March started on the worst possible footing on markets in general, Ukrainian and #inflation developments triggering a widespread #capitulation across risk assets which culminated on March 8th.
But the deeply oversold levels then reached on many sectors brought back meaningful bottom-fishing interest in return, which rapidly morphed into a powerful #shortsqueeze, catalyzed by hopes of progress in the ceasefire negotiations between Ukraine and Russia.
Such bounce dented to some extent gains on our long-standing defensive market allocation. Taking a bit more distance though, this positioning remains very fruitful over the course of Q1 particularly our long positions on #energy and #metals. Also and quite revealingly our long Defensives / short Momentum positions on equities keep delivering.
We remain firmly #defensive until dust settles across inflation, geopolitical and cyclical fronts.
Follows our Investment Heatmap of our top 7 calls & worst 7 calls done during Q1 2022.
Stay tuned for more !
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