Avenir Capital 1Q20 Commentary: Is Inflation a Thing?

Avenir Capital commentary for the first quarter ended March 31, 2020. Q1 2020 hedge fund letters, conferences and more Dear Partner: The Avenir Global Fund (the “Fund”) declined 25.2% for the March 2020 quarter bringing the past 1-year return to -18.1% (net)1. The MSCI ACWI index (AUD) returned -9.7% for the quarter and 3% for the past year. The last two months have been unlike anything most investors have ever seen. In mid-February, markets were at all-time highs and it was almost impossible for investors to imagine anything that could cloud the horizon. By the middle of March, we were…