Trident Fund’s performance update for the month ended May 31, 2024.
The Trident Fund LP GM, GME, and GME4 share classes returned +3.7, +5.4, and +16.6 percent, respectively, in May, and the fund is +8.6, +12.9, and +37.6 percent net for 2024. Please click here for the GM, and GME tearsheets.
While CTA indices suffered their worst month of 2024, Trident had its best, earning +5.4 percent in its flagship GME (18V) share class. Trident is now +12.9 percent for the year, mainly due to strong returns in the global stock index and fixed-income trading.
That pattern held true for May, with stock indices earning +6.5 percent and fixed-income markets earning +1.0 percent. Meanwhile, commodities and currencies each lost about -0.4 percent.
The factor that contributed most to Trident’s success last month was its ability to identify high-conviction trades, scale them to higher-risk targets, and earn higher-than-normal profits from them.
As for model attribution, the Risk Regime model earned all the returns last month, while the Engle momentum model was flat. The Vega model, whose sole job is to “short” equity indices, did not trade.
Heading into June, Trident is entering long global fixed-income positions, maintaining long positions in equities, remaining short energies, and long precious metals. Also, Trident is long the dollar vs. the Yen and the Euro.
If you would like to learn more or require additional information, please contact ir@tcmff.com.
Sincerely,
Jay R. Feuerstein
Founder & CEO
Trident Capital Management
