Altex Partners

Highlights We end an extraordinary year posting extraordinary returns: in December, SF Real Return was up +3.02% (+32.99% YTD), SF Prudent Growth rises +5.36% (+44.31% YTD), and SF Quality Stocks reports +0.24% MTD returns (+18.36% YTD). Market commentary 2020 hasn’t given investors a moment’s rest: the most breathtaking crisis of…

Highlights Amid a spectacular index rally this month, our three funds posted positive MTD returns: SFRR (flexible multi-strategy) ends November up +5.63% (+29.09% YTD), SFPG (hedged growth equity) reports a +8.05% rise (+36.97% YTD), while the SFQS (long only quality shares) posts positive returns of +6.21% (+18.08% YTD). The world…

Highlights Our two hedged funds end October posting positive returns: SFRR (hedged Multi-strategy) returns +0.12% MTD (+22.21% YTD) and SFPG (Growth shares with hedges) was up +0.80% (+26.77% YTD). While SFQS (Quality Growth shares without hedges) fell -2.38% (+11.17 YTD), the MSCI World lost -2.51% in EUR (-6.26% YTD). Market…

Highlights Stock picking and hedges once again bore fruit in September: all three funds outperformed markets with Sigma Fund Prudent Growth leading returns with a 0.06% rise at month end. SFRR (Multi-Strategy) posts -1.28% (+22.06 YTD), SFPG (Growth shares with hedges) was up +0.06% (+25.76 YTD), while SFQS (Quality Growth…

Market commentary This is the fifth consecutive month of market rally since March’s minimums, with prices on the rise backed by better than expected corporate results and positive developments in vaccine investigation and testing. In August, our portfolio hedges have been below our historical average as, contrary to market consensus,…

The recovery dynamics that started at the end of March continued during July. The economic and sanitary news, although worrying in the short term, are turning out better than expected and this encourages investors´ purchases. The huge amount of money injected by central banks is producing considerable price inflation in…

June is a traditionally negative month for markets: positions are closed in anticipation of the summer break and dividend high season comes to an end. This year, the situation was compounded by the portfolio rebalancing of large mixed pension plans, which had already contributed to the creation of a market…

There are two stages in a company’s life cycle that are especially attractive to investors for their return vs. risk characteristics. In these two stages, investor remuneration in the form of capital gains is extraordinary. Considering their special appeal and the different ways businesses must be managed in each stage,…

In April the two funds for which we have more investment flexibility, posted positive YTD returns:  Sigma Fund Real Return reaches +2.38% and Sigma Fund Prudent Growth +4.08%. Sigma Fund Quality Stocks (unhedged equity) posted MTD returns of +14.28% (-1.7% YTD). The key factors in our management these last two…

March concentrated in a single month the most common stages of a recession (denial, reaction, panic and rebound). Whether we have reached the bottom or not, and how the recovery will develop is an open discussion and opinions vary widely. To keep matters in perspective, we must bear in mind…