Triangula Capital

Investors are currently spoilt for choice.

Over the past 10 years, investors lost to the funds they invested in by 1.7% a year.

If the economy experiences a soft landing, we would expect commodities and banks to perform well in H2 2023.

Many investors were cautious at the beginning of the year, but the market ($SWDA.L) has returned +19% for the year to date, our portfolio +20%. There are a couple of reasons for this year’s rally. First, economic growth in 2023 is turning out to be better than feared. Asset manager KKR expects the US economy

Inflation is finally starting to come down. Owing to elevated wage growth (6%), inflation is running at a high rate (5%). www.atlantafed.org/chcs/wage-growth-tracker www.clevelandfed.org/en/indicators-and-data/inflation-nowcasting However, trend inflation has declined to 3-4% both in the US and in the euro area. www.newyorkfed.org/research/policy/underlying-inflation-gauge twitter.com/VMRConstancio/status/1677317770696949763 Leading indicators of inflation, such as ISM Prices, Producer Prices, NFIB Price Plans and

The first half of the year closed with a +13% return. It was a good start to the year in absolute terms, but in relative terms the strategy underperformed the MSCI World index by 2 percentage points. Sometimes underperformance is due to bad stock selections. This year, it has been down more to relative sector

Our strategy has performed poorly since the end of January, with a -7% return. Banks, our main focus, have underperformed this year. A few banks failed in the US in March and April, leading to higher costs for all US banks. The US bank index $KBE is down 20% for the year. European banks have

Growth stocks extended their lead over Value stocks last week. $VUG has beaten $VTV by 30 percentage points this year (+32% vs +2%). Given the scale of its recent outperformance, the Nasdaq looks a little overextended here. macro-ops.com/whales-are-dumping-megacaps-dirty-dozen/ Our strategy has underperformed the MSCI World index ($SWDA.L) this year by 1 percentage point. This is

After sell-offs in 2011, 2016, 2018 and 2020 banks rebounded strongly.