Global Macro ETF Portfolio

For those looking to invest in our top macro calls via ETFs

10.78% Returns pa since inception to 31-8-21

About the Portfolio

The Market Matters Global Macro ETF Portfolio is designed to track our top 10 global macro calls, and provide avenues to trade them via ASX and internationally listed Exchange Traded Funds (ETF’s)

**Portfolio Performance** UPDATED 01/09/2021 09:00
Portfolio	1 M	3 M	6 M	1 Y	3 Y pa	Inception pa*
Global Macro ETF	-1.10%	-3.77%	-0.76%	15.79%	-	10.78%
Target 10%	0.83%	2.50%	5.00%	10.00%	-	10.00%
Difference	-1.93%	-6.27%	-5.76%	+5.79%	-	+0.78%

* Inception date 03/07/2019

**Portfolio Holdings** UPDATED 14/09/2021 08:30 trade now
COMPANY CODE	STOCK NAME	WEIGHT (%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
ASIA	BetaShares Asia Technology Tigers ETF	10	High	Medium	16/07/2021	10.92	10.23		-6.32
AUDS	BetaShares Strong Australian D	10	High	Medium	03/07/2019	11.76	9.52	1.65	-5.02
DBA US	Invesco DB Agriculture Fund (USD) (USD)	10	Moderate	Medium	25/02/2020	16.74	18.54		10.75
FUEL	BetaShares Global Energy Companies ETF	10	Moderate	Medium	08/09/2021	4.23	4.17		-1.42
IEM	iShares MSCI Emerging Markets	10	Moderate	Short	25/10/2019	63.23	70.84	2.73	16.35
MNRS	Betashares Global Gold Miners	10	Moderate	Medium	05/05/2021	6.55	5.81	0.18	-8.55
TBF US	Proshares Short 20+ Year Treasury ETF (USD)	10	Moderate	Medium	08/09/2021	16.34	16.14		-1.22
ULE US	ProShares Ultra Euro ETF(USD)	10	High	Medium	13/09/2021	14.48	14.54		0.41
VGK US	Vanguard FTSE Europe ETF (USD) (USD)	10	Moderate	Medium	11/11/2020	58.05	69.34	1.16	21.45

Portfolio cash position: 10%

**Recent Sales** UPDATED 09/09/2021 09:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
VXX US	iPath Series B S&P 500 VIX Sho (USD)	10	Moderate	Short	8/04/2021	40.61	26.04		-35.88
ETPMAG	ETFS Metal Securities Australi	10	Moderate	Medium	12/08/2020	32.13	31		-3.52
BBUS	BetaShares US Equities Strong	10	High	Medium	29/04/2021	11.1	9.45		-14.86
ATEC	BetaShares S&P/ASX Australian	10	Moderate	Medium	9/06/2021	22.1	25	0.67	16.15
QQQ US	Invesco QQQ Trust Series 1 (USD)	10	Moderate	Medium	22/09/2020	270	330.14	0.56	23.26
BNKS	BetaShares Global Banks ETF -	10	Moderate	Medium	25/10/2019	6.65	6.64	0.07	0.9
FUEL	Betashares Global Energy Compa	10	High	Medium	22/04/2020	3.25	4.25	0.13	34.77
COPX US	Global X Copper Miners ETF (USD)	10	Moderate	Short	10/03/2021	17.73	36.39	0.45	107.78
TBF US	ProShares Short 20+ Year Treas (USD)	10	Moderate	Medium	10/03/2021	17.56	17.65	0.04	0.74
SVXY US	ProShares Short VIX Short Term	10	High	Short	3/12/2020	30.19	41.16		36.34
SLVP US	iShares MSCI Global Silver Miners	5	Moderate	Medium	28/05/2020	11.35	12.01	0.19	7.49
QQQ US	Invesco QQQ Trust Series 1	5	Moderate	Medium	22/05/2020	204.89	228.87		11.70
GDX	Vaneck Vectors Gold Miners	7.5	Moderate	Medium	25/02/2020	35.84	46.72	0.23	31.00
SH US	ProShares Short S&P500	8	High	Medium	25/02/2020	26.44	23.99	0.2	-8.51

OPINION
ACTION

Opinions for positions held in the Global Macro ETF Portfolio

16/09/2021 09:20

3 “elastic bands” MM are monitoring closely

In Wednesdays Portfolio Positioning Report we illustrated the logic behind our bullish stance towards global energy names into 2022 with the disconnect between the underlying crude price and oil stocks feeling like it’s become way too stretched even if we are seeing a strong ESG move by mandated fund managers.

16/09/2021 09:18

Crude Oil ($US/barrel)

Overnight crude oil advanced another 2.9% to withing striking distance of fresh multi-year highs. The Energy Sector hasn’t been a believer in the underlying commodities rally in 2021 but we feel the 18% advance in just 4-weeks should become too much for investors to ignore.

15/09/2021 09:18

US 30-year Bond Yield

The weak CPI print overnight sent US bond yields to the lower end of their recent trading range with the longer dated 30-years feeling poised to plumb fresh 2021 lows, not a move we believe will follow through but it is likely to create a headwind for the $US and subsequent tailwind for the Resources Sector.

13/09/2021 09:00

Currencies

The $A is finding some teeth just as many of us are again contemplating overseas holidays, a relief to many who have already seen their overseas spending money fall by ~10% in 2021. At MM we are bullish the $A looking for a solid breach of 80c in the coming years however short term another test of 70c feels like a ~30% possibility, a similar feel to bond yields over the coming weeks.

08/09/2021 09:44

BetaShares Global Energy Companies ETF (FUEL)

We like the local BetaShares Global Energy Companies ETF (FUEL) around todays ~$4.20 area.

08/09/2021 09:43

ProShares Short 20+ year US Treasury ETF (TBF US)

We are looking to add the following positions:

06/09/2021 09:39

Chart of the Week

As most of us know the Aussie Dollar along with copper is largely regarded as the perfect proxy for growth and over the last fortnight it’s rallied strongly embracing Gladys vaccine led reopening strategy although weakness in the $US has certainly assisted the move. We remain bullish the $A into 2022 targeting the 85-90c area and our “Gut Feel” is the local currency...

06/09/2021 09:35

US 30-year Bond Yields

We can extrapolate the picture even further out in time when we look at US 30-year bond yields which are trading under 2% yet the average return of the ASX over the last 40 odd years is above 11% including dividends, while for its more direct relative the Dow it’s just shy of 11% over both 30 & 50-years i.e. with bond yields at current levels the equity...

01/09/2021 09:44

Global Macro ETF Portfolio

The portfolio slipped -0.49% over the past week and -1.07% through August although the only position to move by over 5% in the last week of August was our volatility position (VXX US) which fell -5.3%. Again no major change here with most positions quiet through the week and we maintain the same plans moving forward as we look to tidy this portfolio...

30/08/2021 09:21

The Australian Dollar

The Aussie along with copper is largely regarded as the perfect proxy for global growth and in-line with bond yields and the $US it bounced strongly last week. Our view is consistent here, we are looking for an eventual test of 90c in 2022 but whether we’ve now seen the bottom of its pullback from ~80c is still 50-50.