From June 2013 to the end of 2015, Keith Grindlay worked with Mako Financial Markets, providing OTC Fixed Income investment strategies for Real Money Fund Managers.
Using Swaps and Swaptions for strategy investments, as well as European Bond Relative Value, consistently high profits were achieved.
In 2014, a Macro Thoughts presentation to clients was entitled, ’There is supply, but is there demand?’, a theme that is only now becoming more widely recognised. The presentation highlighted that full employment post-2008 was not made up in the same way as pre-crisis, the US had started to become more self-sufficient, impacting on the rest of the world and that it is demand, not supply that is the driver of growth.
In Macro Thoughts’ end of 2015 review, forecasts included US10year yields falling to 1.35%, as well as BOJ and RBA rate cuts. During 2016, hedging considerations included Sterling Puts referenced at 1.50, oil correcting from $48 to $40 and UK 10year Inflation Breakevens at 2.36.
Full lists of all trades recommended from mid-2013 to the end of 2015 can be viewed below.
|35 RATES TRADES||FUTURES||HEDGES|
|0 FOREX TRADES|
|15 RV TRADES (EUROPE)|
|2 OPEN / FLAT||0|
|RATES CLOSED POSITIONS 2015|
|Rates in BP|
|Futures options Tic PnL *||TY||RX Bund profits|
|Profit||41/32||OPT 14BP (X20 d)|
|Swaption in ‘c’|
|Plus Swaption in cash|
|Profit||£110 / $35||$25KDV01|