The Market Matters Global Macro ETF Portfolio Tracks our top 10 global macro calls, and provide avenues to trade them via ASX and internationally listed Exchange Traded Funds (ETF’s) – Click here to view
The MM Global Macro ETF Portfolio added +1.2% last week and remains fully invested. The positive performance was helped by the Invesco Agricultural Fund (DBA) +5.8% and Asian Tech (ASIA) +4.5% while the gold miners ETF (MNRS) was the main drag falling 4%.
We believe last week’s outperformance will follow through over at least the next 1-2 months which will let us “tidy up” a few positions at better levels – positions where we believe the outlook has become clouded. The breakout to the upside by the $US is adversely impacting a few of our positions and we are looking to reduce the follow through risk – we turned bullish the $US at the correct time but turned bearish way too soon. Today we have looked at the most vulnerable position, always a prudent place to focus one’s attention!
