July 20, 2026
July 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 |
| Australian Dollar/U.S. Dollar | Long |
| Euro/Czech Koruna | Short |
| Japanese Yen/U.S. Dollar | Short |
| Swiss Franc/Japanese Yen | Long |
| China Yuan/U.S. Dollar | Long |
| COMMODITIES | |
|---|---|
| Name | Long/Short |
| Copper Future | Long |
| Sugar Future | Short |
| Lead Future | Long |
| Live Cattle Future | Long |
| Rubber Future | Long |
| FIXED INCOME | |
|---|---|
| Name | Long/Short |
| U.S. 30-Year Treasury Bond Future | Short |
| Australian 10-Year Bond Future | Short |
| U.S. 10-Year Treasury Bond Future | Short |
| Japanese 10-Year Bond Future | Short |
| Canadian 10-Year Bond Future | Long |
| EQUITIES | |
|---|---|
| Name | Long/Short |
| Western Digital Corp | Long |
| Comcast Corp | Short |
| T-Mobile Us Inc | Short |
| Lumentum Holdings Inc | Long |
| Kimberly-Clark Corp | Short |
ETF holdings and macro asset class allocations are subject to change.
Currencies
Overview
Currency exposure remained largely stable last month, with net long positioning declining by less than 2%. TFPN also continues to maintain no exposure to cryptocurrency.
Drivers
Currency markets remained mixed as investors balanced resilient U.S. economic data against changing expectations for global central bank policy. A stronger-than-expected employment report early in June pushed Treasury yields higher and reduced expectations for near-term rate cuts, helping keep the U.S. Dollar supported even as cross-currency trends remained varied.
TFPN continues to hold a diversified mix of currency positions rather than relying solely on broad U.S. Dollar direction. The Chinese Yuan remains one of the more meaningful currency positions, while several other international currency relationships continue to reflect divergent economic and interest-rate trends across regions.
Commodities
Overview
Net long commodity exposure declined by approximately 23% last month, with the most notable moderation occurring in energy-related markets. Metals remain a core component of the commodity allocation, while agricultural markets continue to represent the primary source of short exposure.
Drivers
Commodity markets were influenced by the ongoing war in Iran and related concerns around energy supply. Oil prices remained volatile during the month as markets reacted to developments around the Strait of Hormuz and broader Middle East supply risk.
Fixed Income
Overview
Fixed income remained the portfolio’s largest overall allocation at the end of last month, though the net short position was reduced by approximately 13%. TFPN remains meaningfully positioned for weakness in bond prices, but the reduction reflects a more balanced trend environment across global interest-rate markets.
Drivers
Bond markets were shaped by strong employment data, sticky inflation concerns, and uncertainty around the timing of future Federal Reserve rate cuts.
The portfolio maintained significant short exposure across U.S. Treasury and global bond futures while increasing exposure to short-term Japanese interest-rate futures. Rather than representing a traditional Japanese bond investment, these contracts reflect changing expectations for short-term interest rates in Japan.
Equities
Overview
Equities became TFPN’s largest net long asset class at the end of last month, with net long exposure increasing by approximately 28%. The increase was driven primarily by expanding long exposure, while short exposure declined modestly.
Drivers
Equity markets continued to be heavily influenced by enthusiasm surrounding artificial intelligence. Strong employment data created periodic volatility in technology shares, including semiconductor companies, but broader equity trends remained constructive.
The portfolio increased long equity exposure as trends strengthened across technology, industrial, and energy-related companies while maintaining targeted short positions in weaker areas of the market.
Portfolio Managers’ Note
Last month’s market headlines pulled investors in several directions at once. The war in Iran kept energy markets volatile, stronger employment data complicated the outlook for interest rates, and enthusiasm around artificial intelligence continued to influence leadership within equities. Trend following does not attempt to predict which of those stories will matter most. Instead, it observes how markets respond and adjusts the portfolio as price trends evolve.
During the month, TFPN increased its net long exposure to equities while reducing but still maintaining a meaningful net short position in fixed income. Commodity exposure declined as some energy-related trends moderated, and currency positioning remained relatively stable.
One of the benefits of a multi-asset trend-following strategy is that opportunities are not limited to one market or one direction. TFPN can be long equities when trends are positive, short fixed income when bond markets are under pressure, and adjust commodity or currency exposure as those markets evolve.
As always, the investment process remains unchanged. TFPN is designed to identify persistent trends across global markets, participate where those trends are strongest, and maintain discipline when conditions change.
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