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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Prosper Global Macro 2025 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Prosper Global Macro)

Primary Source Intelligence • Q1 2025 Letter Analysis

Prosper Global Macro Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Prosper Global Macro. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+1%

YTD+1%

Annualized+6.5%

Positioning StanceConstructive

GeographyGlobal, Europe, US

Digest Analysis

Quick Take

"Maintained equity allocation with defensive positioning in healthcare resilient names and defense beneficiaries from geopolitical tensions. Prefer TIPS over Treasuries for inflation protection while maintaining gold exposure through Franco-Nevada and Kinross."

Executive Summary

Plurimi Wealth's Global Macro fund declined 1.7% in March as Trump's 25% tariffs on Mexico and Canada, plus Chinese goods hikes, triggered trade war fears and market volatility. The managers view these tariffs as leverage tactics for better trade balances, expecting April rollbacks following concessions. They maintained equity allocation unchanged, focusing on resilient positioning through healthcare names like Eli Lilly, Roche, and Danone, plus defense beneficiaries Dassault Aviation and Kongsberg Gruppen driven by geopolitical tensions and rising global defense budgets. The fund maintains gold exposure via Franco-Nevada and Kinross while preferring TIPS over Treasuries, with 30-year real yields around 2% offering rare opportunity. Key risks center on inflation and stagflation if protectionist policies persist, rather than recession. The dollar weakened as tariffs shook confidence in U.S. economic stability. Looking ahead, they expect continued U.S. growth in 2025, meaning fewer Fed cuts than markets anticipate, while positioning for structural defense trends and inflation protection.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

45%

CautiousHigh

Moderate (45%)

The fund holds 92 long positions with top 10 representing only 24.1% of the portfolio, indicating broad diversification. While the manager names specific holdings and provides thesis rationale for defense and healthcare positions, the diversified nature and lack of position sizing details caps conviction below moderate levels.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager acknowledges significant market volatility and trade war fears from Trump's tariffs but frames these as temporary leverage tactics with expected rollbacks in April. They maintain constructive view on U.S. economic growth continuing in 2025, though recognize inflation and stagflation risks if protectionist policies persist.

Risk Appetite

0%

DefensiveAggressive

Defensive (0%)

Portfolio positioning remained unchanged despite market volatility, with equity allocation maintained at current levels. The manager chose neither to add risk nor reduce exposure, maintaining a balanced stance with defensive positioning in resilient names while keeping structural exposure to defense and gold.

Capital Deployment

0%

De-riskingDeploying

De-risking (0%)

The manager explicitly states they kept equity allocation unchanged despite market volatility. Cash position at 2.2% appears stable with no indication of meaningful deployment or de-risking activity. This represents a neutral, monitoring stance rather than active capital movement.

Forward Guidance

10%

CautiousExpansionary

Cautious (10%)

The manager expresses selective deployment bias, preferring TIPS over Treasuries and maintaining current positioning rather than making significant changes. They are monitoring for tariff rollbacks in April but not actively deploying new capital or making major allocation shifts.

Language Signal

15%

BearishBullish

Bearish (15%)

Language is balanced with both risk acknowledgment (trade war fears, stagflation risks) and opportunity identification (TIPS offering rare opportunity, structural defense tailwinds). The tone is cautiously constructive rather than strongly directional in either direction.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

The manager identifies multiple specific macro risks including trade war fears, stagflation risks from protectionist policies, and currency instability from tariff impacts. These risks are discussed with meaningful detail and context, though not presented as systemic threats requiring defensive positioning.

Opportunity Density

55%

ScarceAbundant

Selective (55%)

The manager identifies selective opportunities in specific areas - TIPS offering rare opportunity with 2% real yields, structural defense tailwinds, and resilient healthcare names. However, the overall tone suggests selectivity is required rather than abundant opportunities across markets.

Time Horizon

60%

Short-TermLong-Term

Multi-Year (60%)

The manager discusses structural tailwinds for defense spending and maintains positions in resilient healthcare names, suggesting a multi-year outlook. However, they also focus on near-term catalysts like expected April tariff rollbacks and 2025 economic growth, indicating a medium-term 1-3 year horizon rather than permanent capital approach.