The Frazis Fund has risen +188.55% over the past 12 months vs AFM's Global Equity Index's +24.91%. Since inception in July 2018, the Fund has returned +29.86% p.a. vs the Index's +12.10%. The Fund has achieved an up-capture ratio since inception of 247%, indicating that, on average, the Fund has risen more than twice as much as the market during the market's positive months. The Fund has achieved a 12-month up-capture ratio of 499.1%. The Fund returned -9.1% in March.

In their latest report, Frazis look back at what they wrote this time 12 months ago. At the time they said that they were highly optimistic. They wrote that if they'd been asked to describe a perfect situation for equities, their response would have been:

'- a temporary shock, with early signs that the temporary shock was abating,

- A 30-40% decline across major indices, with low quality small caps and cyclicals down twice as much,

- A total derisking/move to cash/increase in short interest by both retail and professional investors alike,

- Enormous fiscal and monetary easing, rates at zero, cash transfers to businesses and citizens around the world, with a dramatic increase in payments to the unemployed.'

Looking forward, Frazis' view is that there is a lot going on under the surface. They believe the regime shift that began in April 2020 may have come to an end in February, and that the sharp change in spending patterns triggered last year when travel and dining budgets were cut to zero and consumer spending exploded will at least partly reverse. They also highlight the arrival of inflation and noted that they believe it will have unpredictable consequences.