In the 13th week of these five portfolios, the Asian portfolio is still the best performer by far.
These portfolios say a lot about how currency positions have developed during this time.
The performances are:
Asian portfolio up 37.62% in 13 weeks
Emerging market up 22.44%
US Dollar Long up 4.27%
US Dollar hedge up 3.30%
US Dollar Short up 0.57%
We can see that Asia is the economic powerhouse and that the Japanese yen is still a very inexpensive currency to borrow.
Though it has had short term ups and downs the yen has had almost no movement versus the US dollar in over ten years! In the early 1990s the yen was 111 yen per dollar. Today it is in the 115 yen per dollar range, just a tiny move.
Borrow yen at 1.63% has almost been like having free money.
No suggestions are made for changes in any of the portfolios at this time.