Are you confused yet? Lots of investors are. After 100 days in office Trump is certainly more confusing than ever before. Reflation or no reflation? Policy change or no policy change? Markets certainly assume and hope something will get done on healthcare and, more importantly, taxes, but that’s a roll of the dice. Nevertheless, animal spirits rule as record amounts of money flows into passive index ETFs.
The Forge First portfolios are not positioned to “bet” one way or another on Trump getting something done or not. For us, “Trump” is another unknown in a roster of global uncertainties which could roil already highly valued equity markets.
During the month of April, the Forge First funds experienced only minor losses. Please continue reading for a macro overview and discussion of the funds’ current positioning and performance.