Multicurrency

Multicurrency Commentary 1st Quarter 2012

April 20, 2012

The Samson Multicurrency Strategy entered the quarter with significant overweights to commodity and growth oriented currencies such as the Canadian dollar, the Australian dollar, the Swedish krona, and Norwegian krone.  We were led to these allocations by our investment process, which is based on analysis of fundamental data and a study of relative central bank […]

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Multicurrency Commentary 4th Quarter 2011

January 25, 2012

The safe haven dollar rally that dominated much of 2011 faded as the world embraced the “risk on” trade with renewed vigor. During the 4th quarter oil surged, equity markets rallied, and the US dollar began to lose value.  Though the Federal Reserve Majors Index fell in value for the period, performance varied greatly across […]

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Multicurrency Commentary 3rd Quarter 2011

October 21, 2011

During the 3rd quarter the dollar staged a powerful safe haven rally. Though our strategy emphasized currencies associated with more hawkish central banks, and stronger balance sheet nations (like Norway and Sweden), the broader market thought otherwise and allocated funds to the Japanese yen. We believe countries that are good stewards of their economic resources will have […]

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Multicurrency Commentary 2nd Quarter 2011

July 21, 2011

We noted in our last commentary that the role of the Japanese Yen as a safe haven currency had largely been eclipsed by the Swiss franc.  In fact, in our March commentary, the “Changing World of Fixed Income and Currency Safe Havens”, we wrote that the G-7 currency intervention had likely set the high water […]

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Multicurrency Commentary 1st Quarter 2011

April 20, 2011

Our strategy was positioned at the start of the year for a continued recovery in the euro and underperformance by the Japanese yen. Indeed, the euro continued to strengthen as the market came to embrace our view that crisis in the peripheral nations would not destabilize the Eurozone, or lead to the end of the euro […]

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Multicurrency Commentary 4th Quarter 2010

January 24, 2011

As readers of our past commentaries know, throughout 2010 we increasingly positioned portfolios for a global recovery. As a result, we entered the quarter with significant positions in the Canadian and Australian dollars relative to our benchmark. While these positions played an important role in our positive return vs. the benchmark, our underweight to the euro (the […]

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Multicurrency Commentary 3rd Quarter 2010

October 22, 2010

Strong 3rd quarter returns belie the considerable volatility that has swept currency markets throughout the year. The first half of the year witnessed a rally in the dollar and a decline in the value of most major currencies, as crisis in Europe (among other places) precipitated capital flows to U.S. Treasuries and the dollar. As […]

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Multicurrency Commentary 2nd Quarter 2010

July 23, 2010

In our last commentary we offered that the major free float currency markets would remain in a tug of war: The dollar would rally and the yen would outperform when stocks fell and the Eurozone debt crisis moved to the fore. The dollar would likely fall when stocks stabilized, the demand for safe haven assets […]

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Multicurrency Commentary 1st Quarter 2010

May 04, 2010

In our prior commentary, we highlighted the following themes: Economic and financial headwinds in the Eurozone Overpriced risk assets The need for a defensive position During the first quarter we continued to maintain a defensive posture in our strategy.  We further reduced our exposure to the euro.  Impressed by the resilience of the Canadian economy, […]

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Multicurrency Commentary 4th Quarter 2009

January 27, 2010

The Samson Multicurrency Plus strategy significantly outperformed the benchmark in 2009.  Our decision to hold meaningful positions in commodity currencies such as the Australian dollar, Norwegian krone, and Canadian dollar were major contributors to our out-performance for the year.  As readers of our prior letters to investors may recall, our decision to hold significant investments […]

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