241031 Are you winning if you lose less?
A first for Two Crows Systematic in October 2024
Welcome to the 10th monthly performance report for Two Crows Systematic long-only Week#2 equity portfolios. Quick, and to the point:
October 2024 Week#2 Commentary
Continuing on with the negative-returns theme from our Week#1 October report, 3 of 4 of our Week#2 portfolios were also negative for the month. Indeed, perhaps the only silver lining is that each portfolio technically outperformed its benchmark, even if only by “losing less”.
TCSI DKK down 2.8% vs benchmark down 3.3%
TCSI INR down -4.3% vs benchmark down 6.2%
TCSI SEK down -1.0% vs benchmark down 4.1%
leaving TCSI NOK as our one standout portfolio up for October, 4.0% vs 0.6% for its benchmark.
These negative returns have been a drag on the TCSI relative performance against HedgeNordic funds, with DKK and INR now slipping into the lower half of fund outcomes.
Our Two Crows Systematic portfolios in aggregate are now only very slightly outperforming the aggregate HedgeNordic returns, 18.1% vs 17.4% YTD:
Week#2 Performance Tearsheets for October 30 2024
In addition to the performance figures stated above, PDF tearsheets for TCS Week#2 DKK, INR, NOK and SEK Model Portfolio performance figures and overview for the month of October 2024 follow:
DKK Portfolio & Benchmark:
INR Portfolio & Benchmark:
NOK Portfolio & Benchmark:
SEK Portfolio & Benchmark:
As always thanks for reading, more soon…