We are also fully invested in our MM Global Macro ETF Portfolio with a cash position of just 5%, however this portfolio is slightly different in it’s construct. It aims to showcase our 10 best macro views with actionable ways to play those views through ETFs listed around the world.
In calendar year 2020, the MM Global Macro ETF Portfolio returned a fairly modest 6.16% before brokerage, staying long Copper (COPX US) was a real standout with the position up 50% during the year, however just as two banks were the weakest links in the Equities Portfolio, the Banking ETF (BNKS) was also the weakest link in the Global Macro portfolio, down 18%.
The portfolio is already heavily skewed towards bullish equities, rising inflation & Europe to play some performance catch up with the rest of the world. As we’ve written a number of times recently, we’re also keen on value overgrowth.
