Performance Report October 2020

Tareno Global Water Solutions Fund October 2020
October will be marked as the month of the second Cov-19 wave hitting the western world. As governments in major European countries started to impose lock-down measures on people and businesses again, investors prepared swiftly for the “brace – brace” alarm signal. While largely dominating the headlines, the pandemic is by far not the only obstacle investors had to face. The ECB met on October 29th and hinted at more stimulus measures to be announced at their next meeting in December. The earnings season is in full swing on both sides of the Atlantic, but investors met the reports in general with “sell the facts” profit taking, despite the results being in-line with expectations. The US did slightly better on the back of renewed hope for fiscal spending on infrastructure, but still did not manage to stay in positive territory. The all-dominant topic of course are the presidential elections taking place on November 3rd. We stay away from any predictions as we were taught better many times in the past. It remains to be seen whether or not a winner has been declared by the time this newsletter is published.
The Tareno Global Water Solutions Fund achieved a performance of +0.37% (R1 Euro Tranche).
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