Tariffs, Yields, and Opportunity: Pagosa’s Playbook for Global Uncertainty

Wellington Pagosa fund, managed by Roberto Isch, invests in equities and securities worldwide, including both developed and emerging markets. The fund returned 0.8% in June after a 1.3% gain in May, bringing its year-to-date (YTD) performance to 3.7%. MSCI World Net Total Return is the comparator benchmark, and it delivered 4.3% in June and 9.5% on a YTD level.

While the hedge fund employs nine different strategies, seven delivered positive gains, one was flat, and one was a performance detractor. Contributors came from:

• Long/short European equity
• Growth
• Financials and Energy sectors
• Developed and emerging markets macro
• Long/short credit strategies

Losses were generated by equity long/short healthcare investments, while the diversifying alpha strategy was flat during the month.