Brummer Multi-Strategy monthly commentary August 2025

Markets

August began with weaker-than-expected U.S. employment data, leading to a decline in the S&P 500 and a drop in the 2-year Treasury yield. Sentiment later improved, supported by solid economic releases and dovish signals from Fed Chair Powell at Jackson Hole. The U.S. yield curve steepened following increased political pressure on the Fed, including attempts by Donald Trump to dismiss Governor Lisa Cook.   

Within currency markets, the prospect of accelerated rate cuts, coupled with political pressure on the Fed, weighed on the dollar, which weakened against all other G10 currencies.  

In Europe, fiscal developments were in focus. France faced renewed scrutiny following the announcement of a September 8th confidence vote. Investor concerns led to wider spreads between French and German 10-year government bonds. 

In commodity markets, oil prices slid further with Brent Crude dropping -6 % in August. Gold prices continued higher, supported by a weaker dollar and policy instability.  

Brummer Multi-Strategy

Brummer Multi-Strategy recorded gains across strategy types in August. Market neutral long/short equity was the main contributor, with positive performance across most sectors. Short alpha continued to be the dominant source of returns for both the month and year. 

Systematic trend strategies also contributed positively, with gains in commodities (primarily agricultural assets such as coffee and live cattle) and equity indices (mainly China and Japan) offsetting losses in fixed income, where the US 2-year was the largest detractor. 

Systematic macro strategies delivered positive returns, particularly within currencies (JPY/USD and NOK/USD) and equity indices (China and Taiwan). 

This is marketing communication. Read the fund's information memorandum and key investor document (KID) before making any definitive investment decisions.