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Serenity Alternative Investments Blog - Q2 REIT Recap: Sherlock Holmes And Chinese Data Centers
July 2020
Serenity Alternative Investments Blog - Q2 REIT Recap: Sherlock Holmes And Chinese Data Centers
- PERFORMANCE – Serenity Alternatives Fund I returned +0.85% in June bringing YTD returns to 0.72%. The FTSE NAREIT All Equity REITs index returned +2.3% bringing YTD returns to -13.3%.
- Q2 RECAP – REITs recouped some of their Q1 losses gaining +13.3%, while the S&P 500 bounced +20.6%
- FUNDAMENTALS – REIT NAV estimates continue to fall as we approach an extremely uncertain earnings season.
- POSITIONING – The Serenity portfolio remains low-risk, selectively finding opportunities amidst a minefield of value traps.
“THERE IS NOTHING MORE DECEPTIVE THAN AN OBVIOUS FACT.”
– ARTHUR CONAN DOYLE –
THE BOSCOMBE VALLEY MYSTERY
It is becoming more and more of an obvious fact that the stock market cannot go down. Refrains of “don’t fight the fed”, “V-shaped recovery”, and “better than expected data” dominated the tape in Q2, leaving skeptics and bears lonely on the sidelines. The Nasdaq 100 index is making all-time highs and the S&P 500 is now down only -1.9% for the year.
To many pundits, it is all very elementary. Fed money goes in, stocks go up.
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