Important Notice

The 1OAKFunds website is designed solely for Professional and Eligible Counterparties as defined by the Financial Conduct Authority and their professional advisers. To view the content you confirm that you have read and accept our Disclaimer. If you are not a Professional Client, Eligible Counterparty or professional adviser you should not proceed any further. In particular, the content of this website is for Professional Clients and Eligible Counterparties only and should not be relied upon by, or circulated, to Retail Investors.

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 April update.

In April, LAB realized a net monthly return of 3.09% and annualized trailing 12-month volatility of 7.69%. The strategy was long global equities, with the bulk of its risk allocation in US equities (S&P 500 and Russell 2000 futures), this was followed by positions in FTSE & Hang Sang futures. The strategy has consistently been long Canadian 10-year government bond futures, reducing that exposure slightly towards the end of the month. Several positions were introduced inside of the month including a long Eurodollar interest rate futures position and short positions in 5-year German debt and long-term US Treasury futures.

After reaching a post-pandemic high in March, rates finished April lower despite a resurgence in the last third of the month. This benefited our long Canadian government bond exposure. We also gained from the timing of our shorts on 5-year German debt and long-term US Treasury futures which declined in price later in the month. Our long Eurodollar futures position had a negligible contribution to performance. Finally, all of our equity exposures generated positive returns on the month.