Author: Jasper Falk

Update on 2022 Performance of TB Enigma Dynamic Growth Fund: -1.0% in December and -6.7% for 2022 (IA Flexible Sector -9.1%, MSCI World Equities -18.4%, -7.4% in GBP )

Asset Allocation – our model is less bearish on equities but remains defensively positioned in Sectors: long Materials, Financials and Industrials. US 10 Year Treasuries starting to look attractive

Equities and Bonds are still in a Bear Market. Overweight Healthcare, Financials, Consumer Staples, Materials and Industrials and underweight Growth Sectors. Overweight UK, underweight USA.

Bearish Commodities. Especially Oil and Gas which are showing clear bearish trends. But long Gold which has recovered from steep summer price falls and is now exhibiting bullish price trends

Go short USD. Our FX model is now short USD against all major currencies. The weaker than expected CPI data has burst the dollar bubble which is now weakening from very expensive levels.

TB Enigma Global Sector Rotation Fund launches today. In 2020 Technology was the best performing Equity sector – this year it is Energy. Our investment process combines both Trends and Value to assess which Global Sectors to invest in at any time.

Tactical Buy – UK Long Gilts. UK Gilt yields have spiked higher since the mini budget and are now extremely oversold. Our model has therefore reversed its Short position and is now Long UK Gilts.

Citywire press article by David Stevenson: “Momentum, value and my new favourite balanced fund” – see/copy https://www.ekinsguinness.com/citywire2022-05

Equities now in a bear market – remain very cautious

FX: Remain Long USD against all major currencies