This monetary stance, differs from other regions of the world that continued to loosen monetary policy by cutting rates and/or implementing quantitative easing. Despite the Federal Reserve advising that it will raise short term rates based on economic indicators, the eventual timing continued to be postponed. ![]() There are already signs of bubble type behavior in certain areas of the market including initial product offerings (IPOs), China, and biotech.Įconomic data continued to be mixed with US 1Q GDP negative. ![]() This can be good in the short-term to boost confidence, but is unproven over longer economic cycles. The loose monetary policy of central banks is driving demand for risk assets. Mainland Indices in China (CSI 300: +37%, +37.3% in USD) in 2015 and up 124% over the past year. ![]() Regionally, the Asia Pacific region was the strongest for the 1st 5 months of the year with indices on a price change basis in Japan (Nikkei 225: +17.8%, +13.4% in USD), in Hong Kong (Hang Seng: +16.7%, +16.8% in USD), and Europe (STOXX Europe 600: +16.7%, +5.9% in USD) compared to the S&P 500 +3.2%. China began to loosen policy to support slowing economic growth. In addition, Japan continued its quantitative easing policy from the end of 2014. The European Central Bank began its unprecedented quantitative easing in the 1st quarter. Global equity markets have taken cues from favorable central bank policies. The first five months of 2015 has produced higher volatility within global equity, global fixed income, foreign exchange, and commodity markets. Since the Fund's inception, TCLSX (Institutional Class) produced a return of 0.20%, underperforming the MSCI World Index return of 5.07% and the S&P 500 Index return of 3.23%. This semi-annual report covers the first five months of the Funds existence through May 31, 2015. The Fund's inception date was December 31, 2014. We are pleased to provide the first semi-quarterly report for the Thomas Crown Global Long/Short Equity Fund. ![]()
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