The heart and mind of darknessReport Date: 14th October, 2023
War inside Gaza is now inevitable. The spillovers depend on Israel’s actions. The wider the ripples, the greater the global impact. Hold selected assets as an insurance policy against things going wrong, but not as a conviction trade that things will go wrong.
We are long oil and LNG. Long USD and NOK; Long US treasuries.
We are out of EM and EU assets.
We are short JGBs, long yen positions for other reasons.