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Issued by 1OAK Capital Limited, authorised and regulated by the Financial Conduct Authority. 1OAK Capital Ltd (1OAK) (Registered in England & Wales Number: 06890293; FCA registration number 501453) provides fund management services for its customers. 1OAK Capital Limited is authorised and regulated by the Financial Conduct Authority. Registered Office of 50 Sloane Avenue London SW3 3DD.

John Trieste, portfolio manager for the 1OAK Liquid Alternative Beta strategy, provides his January update.

LAB realized a net monthly return of 0.9% in January of 2020 and an annualized volatility of 9%.

The strategy was majority long equities for the month of February, with the bulk of its risk allocation to US equities (both S&P 500 and Russel 2000), this was followed by positions in the FTSE & Hang Sang futures. The strategy held a short position in the German DAX. It consistently held a long-fixed income position in Canadian 10-year bond futures. Overall, the portfolio was positioned ‘risk-on’, while its equity short and long bond positions provided a ballast.

The month of January saw a divergence among equity index performances. Our long positions in the S&P and FTSE lost value. While our DAX short and long Hang Sang and Russell positions all netted positive PnL. The Canadian bond exposure also generated loses as global bonds sold off for the month.