Dmitrii Ishutin
United Kingdom
12m
End of month update A rather volatile month with the tariff announcement and shock reaction in response to that. I am staying the course with REITs and bonds at the moment, anticipating the yields to - finally - decline. Wild swings during the month of April, but 10Y and 20Y yields finish the month flat. A mix of macroeconomic signals from GDP and inflation indicators suggest the US economy was slowing down in the first quarter. However, the impact of tariffs and potentially re-ignited inflation remains to be seen. REITs in the US and in Europe shows signs of recovery, likely in anticipation of further interest rate cuts by central banks. I am optimistic that this will happen eventually, and also remain patient with the TMF position. I have also been using a deep drawdown in Ethereum to open a new position at an attractive price point. It's only a small position, but should be beneficial for additional exposure. I also opened a reasonably sized position in the mid-cap German ETF as the new coalition government announced new fiscal stimulus to support domestic economy. The mid-cap companies in Germany, unlike the members of DAX40, are focused primarily on servicing domestic needs, and I think should provide better upside when compared to large caps. German economy has been in a lethargic state since Covid, and the latest stimulus will hopefully give it the long awaited boost.
null
.