Honest Board: Trade updates

This week both bonds and equities traded sideways, as the market continued to adjust holdings in response to the sell-off in rates last week. The two notable outperformers on the week were Chinese equities, with FXI up 4%, and oil, with WTI futures up 6.5%.

Source: Yahoo, DavidWooUnbound

The move in oil was to the benefit of our long XOM position.

Supply side oil dynamics as reflected in the price of oil now appear to have more influence on XOM than the demand side as reflected in SPY. For now this suggests that XOM will still rally on higher oil prices, regardless of how the broader market reacts.

Our exposure to Chinese markets through KWEB and CNYB both finished higher on the week, reflecting expectations of Chinese easing.

After failing to rally on the move in yields last week, the Dollar sold off slightly this week, breaking the tight range of the past couple of months.

The last significant move in our portfolios was in DIS, which sold off today in response to an analyst downgrade. By contrast, CCL rallied through the week, suggesting that the reopening theme remains intact.

David's trades:

In David's medium-term portfolio (The Money Game) we made no changes this week.

Portfolio	Ticker	Date entered	Entry	Last close	Size
Medium term	KWEB	3rd Jan 22	36.54	37.13	​10%
Medium term	CNYB	3rd Jan 22	5.60	5.63	100%
Medium term	DIS	26th Dec 21	152	151.92	100%
Medium term	CCL	26th Dec 21	20.25	22.94	50%
Medium term	TBF	26th Dec 21	16	16.68	50%
Medium term	XOM	24th Oct 21	64	71.85	50%
Medium term	Short EUR/USD	3rd Oct 21	1.16	1.1417	100%

Closed trades year-to-date = 0

Closed trades that made money = 0

Closed trades that lost money = 0

Closed trades that broke even = 0

An archive of our closed trades is available here.

John's trades

In John's short term portfolio (More Buyers or Sellers) we made no changes this week.

Portfolio	Ticker	Date entered	Entry	Last close	Size
Short term	KWEB	3rd Jan 22	35.77	37.13	50%
Short term	NNDM	29th Nov 21	4.62 (avg)	3.71	100%

Closed trades year-to-date = 4

Closed trades that made money = 1

Closed trades that lost money = 2

Closed trades that broke even = 1

An archive of our closed trades is available here.

S&P sector portfolio

Sector portfolio relative to SPY: -1bps

Cumulative year-to-date relative to SPY: -15bps

An archive of our closed trades is available here.

60/40 portfolio

60/40 portfolio relative to benchmark: -13bps

Cumulative year-to-date relative to benchmark: -13bps

An archive of our closed trades is available here.