Author: Jasper Falk

Equity allocation now below 50% as momentum / trends turn bearish

Overweight UK Equities – region finally starting to outperform versus World Equities

TB Enigma Dynamic Growth Fund: +0.8% in December 2021, which gives a return of 14.1% for calendar 2021, 33.8% over 3 years and 37.1% since inception on 12 July 2017

Reducing exposure to Technology

The Fed needs to tighten by more than they anticipated and are reducing their asset purchase program. This poses a risk to Equity markets

Commodities: Closing short positions in Cotton and Wheat. Cotton has become oversold and Wheat has returned to longer term trends after an overbought signal

TB Enigma Dynamic Growth Fund as at end November: +1.9% in November, 13.2% YTD, 16.2% over 1 year

Regional Equities: Still overweight Europe. Relative Bullish trend remains intact after recent setback. Overweight Canada which has good relative value versus World Equities

Equity Valuations look stretched – our model has reduced overall allocation

Still overweight Technology. The Sector has strong momentum and still remains relatively cheap due to robust earnings