Bluetrend Gains 4.2% in February, Macro Trades in FX and Commodities Lift YTD to 11.7% Amid Gains On US Nat Gas Shorts

GAIA Bluetrend from Schroder delivered a 4.2% gain in February, raising its YTD gains to 11.7%. In comparison, the HFRX Macro benchmark returned 7.4% in 2026 and 2.1% during February.

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Equities drove portfolio gains, followed by FX and energy positions. On the negative side were credit positions.

Currently, Leda Braga and Gueorgui Todorov manage the $ 172 million portfolio in their UCITs vehicle.

Monthly Commentary

Fixed Income Exposure – Long Canada Exposure Brings Positives; Japan Detracts

Throughout the month, the top contributor was a long position in the 10-year Canadian government bonds. After a period of moderate economic growth, Canadian markets started pricing in a more dovish outlook. Besides Canadian bonds, 10-year government bonds from Italy and France were also positive contributors. The combination of South Korean policy stability and reduced bond issuance resulted in losses. Japanese long-term interest rate swaps also put weight on the portfolio performance.

In February, the fund switched its approach regarding positioning in fixed income. While it started the month with short exposure, by mid-February, Bluetrend moved to long-term positioning.