Hundredfold Advisors, LLC, sub adviser to the Hundredfold Select Funds provides information reflecting thoughts and actions within the Select Alternative Fund. Published Monthly.
As of 9/30/2017
For the first two months of the quarter, the bond and equity markets generally rewarded investors with defensive and growth oriented stances. Government bonds and investment grade corporate bonds found buyers in July and August as political headlines, including sabre rattling with North Korea had some investors seeking the relative safety of those fixed income classes. Government and investment grade bonds pulled back in September but remains to be seen if the changes will ultimately be deemed as major trend changes. SFHYX/HFSAX have been divesting to various degrees from these areas. Growth oriented fixed income were in major uptrends during the quarter despite a shallow setback in early August. Floating rate/bank loan, and high yield bonds are the primary beneficiaries of a strengthening economy. SFHYX/HFSAX made tactical adjustments, including hedging, within these groups but holdings were the most concentrated in the growth oriented classes less sensitive to rising interest rates.