We are pleased to announce our Private Company First Quarter Trading Results.

Our business generated a 47.04% return for the quarter on our capital base, comprised of monthly returns in Jan (-0.35%), Feb (+13.26%) and Mar (+34.13%).

We started the year with a cross-asset net long volatility exposure. Our portfolio was positioned around Gold, US Shale Pipeline Equities and US Interest Rates. Despite the market making new highs in January, we had concerns with the continued melt-up in equities, as we were reaching and exceeding key valuation metrics, while volatility measures in these asset classes registered near all-time lows.

Our presence in Hong Kong allowed us to witness at first hand the depth, breadth and seriousness of this pandemic as it unfolded in real-time. As the financial impact of the COVID-19 pandemic became apparent in early February we expanded our portfolio risk to incorporate S&P500, Nasdaq and Russell2000 and GBP/USD volatility structures.

The coming quarter should be viewed with trepidation. The world faces the competing forces of looser Monetary Policy, combined with a Fiscal Stimulus, which seek to address GDP declines in the economy, while the health crisis continues to manifest itself. Derivative markets already point to a major re-pricing of forward earnings and dividend distributions.

We’d like to thank our trading execution partners from Interactive Brokers and Saxo Bank. Thanks to Chatham House, Geopolitical Futures and Stratfor for their unique perspectives.

Re-affirming our social commitment we expanded our 2020 donation programme to include Feeding Hong Kong, Operation Mask Lift and Hong Kong’s Save The Children Coronavirus Relief Fund. Finally, our thoughts are with the individuals and communities, including all the healthcare and essential workers, who have and are impacted by the COVID-19 pandemic.