The NASDAQ fell by 2.5% as risk aversion seeped in and the negative sentiment has spilled over into Asia with the Nikkei also down by more than 1.2%. The S&P 500 plunged by 2.14%, its worst day in two months with tech and consumer discretionary stocks the worst hit. Nervousness is set to linger ahead of the key Jackson Hole meeting, as investors wait for Fed Chair Jerome Powell to illuminate a the path ahead for monetary policy. The pull-back has accelerated as worries ratchet up again about the spiral in consumer prices and indications that it doesn't look like there will be an immediate let-up in the hiking of interest rates. This brings our Calendar Year Return to positive 1.15% and since inception return to positive 23.22% p.a. Net exposure averaged 1% long, while gross averaged 154%. The fund returned negative 0.96% for the month of July 2022. Q2 2022 hedge fund letters, conferences and moreĪrnott Capital commentary for the month of July ended July 31, 2022. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! Get the entire 10-part series on our in-depth study on activist investing in PDF. The summer party in the equity markets seems to be coming to an abrupt end as hard-line central bank policymakers hover as unwelcome guests, reminding revellers than inflation still remains a big risk.
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