| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Oct 20 2025 | 2025 Q3 | - | Asia, diversification, gold, Rotation, Valuations | - | The letter highlights a rotation away from expensive U.S. equities toward Asia, Europe, the UK, and real assets such as gold. Valuation dispersion, geopolitical shifts, and diverging monetary policies are driving capital flows across regions and asset classes. Rotation is framed as an opportunity to capture returns by reallocating toward undervalued markets with stronger balance sheets and structural tailwinds. |
| Apr 4 2025 | 2025 Q1 | - | global rotation, Gold Exposure, Market Volatility, Portfolio Diversification, Trade Policy | - | The letter focuses on market corrections driven by aggressive U.S. trade policies and rising global uncertainty. Carringtons underweight U.S. exposure and overweight China and gold positions contributed positively as capital rotated internationally. Diversification and tactical regional exposure remain central to navigating heightened volatility. |
| Feb 9 2026 | 2024 Q4 | - | Artificial Intelligence, asset allocation, Market Concentration, policy risk, Valuation discipline | - | The review highlights strong equity returns driven by artificial intelligence enthusiasm and U.S. mega-cap concentration. Carrington remains cautious on stretched valuations and increasing policy uncertainty following U.S. elections and fiscal concerns. Portfolio adjustments emphasize balancing growth opportunities with valuation discipline and downside protection. |
| Oct 9 2024 | 2024 Q3 | - | Defensive Assets, Geopolitical Risk, Gold Exposure, Market Volatility, Regional Allocation | - | The commentary emphasizes heightened volatility driven by Japans policy shift, U.S. recession fears, and geopolitical tensions. Carrington benefited from avoiding crowded trades and maintaining overweight exposure to Asia, particularly China, following stimulus-driven market rebounds. Gold and commodities are highlighted as effective defensive tools amid uncertainty. |
| Jan 9 2024 | 2023 Q4 | - | asset allocation, interest rates, Market Volatility, monetary policy, Portfolio Diversification | - | The letter discusses easing inflation pressures and shifting central bank expectations as key drivers of late-2023 market strength. Carrington highlights the benefits of diversification across regions and asset classes amid volatility driven by interest rate uncertainty and geopolitical risks. Portfolio positioning favors flexibility and risk control as markets transition away from post-pandemic monetary tightening. |
| Apr 12 2023 | 2023 Q1 | - | Defensive Allocation, Government Bonds, Inflation Trends, interest rates, Portfolio Diversification | - | The commentary reviews a positive start to 2023 as markets rebounded on slowing rate hikes and easing inflation momentum following a difficult 2022. Portfolio positioning emphasized remaining invested while reducing volatility, with a focus on government bonds as a hedge amid banking stress and rising recession risk. The outlook favors high-quality equities, defensive sectors, and increased bond exposure until clearer signals emerge on growth and policy stability. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
Rotation |
|
| 2025 Q1 |
Global Rotation |
|
Safe Havens |
||
Trade PolicyRecent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. |
Tariffs International Growth Cooperation Impact | |
| 2024 Q4 |
Artificial Intelligence |
|
Concentration RiskThe seven largest stocks accounted for more than half of S&P 500 returns for three consecutive years. Today's market shows unprecedented concentration in large technology companies, creating concentration risk never seen before. Market leadership has been unusually narrow. |
Market Concentration Technology S&P 500 Leadership Risk | |
Policy Uncertainty |
||
| 2024 Q3 |
Defensive Positioning |
|
GeopoliticsTrump Administration is remaking world order with radically reset trade relations, strained alliances replaced by unilateralism, and commercial interests prioritized over strategic interests. This creates heightened uncertainty where unpredictability is seen as virtue. |
Trade Policy Unilateralism Uncertainty Alliances Diplomacy | |
Regional Rotation |
||
| 2023 Q4 |
DiversificationThe Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. |
Risk Management Portfolio Construction Concentration |
Monetary Policy |
||
VolatilityU.S. equity valuations remain elevated while market volatility remains unusually subdued given macro and geopolitical risks present. This combination has historically preceded periods of market disappointment characterized by rapid sell-offs and volatility spikes. |
Suppressed Elevated Valuations Sell-offs Spikes | |
| 2023 Q1 |
Bonds |
|
Defensive |
||
RatesFed cut rates by 25bps on December 10 while describing growth as moderate and inflation as still somewhat elevated. Markets took message as cut now, likely pause soon. The opportunity set was less about calling one Fed meeting and more about trading the path via rates and FX. |
Fed Easing Policy Duration Curve |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
