By Greg Bordelon
Published on July 7, 2024 at 6:00 PM
Summary Treading water and playing defense Gas implosion may accelerate buying opportunity Refiners running too hard …. in peak demand season Tightened portfolio exposures and added new backdoor AI trade Sankey Research Happy Hour Trade IYKYK Performance The model portfolio managed to eke out a gain on the short week, up 3 basis points. For the year, the book is up 720 basis points on gross. Source: Bloomberg, Sankey Research For outlier pair performance, there …
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By Greg Bordelon
Published on June 30, 2024 at 7:00 PM
Noise and volatility, but in the end the book was flat on the week. Year to date the portfolio is +710bps YTD on GMV. We got the best performance from pairs with the worst real-time fundamentals, a derivative of repositioning in and amongst the space. On the downside, worst performance came from pairs long consensus thematics undergoing degrossing. The hit rate across the pairs was over 50%, but slugging percentage hurt last week as losses …
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By Greg Bordelon
Published on June 30, 2024 at 6:00 PM
Summary Assessing intrasector rotation Oil & gas short term vs long term: mirror images Nat gas: $2-3/MMBTU until winter, then constructive Oil: Levitate to mid $90s into the fall, then deconstructive Rationalizing sunk cost fallacy Performance Noise and volatility, but in the end the book was flat on the week. Year to date the portfolio is +710bps YTD on GMV. Source: Bloomberg, Sankey Research We got the best performance from pairs with the worst real-time …
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