Trident Fund LP performance update for the month ended December 31, 2022.
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The Trident Fund LP GM, GME, and GME4 share classes returned -0.6, -1.2, and -3.9 percent, respectively, in December, and the fund is +5.8, +8.6, and +29.7 percent net for 2022. Please click here for the GM, GME, and GME4 tearsheets.
Reacting to less hawkish Fed guidance, global equity market indices swooned in December as they priced a higher probability of a hard economic landing. Trident was caught in the crossfire, losing only in equity markets while profiting in bonds, currencies, and commodities.
The Risk Regime model, which interpreted Fed guidance as a more robust investor risk appetite, lost 3.1 percent gross, while the Engel model earned 2.6 percent gross. The Vega model, which only “shorts” equities, was not triggered.
Last month, the top-performing markets for Trident were European fixed income, crude oil, natural gas, soft commodities, and metals. US Treasuries and equities were at the back of the performance pack.
Starting the new year, Trident will be short energies, long precious metals, short global rates, and short the dollar. Also, Trident will be long soft commodities and equities.
If you would like to learn more or require additional information, please contact [email protected].
Sincerely,
Jay R. Feuerstein
Founder & CEO
Founder & CEO
