Blind Squirrel Macro’s ‘Start The Week’ note is the weekly review of the BUSHY™ beta portfolio and updates on our ‘Acorn’ trades - anything from single stock ideas and thematic baskets to FX / Credit / Commodity ideas.
This week we are reviewing our energy positions, our US equity factor bet, BUSHY™ FX hedge, defending a recent fixed income addition and laying out a reshuffle in EM equity exposure.
The 🐿️’s beta portfolio has given back ground versus its Vanguard Target Date fund benchmark (VTTHX) and the S&P (SPY) over the past fortnight but closed on Friday up 12.45% YTD with a realized annualized weekly volatility of 8.53% (vs 13.6% for SPY and 16.5% for VTTHX).
BUSHY™ has now returned 38.16% since public launch at the beginning of 2025:
What is BUSHY™? It is Blind Squirrel Macro’s flagship beta portfolio, designed to be the antidote to the classic '60/40' retirement portfolio.
BUSHY™ invests globally across all major asset classes (equities, fixed income and commodities), primarily via US listed ETFs and closed-end funds. Current asset allocation set out in the chart below.
It is primarily long-only and will occasionally manage tail risks with simple listed option strategies. The investment strategy targets long-term capital appreciation with a low volatility and drawdown risk profile.
Current positioning:
A quick reminder that the BUSHY™ portfolio is available via a single click on the Plutus platform - full details in my July launch note linked below.
BUSHY™ Review and Acorn Update
Let’s dig into the numbers and the portfolio changes…
