October 26, 2022

In the Frame - Issue 20, Investor updates
Managing Director

Frame Futures Fund F1 – September 22

Units of the Frame Futures Fund – Class 1F declined by -3.47%. The Fund’s trading strategies added detracted -0.68%, while the core strategy detracted -2.75%. 

The Australian share market closed down over -7%, while most US equity markets finished ~-9%. The long of the US yield curve continued to accelerate higher, while the Japanese Yen continued to weaken dramatically, which caused continued talk of intervention from the Bank of Japan. 

Equity, Commodity and Fixed Income investments all declined by -2.62%, -0.47% and -0.28% respectively. Currency investments were flat. 

Largest contributors to performance were positions in gold, cocoa, and lean hogs. Largest detractors were our small equity investments in the US equity markets, as well as our trading in copper.  

In terms of fund activity, exposure levels were low during the month, as most of the trading activity occurred with a reduced time frame.  

Recently, we opened a new class for the Frame Futures Fund, called 1F. This class has a lower management and performance fee. Performance listed above and below will now refer to this new class.

If you would like a copy of the original class track record ‘0F’, please email our office on investors@framefunds.com.au.

There will be no performance for any period outside of 1 month.

The full report can be downloaded by clicking the image below.