Citywire's Wealth Manager asks eight wealth managers to comment on their best call in a crazy H1.
Ammalan Annalingam, Co-Head of Multi-Asset Investments responds...
The 16-day period from 19 February holds the dubious honour as being the start of the fastest bear market in history. Therefore it may sound strange, but there have been a number of positions which have worked well in our portfolios.
Historic levels of stimulus have supported markets since the nadir but we hold some typically uncorrelated positions, which have made gains. We hold a commodity futures curve typically being in contango (upward sloping) due to insurance and storage costs.
As oil prices plunged, the curve went into steep contango sending the price of our position up more than 50% in the year to date at one point. In addition to this, we have been long gold for almost a year which has benefited from lower bond yields and we have exposure to US yield curve steepening, which has just started to become profitable.
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