NAV per share: 1.044
Performance since inception: 3.65%


This week has been eventful with many tech earnings, companies that met expectations were handsomely rewarded, while others (e.g., Microsoft) saw major sell-offs.

On top of earnings, markets have been choppy, with almost all of our commodities positions (silver, gold, and copper) being stopped out. Momentum for these commodities is still positive, and we’re likely to re-enter next week.

India, U.S. Treasuries, and U.S. IG continue to show weakness.