RDR Capital’s MENA portfolio is up 8.8% in 2018 and up 25.0% since inception (the portfolio was incepted on the 1st of October 2016). Our global portfolio is up 2.8% in 2018 in GBP terms (down 2.7% in USD terms) and up 14.7% since inception (the portfolio was incepted on the 1st of January 2017).
We have liquidated our MENA portfolio as at 31 December 2018
We have decided to liquidate our Middle East and North Africa (MENA) portfolio as at 31 December 2018 as our outlook has turned quite negative over the medium term. In addition, we have decided to focus all our efforts on the global portfolio. As such, we will no longer comment on the MENA markets going forward.
2018 was a challenging year for our global portfolio
As per the above, we will focus all our efforts on our global portfolio going forward, and our commentary will be released on an annual basis.
Needless to say, 2018 has been a challenging year, with significant headwinds including a global slowdown in growth, spearheaded by a slowdown in growth in the Chinese economy and exacerbated by a fear of a trade war between the US and China. The slowdown in growth is occurring as central banks are reducing their ultra-loose policies, putting additional pressure on global liquidity.