Portfolios:

Please See End of Note for Commentary on Portfolio Changes

Benefit of the Doubt

The market has found some relief since Tuesday on the back of a ceasefire agreement between the US and Iran. We have seen oil come off its highs, VIX and MOVE roll over, and spreads start to tighten. This has led to a commensurate rally in crypto, with BTC moving back to the top of the range we have been meandering in for the better part of the past two months.

HY Spreads: