Jasper Falk – Page 3 – Ekins Guinness

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Jasper Falk – Page 3 – Ekins Guinness

TB Enigma Dynamic Growth Fund as at end October: -0.3% in October, 11.1% YTD, 25.2% over 1 year

Equity valuations remain very stretched. Downside risks are becoming a major concern

Commodities: We have closed our short Zinc position. Zinc became overbought in mid October, but has now pulled back sharply.

Equities on Cusp of Danger

TB Enigma Dynamic Growth Fund at at end September: -1.6% in September, 11.5% YTD, 22.8% over 1 year

FX: Long USD against other majors – USD is expensive but remains in a strong bull market

TB Enigma Dynamic Growth Fund as at end May: +7.3% YTD, +24.3% over 1 year and +28.8% since inception

Consumer Staples is the Sector to watch – very attractive valuation, several years of underperformance and now starting to outperform

Still Overweight Basic Materials: Sector has performed very strongly but is still cheap and not too overbought

Increasingly Overweight Financials which are benefitting from steepening yield curve

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