Corrections in several markets left the Superfund trading systems relinquishing part of the recent strong performance accumulated since the start of the year. Nevertheless, all Superfund funds remained positive for 2008. The Superfund A EUR SICAV generated a +14.5 % net annual return, the dynamic Superfund B EUR SICAV yielded +19.6%, and the aggressive Superfund C EUR SICAV achieved a net performance of +21.8%. In addition, the new Superfund Gold funds have posted positive results of +19.6% (Superfund Gold A) and +20.9% (Superfund Gold B) respectively. The results over the last few months demonstrate that Superfund funds have achieved attractive double-digit net returns for their investors despite uncertainty in the financial world.
Monthly market review: July 2008
World stock indices opened the month under severe pressure as the failure of a large US bank combined with fears that the largest holders of US mortgage debt, Freddie Mac and Fannie Mae, were in danger of insolvency. The Fed, Congress, and the Treasury were forced to take additional action to restore confidence in financial markets. US stocks recovered to finish in positive territory after the Fed guaranteed the debt of the government sponsored entities. The dollar gained support into month end as confidence appeared to be temporarily restored. Overall world economic data continued to disappoint, leading to strength in bonds and money markets, despite generally hawkish inflation data. The sharp selloff in energy markets, aided in part by late month dollar strength, paved the way for central bankers to emphasize the risks to economic growth over inflation. Early month Iranian missile tests and corresponding denunciations from Israel and the US faded to the background as growing evidence of substantial demand destruction overwhelmed the energy market price surge. Gold reversed early month gains in related action, while industrial metals buckled under the weight of economic weakness. Agricultural products from grains to cocoa and coffee fell as excellent weather bolstered production prospects.