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 slipped -0.3% last week with gains by the Invesco DB Agricultural Fund (DBA US) +3% and Global X Copper ETF (COPX US) +1.8% offset by falls in the BetaShares Global Gold Miners ETF (MNRS US) -4.3% and BetaShares Strong Australian Dollar ETF (AUDS US) -5.3% – more volatility is likely on Friday after Jackson Hole.
Last week we cut our position in the Vanguard FTSE Europe ETF (VGK US) for a loss of under -2%, again taking a little pain is paying dividends on paper as European stocks have headed lower ever since, in line with their global peers. At the same time, we bought into the ProShares Ultrashort Yen – 2x (YCS US) which has headed in the right direction although it’s obviously early days.
- As we continually look to improve the quality of all MM portfolio holdings our position currently on alert is the BetaShares Global Gold Miners ETF (MNRS US), similar to Newcrest Mining (NCM) we’re likely to sell into strength.
