Vol. 2Q24 – Newsletter

The recent European Championship soccer tournament reminds us that players regularly come off the substitutes bench to give their teams an extra boost. Hence, it is imperative that investors, too, look at the bench of investments strategies that have a strong defense to protect capital and an offense ready to identify and take advantage of scoring opportunities in an uncertain market.

In the Fund Performance section, we highlight that while our “first-team” Kamet Long Term Capital Fund has pulled weight year-to-date, the star player off the bench has been the Kamet Income Innovation Fund that is considerably ahead of market averages. By year-end, what are the odds that this strategy will score a “hat-trick” by scoring in terms of absolute/relative/excess return above S&P 500? We will shed some light in the Market section.

We mentioned in last quarter’s newsletter that the current “Lower Inflation, Lower Growth“ combination is constructive for global equities and that has been the case for both US and Asia market indexes in 2Q24. This year is a year heavy on elections, and US, UK and French politics have so far brought unexpected twists to their respective capital markets.  Read on more in the Outlook section to find our assessment and the relevant action points for these markets