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Dismantling The Bull Case – 2019 Q1 Research Letter


The year-to-date rally in global risk assets after the Fed flip appears to us to be a last gasp of speculative mania for the current economic cycle… Read the letter»

2 of World’s Top Funds in 2018 per Bloomberg


“As the dust settles on a troubled year for hedge funds, some managers escaped the wreckage and even thrived.” Read More»

CIO Kevin Smith Interviewed on Bloomberg TV


Crescat’s Chief Investment Officer Kevin Smith discusses global economy and Canadian housing bubble. Watch the Video»


ABOUT CRESCAT

Crescat is a global macro asset management firm. We develop tactical investment themes based on proprietary value-driven models. Our mission is to grow and protect wealth by capitalizing on the most compelling macro themes of our time. We aim for high absolute and risk-adjusted returns over the long term with low correlation to benchmarks.

Crescat’s firmwide global macro investment process applies to three Crescat strategies:

Crescat Global Macro: Crescat’s flagship cross-asset hedge fund strives to capitalize on macro themes globally across all major liquid asset classes including large- and mid-cap equities, commodities, currencies, and fixed income.

Crescat Long/Short: Crescat’s long/short equity hedge fund strives to capitalize on macro themes globally across liquid large- and mid-cap equities.

Crescat Large Cap: Crescat’s separately managed account (SMA) strategy strives to capitalize on macro themes globally through an actively managed, long-only equity portfolio of large cap equities. The strategy can also hold cash and precious metals.

We invite you to peruse our website for more information about our investment process, performance, investment outlook, and how to become a client.

Important Disclosures


Germany has the most dovish rate policy in the world today.

Only 4 economies have tight monetary policy.

Currency war at its best. #gold

Also:

Are US yields too high relative to Bunds and global rates in general?

The market is being propped up by a narrowing group of leaders. Not a good omen.

The deteriorating breadth is most evident in the NASDAQ Composite, home to the leading growth stocks of this cycle.

With the overall index making new highs, the internals are abysmal.

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