January’s events have set a precedent for what the markets will be like this year. The consensus trades in AI have been turned around as “Phase 2” gets underway, macro volatility continues to heighten with currencies whipsawing, and Europe has outperformed the U.S.
Markets have been trading headline to headline, which creates a challenging environment. Looking past the noise will be key. The portfolio results in January, along with positioning and thoughts for the month ahead, are detailed below.
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