Tuesday, 28 June 2016
Last updated 1 hour ago
Jan 16 2009 | 1:03pm ET
Mulvaney Capital Management’s Global Markets Fund closed out 2008 the way it started the year: hot. The fund gained another 5.3% last month, leaving it up 108.87% for the year, its best annual return ever.
The firm said performance last month was strong in global interest rate markets: Central banks around the world continued cutting rates in light of the bleak economic outlook.
“The movements in interest rates had a positive impact on our currency basket and a detrimental effect on our stock indices position. Our positions in livestock and energy added to last month’s gains as the slump in demand threatened to outpace supply reductions,” it said.
The fund also captured a strong rally in cocoa, “where uncertainty over supplies out of the Ivory Coast and a depreciating British pound pushed prices in London to a multi-year high.”
The Global Markets Fund manages US$128 million.