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Obsidian 1st Quarter Commentary – 2020

Obsidian 1st Quarter Commentary – 2020

2020-10-29T16:52:59+02:00April 3, 2020|Market Commentary|

We consult our previous commentary when putting quarterlies together. This helps to frame our current thinking, to see how our views have evolved...

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Is the Baltic Dry Index signalling a collapse in growth?

Is the Baltic Dry Index signalling a collapse in growth?

2020-10-29T14:41:45+02:00February 25, 2020|Market Commentary|

Executive Summary You could make a fortune if you knew the trajectory of global growth. For instance, you can pretty much write ...

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Obsidian 4th Quarter Commentary – 2019

Obsidian 4th Quarter Commentary – 2019

2020-10-29T16:52:00+02:00January 20, 2020|Market Commentary|

Risk on. There is no other way to summarise Q4 2019, particularly the latter moments. Developed market bonds sold off as investors went in search of risk

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At Obsidian Capital, we’re big picture investment thinkers. Our purpose is to use our understanding of economic cycles, and how they influence the investments available to us, to identify the best opportunities for our investors. We don’t think money should be invested any other way.

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Disclaimer

Sanlam Collective Investments (RF) (Pty) Ltd is a registered and approved Manager in terms of the Collective Investment Schemes Control Act. Collective investment schemes are generally medium- to long-term investments. Past performance is not necessarily a guide to future performance, and the value of investments/units /unit trusts may go down as well as up. A schedule of fees and maximum commissions is available from the Manager on request. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. The Manager does not provide any guarantee with respect to either the capital or the return of a portfolio. The manager has the right to close the portfolio to new investors to manage it more efficiently in accordance with its mandate. Income funds derive their income primarily from interest-bearing instruments. The yield is current and is calculated daily.

If the fund holds assets in foreign countries it could be exposed to the following risks regarding potential constraints on liquidity and the repatriation of funds: macro-economic, political, foreign exchange. The Manager retains full legal responsibility for the third party named portfolio.

While CIS in hedge funds differ from CIS in securities (long-only portfolios) the two may appear similar, as both are structured in the same way and are subject to the same regulatory requirements. The ability of a portfolio to repurchase is dependent upon the liquidity of the securities and cash of the portfolio. A manager may, in exceptional circumstances, suspend repurchases for a period, subject to regulatory approval, to await liquidity and the manager must keep the investors informed about these circumstances. Further risks associated with hedge funds include: investment strategies may be inherently risky; leverage usually means higher volatility; short-selling can lead to significant losses; unlisted instruments might be valued incorrectly; fixed income instruments may be low-grade; exchange rates could turn against the fund; other complex investments might be misunderstood; the client may be caught in a liquidity squeeze; the prime broker or custodian may default; regulations could change; past performance might be theoretical; or the manager may be conflicted.

Read about the connections that lead to growth.

Obsidian 1st Quarter Commentary – 2020

Is the Baltic Dry Index signalling a collapse in growth?

Obsidian 4th Quarter Commentary – 2019

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