December 2016 Commentary

Happy New Year! I am excited that a new calendar year is underway for some of the following reasons: 

a)      During 2017, the Forge First funds will achieve five-year return numbers.
b)     2016 marks the 4th consecutive calendar year of positive net returns in our funds since August 2012 inception.
c)      Signs are pointing to a market where active management will add value relative to passive investing. Having the ability to offer investors the advantage of a proven shorting strategy heading into a year of macro challenges will be significant.

Looking back, 2016 was a year that featured four mini-cycles: the risk-off panic of January, the reflation rush of February through April, and a reversion towards a more balanced market from May to August, followed by a rotation among equities winning or losing from rising interest rates from Labour Day through year-end...

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