Jim Masturzo
CIO, Research Affiliates
Ticker
Side
Mentions
Opened
Entry
P&L
Thesis
Theme
Source
Long
May 31
$29.48
+2.1%
Commodities have another leg up driven by severe geopolitical supply chain risks (e.g., Strait of Hormuz tensions) and depleted inventories of oil, diesel, fertilizer, and other inputs. The bull case for energy and agricultural commodities is strong even if equity markets ignore it.
Other
Long
May 31
$94.65
-0.5%
The 10-year Treasury yield has been range-bound between roughly 3.75% and 4.75% due to government intervention and economic constraints. A tactical trade of buying bonds when yields hit the upper end (4.75-5%) and selling when yields fall to the lower end (3.75-4%) can be profitable.
Macro
Long
May 31
$111.21
-0.9%
Inflation will be higher in the future due to persistent debt and deficits, so Treasury Inflation-Protected Securities (TIPS) provide built-in inflation protection and make sense as a diversifier in portfolios.
Macro
Long
May 31
$85.76
-0.2%
If commodity supply shocks trigger an economic pullback or recession, long-term bond yields will fall. Buying long-term US Treasuries when yields reach the upper fours (around 4.75-5%) offers a good entry point as a hedge and capital appreciation trade.
Macro
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