BOSTON - US President Donald Trump's handling of the coronavirus outbreak early this year was"an incredible gift" for investors because it kept markets stable long enough for some to protect their portfolios, Axon Capital co-founder Dinakar Singh told investors this month.
"We simply never believed 'what happens in China stays in China,'" Mr Singh wrote in a letter to investors last week that was seen by Reuters."Trump talking down COVID-19 risk gave investors an incredible gift - it kept markets resilient much longer than they should have, and enabled us to ensure our portfolio was sensibly positioned."Axon, a 15-year-old hedge fund which oversees roughly US$1 billion , gained 24.
Mr Singh said he was able to"bulk up" some hedges early in the year by"adding some volatility protection." That weighed on"performance in January and early February, but has helped ever since." And after the benchmark S&P 500, the Dow Jones Industrial Average and the Nasdaq all suffered double-digit declines in the first quarter, all three marked their biggest quarterly percentage gains in more than two decades in the second quarter.
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