Global Allocation Fund commentary for the month ended October 31, 2018.
Q3 hedge fund letters, conference, scoops etc
October has been a carnage specially for equity markets.
The starting point has been an acceleration in the ongoing process of higher government bond yields globally, affecting other assets through higher discount rates.
It seems this was initially the reason, but it is certain that we have witnessed bigger corrections to those assets which had more expensive valuations, as has been the case of Nasdaq 100 or the Russell 2000.
We concentrated our short exposure precisely in those two indices during most of the month, until we reached certain oversold levels...
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