April 17, 2026
April 2026 Commentary Blueprint Chesapeake Multi-Asset Trend ETF
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Portfolio Exposure At A Glance
Notable Holdings By Macro Asset Class
| CURRENCIES | |
|---|---|
| Name | Long/Short |
| Canada Dollar/U.S. Dollar | Short |
| Swiss Franc/Japanese Yen | Long |
| Mexican Peso/U.S. Dollar | Long |
| British Pound Sterling/Norwegian Krone | Short |
| South African Rand/U.S. Dollar | Long |
| COMMODITIES | |
|---|---|
| Name | Long/Short |
| Crude Oil Future | Long |
| Lead Future | Short |
| Sugar Future | Short |
| Aluminum Future | Long |
| Heating Oil Future | Long |
| FIXED INCOME | |
|---|---|
| Name | Long/Short |
| Japan 10-Year JGB Future | Short |
| Canadian 2-Year Bond Future | Short |
| U.S. 10-Year Treasury Bond Future | Short |
| iShares National Muni Bond ETF | Long |
| Australian 10-Year Bond Future | Short |
| EQUITIES | |
|---|---|
| Name | Long/Short |
| AZZ Inc | Long |
| American Water Works | Short |
| Waste Connections Inc | Short |
| Carpenter Technology | Long |
| Icici Bank Ltd | Short |
ETF holdings and macro asset class allocations are subject to change.
Currencies
Overview
The U.S. Dollar continued to strengthen in March, following its multi-year low in January, resulting in relative weakness across many international currencies. This led to a reduction in net long exposure to foreign currencies heading into April.
TFPN remains fully exited from its prior long cryptocurrency positions.
Drivers
Currency markets were influenced by a combination of macroeconomic and geopolitical developments last month, contributing to continued strength in the U.S. Dollar relative to many international counterparts.
The Chinese Yuan continues to exhibit relative strength versus the U.S. Dollar and a number of other currencies, remaining a meaningful position within the portfolio. In contrast, currencies such as those in Indonesia and India were among the weaker areas during the period.
Commodities
Overview
Net long commodity exposure increased slightly last month. Metals remained the most influential allocation and were largely unchanged during the month. Long exposure to livestock and energy increased, while the most notable shift was a reduction in net short exposure to grains. Although the segment remains net short, that position was meaningfully reduced heading into April.
Drivers
The cattle complex represents the largest aggregate long exposure within commodities. Among individual positions, gold, copper, aluminum, and silver remain the most significant longs. Energy exposure has also increased, with positions across markets such as natural gas and gasoline contributing to a growing presence within the portfolio.
Wheat remains the largest short position and the most significant net position within the commodity allocation. It exceeds the size of individual long positions in both metals and agriculture.
Fixed Income
Overview
Fixed income exposure shifted significantly last month, with the portfolio moving from a net long position to largely net short. This transition occurred across both long- and short-duration instruments. Bond ETFs, which provide exposure to corporates, municipals, and other U.S.-based fixed income assets, were the only segment that remained relatively stable.
Drivers
Bond markets moved lower during the month, with yields rising across many maturities. A combination of economic data and geopolitical developments contributed to shifting expectations around interest rates.
In addition, continued strength across many developed economies has supported higher rate expectations, placing further pressure on bond prices. As a result, trends in fixed income markets have shifted, and the portfolio has adjusted accordingly.
Equities
Overview
U.S. equity exposure declined in March as markets moved lower, but the asset class remains the largest net long allocation and the second-largest overall behind short-term fixed income. The decrease was driven by both a reduction in long positions and an increase in short positions. Despite the adjustment, long exposure remains meaningful within the portfolio.
Drivers
Lumentum Holdings, the largest long equity position as last month began, retained much of its strong February performance and finished March modestly higher. Western Digital, another significant long holding, outperformed the broader market but declined during the month. Other prominent long positions, including Carpenter Technology and AZZ Inc., continue to reflect established upward trends.
On the short side, Ingredion and Waste Connections, the two largest short positions, both declined during March. These positions, along with other shorts, helped offset the impact of weaker long equity performance last month.
Portfolio Managers’ Note
After a strong start to 2026, TFPN declined in March as gains from long positions in energy and contributions from the short equity portfolio were not sufficient to offset retracements across currencies, fixed income, and equities. Despite the monthly decline, TFPN finished the quarter in positive territory and continues to provide non-correlation relative to traditional stock and bond portfolios.
Even in a down month, the portfolio demonstrated its adaptive nature, shifting from a net long position in fixed income to net short as yields moved higher. This ability to adjust across asset classes remains a core feature of the strategy.
Periods of elevated uncertainty can create rapidly changing conditions across markets. Rather than attempting to anticipate specific outcomes, TFPN’s approach is designed to respond to price movements as trends emerge and evolve.
While recent events have contributed to increased volatility across asset classes, the underlying investing process remains unchanged. TFPN continues to operate with the same objective: to participate in trends across a wide range of markets while remaining responsive to shifting conditions.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.
For standardized performance please visit tfpnetf.com.
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