NAV per share: 1.0356
Performance since inception: 2.81%

January was a volatile month for markets from a series of events, starting with the arrest of Venezuelan President Maduro, followed by Trump sending an armada of ships toward Iran over the killing of protesters and restarting its nuclear program. And then, Trump revived his desire to acquire Greenland, framing it as critical for security and resources while threatening tariffs on Denmark and NATO allies if his demands were not met. Which sparked backlash from European leaders and led to Trump stepping back. These erratic developments have made investors wary of the dollar’s role as the world’s safe-haven currency. Countries have also begun diversifying their reliance on the US, with Canada forging new trade agreements with China, and the EU signing deals with the South America trading bloc and India, covering cars, industrial goods, and raw materials.

The yield curve also steepened amid concerns over widening fiscal deficits, while the FOMC kept rates unchanged. Kevin Warsh was also nominated as the next Fed chair, which triggered a sharp selloff in precious metals due to his perceived monetary policy stance.

This week, a global market sell off was led by worries over AI disruption from Anthropic, while precious metals dipped again after a short recovery. Bitcoin dropped further to 63k, down from its peak of 125k in October. Our Latin America position got stopped out this week, making it the 5th stop loss triggered this month (On top of India, Copper, Gold, Silver). Because of recent sell offs, many of the momentum indicators are showing weaker signals, and our position size are also smaller. We’ll commence rebalancing tonight and will do so once every 4 weeks.