Hedge funds achieved a performance of 0.31% in August 2019, despite the continuously increasing unstable economic environment. Brexit is getting more chaotic with the suspension of the UK parliament and a newly created law, which forcing the PM to delay Brexit to 2020. A general election was denied twice. The trade war between China and the US tightens further with the new tariffs on consumer goods. Furthermore, the conflict in Hongkong does not seem to end very soon either. Aside from political problems, the current economic situation with diminishing yields of fixed income and the inverted yield curve in UK and the US does certainly not help. Despite these developments in the fixed income market, our strategies have yielded an 0.80% gain in July. Alternative assets getting further boosted by pension funds, as they are looking for yields, due to the current fixed income market situation. Bitcoin was more or less stable over the last month. However, the interest in Bitcoin surely did not decline, as for example China starts its own cryptocurrency and Bitfinex issuing
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leveraged trading on Bitcoin and Ethereum with 100x. There may be several drivers for this development, such as its increased acceptance as well as its market development during the year. The Bitcoin Altcoin Actively Managed strategy achieved the best YTD performance of all strategies on our platform. Another key driver might be, that investors seek uncorrelated assets, for which cryptocurrencies are ideal investments, as shown in Figure 1.
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Macro and Political Outlook June 2019 MacroEagle
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