Trident Fund LP May 2020 Performance Update: Up 7% YTD – ValueWalk Premium
Trident Fund LP

Trident Fund LP May 2020 Performance Update: Up 7% YTD

Trident Fund LP performance update for the month ended May 31, 2020.

Q1 2020 hedge fund letters, conferences and more

The Trident Fund LP returned -0.2 percent net in May, and the fund is +7.2 percent net year to date.

Trident Fund LP

While stock markets continued their powerful rally, the Trident portfolio remained systematically hedged for the month. The portfolio was long equity indices, and earned nearly +3.0 percent on its stock position, but remained in “Risk Off” positions in the other markets.

Trident Fund LP

Global bond positions lost -0.5 percent, but the difficulty came mostly in commodities, which lost -1.9 percent because the portfolio remained short oil amid the rally. Currency trading had a slight loss, at -0.2 percent.

The models also showed a hedged position. The Risk Regime model earned +3.0 percent, while the Engle model lost -3.3 percent. The Vega model, whose only job is to “short” equity Indices, did not have any signals, so it did not trade.

Heading into May, the portfolio has shifted into a “Risk On” position in all markets and will benefit from a continued stock market and commodity rally.

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