February was another very strong month for the portfolio. Performance came in at +14.27%, bringing YTD performance to 33.61% and total return since inception in January 2023 to 208.31%.
Our 3x short term bond position ($BIL) dragged performance, but that is the trade off when adding stability during volatile periods. With hindsight, it’s easy to say we could have stayed fully risk on, but risk management decisions should be judged ex ante, not ex post.
Volatility will likely increase after the US and Israel attacked Iran this weekend, so we plan to stay cautious and will make only one very minor portfolio update until markets settle down again.
Our only change this month is that we are closing our DAC position, which shouldn’t be very affected by the Iran situation.
A lot of valuations are stretched by shipping standards, but this reflects the exceptional environment, especially in tankers.
Positions for March 2026
- 3 x BIL
- CMBT
- ECO
- GLNG
- NVGS
- SBLK
- SFL
- TEN
Closed postions
- DAC
Portfolio Performance Tracking
