Northstar Global Flexible Strategy: Q2 2024 Commentary

Q2 2024 reportback for the Northstar Global Flexible Fund. The Fund's objective is to outperform the USD flexible offshore sector and large cap global equity managers through the cycle at lower levels of risk. It has been a tough quarter for the fund, relatively speaking as our exposure in global equities is relatively defensively positioned. The equity market is highly concentrated, with the top 10 stocks accounting for 35% of market cap of the S&P 500 currently. This is historically high. These large stocks are driving the performance of the indices, are expensive and earnings expectations are extremely high from the market for these companies. The converse is true for the rest of market with a lot of high quality company's that are under-owned and under appreciated with low earnings expectations from investors. This is where we see opportunities, but it didn't help this last quarter, as indices ran with these top ten large market stocks.