May 2015 Commentary

As the saying goes, there’s always a “calm before the storm”, and May 2015 proved to be a very quiet month in markets. Exiting April, the “reflationists” hyped their story that the relative improvement of the rest of the world versus the USA meant that it was time to sell the American buck and get long resource stocks. In fact, growth slowed further in China, was decidedly mixed in Japan, and remains far from great in Europe. In contrast, post the release of minutes from the Fed’s April meeting, the pace of bear flattening of the US rate curve picked up, pushing the US dollar markedly higher and “reflationist” trades into the red. Both of the Forge First funds had a solid month, making money on each of the long and short sides, and outperforming the TSX which lost -1.22% for the month...


Emma Querengesser