Plenisfer Destination Value Total Return Fund I Monthly Commentary August 2023
The fund closed the month with a return of -2.4% for the USD institutional share class, and a return of -0.9% for the EUR institutional class (exchange rate in the month EUR/USD: -1.58%). The return for the EUR-Hedged, IYH and IXH share classes (whose hedging acts on the change in the exchange rate relative to all non- EUR- denominated assets) was -1.9% for both.
After July's rally, equity markets gave up some of their gains in August driven by weak economic data, while the energy sector performed well, led by a strong recovery in oil prices. This benefited our Macro Strategy, and specifically our energy sector allocations thanks in part to the brilliant performance of uranium, which continues to confirm our long -term fundamental thesis.
Negative signals also came from the Chinese market, where economic data weakened substantially, led by significant pressure on the real estate sector.