Are You Positioned Right?

Where are the blind spots in you portfolio?

From the Trading Desk at Stipelis

The NAV Report – Insights from a Commodity Trading Advisor and Futures Trader

Friday, October 31, 2025

What Are Your Portfolio Blind Spots?

When markets shift, do you shift with them—or do you hold your ground?

Since mid-2024, Treasury yields have dropped over 20%, signaling a transition from restrictive policy to easing. But Wednesday’s Fed tone reminded us: nothing is guaranteed. The bond market reacted sharply, and the ripple effects hit currencies, commodities, and risk assets. What does this mean for your portfolio?

Let’s ask a few questions.

• Are you relying too heavily on traditional assets?
  Equities and bonds have long been the core of most portfolios. But in late-cycle environments, correlations rise and diversification fades. What happens when both stocks and bonds fall together?
• Do you have exposure to uncorrelated strategies?
  Managed futures have historically performed well during inflation spikes, rate hikes, and volatility surges. Are you using them to hedge macro risk?
• How do you measure risk?
  Is it volatility, drawdown, or something else? Our program tracks risk-adjusted returns, tail risk, and exposure shifts. What metrics do you use to evaluate your portfolio’s resilience?
• Are you positioned for tactical opportunities?
  With Powell’s cautious tone and the Fed’s path uncertain, Currencies and rates are offering short-term opportunities. Are you able to act on these shifts—or are you locked into static allocations?
• What’s your confidence level in your current strategy?
  Confidence comes from clarity. Our NAV Report is designed to provide transparency into how we manage risk, allocate capital, and adapt to changing macro conditions. Would seeing that help you make better decisions?

We don’t claim to have all the answers. But we do ask the right questions—and we invite you to ask them with us.

Stephen Coleman – Founder