Welcome to the first weekly update from the Asgard-Steno Global Macro portfolio team.
We are off to a picture-perfect start, steadily building our risk profile with high-conviction bets throughout the week.
Our nowcasting technology has detected a downtrend in U.S. growth momentum since mid-November. This week’s U.S. jobs report and service activity data supported this observation. Consequently, we leaned into U.S. bonds and the Nasdaq, given its sensitivity to lower yields, delivering strong performance.
Additionally, we’ve noted a shift in relative momentum favoring the Eurozone from a growth and reflation perspective—contrary to the prevailing economic consensus. As a result, we successfully captured early momentum in French and Italian equities, alongside a spread trade between EUR, USD, and GBP rates.
Performance across all strategies has been very satisfactory, and we anticipate a favorable investment environment as we approach the holiday season.
Thank you all for your early support.
Best wishes for the weekend on behalf of the entire portfolio team,
Andreas Steno
Chief Investment Officer
This week: 0,85%
Since Launch: 0,85%
