May 16, 2024

Currently, our fund is focusing on several sub-strategies.

The primary component of our engaged assets consists of a long position in securities that are attractive from both a fundamental and technical analysis standpoint. We also capitalize on movement moments.

Asset rotation occurs quite frequently. We strive to secure positions in quality securities, gradually increasing our stake as they grow, thus managing our position effectively. Currently, the long share in securities under this sub-strategy (Global Value) exceeds 60%.

We are also actively engaged in event-driven trading. Currently, we have several targeted positions from which we expect to see a percentage gain in the near term, contributing to the overall quarterly result.

One of the successful trades related to event-driven trading took place the day before yesterday. We purchased AMC shares during another meme stock surge. We managed to secure a position strategically and have already partially locked in profits, contributing positively to the fund.

Speculative trading in futures and options is also quite active at present. A few weeks ago, we closed a large volatility position that we had been holding since the beginning of the quarter. It added 2% to our returns. We are continuously searching for new speculative patterns for reversals or trend continuations in futures on oil, gold, silver, currency pairs, and S&P futures. Currently, this is our main focus.

We anticipate a significant revitalization in the stock market and IPO market shortly. It’s possible that we will see much more activity in this sub-strategy than in the last quarter, which saw only two such trades.

We also have a Fixed Income sub-strategy, which is currently inactive as we do not see any dynamics in these assets at the moment. There are no indications of growth in the “bodies” of these instruments. Naturally, if we hear a clear stance from the Federal Reserve System that rates will be lowered soon, and see the market beginning to price this in—particularly in how bonds and bond funds start moving—we will also begin to actively rebuild this position and increase it as the market moves. However, we believe that this play is not for this quarter or the next, but by the end of the year, we will find good entry points.

Igor Yashaev
Igor Yashaev
Managing Director