
The Best Defence Is a Good Offence
Josh Young
Small-cap oil and gas equities are trading at a discount compared to large-cap peers. Share price underperformance and rapid fundamental improvement have rendered valuations more compelling.
Josh Young
Small-cap oil and gas equities are trading at a discount compared to large-cap peers. Share price underperformance and rapid fundamental improvement have rendered valuations more compelling.
Bilal Hafeez
In 2022, we outlined our ‘everything breaks’ portfolio, which meant constantly overweighting cash above all else.
Jon Caplis
The PivotalPath Composite Index returned 0.1% in February amid declining equity markets. The S&P 500 declined 2.4% and the Nasdaq and Russell 2000 fell -1.1% and -1.8%, respectively. The whipsaw and volatility continues from 2022 as the S&P 500 and most other major markets were negative after rallying in January.
Ben Ford
Bilal’s asset allocation will be updated in March. For now, the themes remain: Investors expect the Federal Reserve (Fed) to end its hiking cycle soon.
Josh Young
Small-cap oil and gas equities are trading at a discount compared to large-cap peers. Share price underperformance and rapid fundamental improvement have rendered valuations more compelling.
Ben Ford
We consolidate our favourite biases into one, easy-to-read, weekly report! Please find the original pieces linked throughout and a summary table at the end of the document.
Ben Ford
The Federal Reserve (Fed), European Central Bank (ECB) and Bank of England (BoE) have all hiked in February. Here are our latest views to survive in what follows:
Bilal Hafeez
With investors reducing their net long oil positions to multi-year lows, one of 2023’s biggest surprises would be a surge in the black gold.
Jon Caplis
Hedge funds performed well in 2022 against a backdrop of volatile and declining equity markets. In December, the PivotalPath Hedge Fund Composite Index rose 0.4% versus the S&P 500’s decline of 5.6%.
Richard Jones
The US housing market is poised for a tough couple of years. A mix of challenging supply/demand dynamics, combined with stretched affordability and deteriorating sentiment, will weigh on the market.
Bilal Hafeez
2023 has started with a positive tone. Most risk markets from equities to crypto are up, and we identify four driving themes:
Jon Caplis
A quality index can serve as a meaningful benchmark to evaluate performance when investing in active managers and hedge funds. However, over $4.5tn of global hedge fund capital is benchmarked against inaccurate and often misleading indices.
John Tierney
The iron ore rally has continued through the holidays as steel mills rebuild stocks in anticipation of renewed building activity in 2023.
Richard Jones
Farmland is increasingly becoming a focus for market participants as alternative assets feature more prominently in investment portfolios.
Sam van de Schootbrugge
A new Journal of Banking and Finance paper constructs a momentum model based on stock market returns and oil-implied volatility.
Bilal Hafeez and Ben Ford
Our market data-based tracker remained deeply negative, despite a slight improvement over the past two weeks, while the economic data-based tracker was unchanged...
Josh Young
OPEC+ has announced it will slash oil production quotas by 2MM bbl/d, effective November.
Bilal Hafeez and Ben Ford
Our market data-based tracker has continued to weaken following a renewed weakening in the economic data-based tracker (Charts 1 and 2).
Bilal Hafeez and Ben Ford
The short-term recoveries of our market data-based tracker and, more notably, our economic data-based tracker might well be over.
At Macro Hive, we offer cutting-edge insights into commodity investing to keep you ahead of the market. Our commodity investment analysis primarily covers energy, metals, and food. Specifically, we research oil, gold, natural gas, iron ore, copper, wheat and other foods, agricultural products and related indices such as the Baltic Dry Index.
The commodities market can be an important way to diversify your portfolio beyond traditional securities. However, commodities can be risky as supply and demand can fluctuate significantly according to uncertainties that are hard or impossible to predict (such as weather, disease, geopolitics, and natural disasters).
Though once largely limited to professional investors, commodity markets today are more accessible. There are many ways to invest in commodity markets including futures contracts and options. There are also a wide variety of commodity stocks, and you can access some of the best commodity stocks via exchange-traded funds. A commodity stock ETF offers exposure to macro commodity market trends while minimizing the risk associated with individual company fundamentals.
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