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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Prosper Global Macro 2024 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Prosper Global Macro)

Primary Source Intelligence • Q3 2024 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

YTD+5%

Annualized+6.5%

Digest Analysis

Quick Take

"With equities up 5% and financials leading on deregulation hopes. Moderately bullish on 2025 equities despite elevated US valuations, expecting supportive growth and easier monetary policy."

Executive Summary

Plurimi Wealth's Global Macro fund gained 1.6% in November, bringing year-to-date returns to 5.0%. The fund benefited from Trump's election victory, which drove US equity markets higher while other regions lagged on tariff concerns. The S&P 500 rose nearly 6% while MSCI World ex-US fell 0.5%. The fund's equity positions gained over 5%, with financials particularly strong on deregulation prospects. Fixed income positions also contributed positively from lower yields and strong TIPS performance. The fund maintained a 23% net long equity position throughout the month. Looking ahead, managers remain moderately confident on equities, expecting supportive global growth and easing monetary conditions to drive near-term gains. Key risks include unpredictable Trump policies and elevated US valuations that already discount positive scenarios. The base case envisions a US No Landing scenario with above-potential growth and persistent inflation, European soft landing, and below-potential Asian performance due to trade headwinds and China concerns.

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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 96 long positions with top 10 representing only 25.4% of the portfolio, indicating broad diversification. Commentary uses hedged language like moderately confident and discusses multiple scenarios without strong directional commitments. No individual positions are sized or discussed with high conviction language.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The managers express moderate optimism about equity markets, stating they are moderately confident in the outlook and expect supportive global growth and easing monetary conditions to drive higher prices in the near term. However, this is balanced by significant concerns about elevated US valuations and policy uncertainty.

Risk Appetite

15%

DefensiveAggressive

Defensive (15%)

The fund maintained a modest 23% net long equity position and explicitly states they do not expect to carry a large net long position for the entire year. This reflects a cautious, measured approach to risk rather than aggressive positioning.

Capital Deployment

0%

De-riskingDeploying

De-risking (0%)

No specific cash level changes are reported, and the fund maintained the same 23% net long position throughout November. The commentary suggests a monitoring stance rather than active deployment or de-risking, indicating neutral capital activity.

Forward Guidance

10%

CautiousExpansionary

Cautious (10%)

The managers indicate they will not maintain large net long positions throughout 2025 and emphasize selectivity. While they see near-term opportunities, their guidance suggests measured deployment rather than aggressive action.

Language Signal

20%

BearishBullish

Bearish (20%)

Language is balanced between opportunity-focused terms like supportive growth, accommodative policy, and undemanding European valuations, against risk language including unpredictable policy, elevated multiples, and inflationary pressures. Slightly more constructive than bearish overall.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

The managers identify several specific risks including unpredictable Trump policies, elevated US valuations already discounting positive scenarios, persistent inflation pressures, and potential policy errors. These risks are discussed with meaningful detail and concern, indicating above-average risk perception.

Opportunity Density

55%

ScarceAbundant

Selective (55%)

The managers see selective opportunities, particularly in European equities trading at undemanding multiples and benefiting from ECB accommodation. However, they emphasize the need for selectivity and caution about elevated US valuations, suggesting a mixed opportunity environment.

Time Horizon

60%

Short-TermLong-Term

Multi-Year (60%)

The commentary focuses on near-term catalysts and 2025 outlook while acknowledging the fund's long-term objective of beating inflation by 5% annually over market cycles. The discussion balances near-term positioning with medium-term strategic considerations, suggesting a 1-3 year investment horizon.