May 18, 2026
May 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/Australian Dollar | Short |
| Mexican Peso/U.S. Dollar | Long |
| New Zealand Dollar/Canadian Dollar | Short |
| China Yuan/U.S. Dollar | Long |
| COMMODITIES | |
|---|---|
| Name | Long/Short |
| Copper Future | Long |
| Corn Future | Short |
| Gas Oil Future | Long |
| Tin Future | Long |
| Soybean Future | Long |
| FIXED INCOME | |
|---|---|
| Name | Long/Short |
| U.S. 30-Year Treasury Bond Future | Short |
| Canadian 5-Year Bond Future | Short |
| U.S. 10-Year Treasury Bond Future | Short |
| High Yield Corporate Bond Index Future | Long |
| Australian 3-Year Bond Future | Short |
| EQUITIES | |
|---|---|
| Name | Long/Short |
| Bloom Energy Corp | Long |
| Ingredion Inc | Short |
| Chipotle Mexican Grill Inc | Short |
| Kodiak Gas Services Inc | Long |
| Lumentum Holdings Inc | Long |
ETF holdings and macro asset class allocations are subject to change.
Currencies
Overview
The U.S. Dollar declined modestly in April, reversing some of the strength seen in prior months. However, the move was relatively muted, resulting in minimal changes to TFPN’s overall exposure to international currencies. Positioning across the currency sleeve therefore remained largely stable heading into May. TFPN also continues to maintain no exposure to cryptocurrency.
Drivers
Currency markets reflected a mix of macroeconomic and geopolitical developments last month, contributing to relatively balanced movement across major currencies.
Within the portfolio, the Chinese Yuan continued to exhibit relative strength versus the U.S. Dollar and several other currencies, resulting in it maintaining its role as a meaningful position. In contrast, currencies across emerging markets, including Indonesia and India, were among the weaker areas during the period.
Commodities
Overview
Net long commodity exposure increased modestly in April, driven by incremental additions across several segments. Metals exposure remained a core component of the allocation and was relatively stable during the month, while energy and livestock positions increased modestly. Grain exposure remained net short, though positioning within the segment continued to evolve heading into May.
Drivers
The commodity sleeve continues to be led by metals, with gold, copper, aluminum, and silver representing some of the most significant long exposures within the portfolio.
Energy exposure also increased last month, with positions across markets such as natural gas and refined products contributing more meaningfully to overall positioning.
Within agriculture, the cattle complex remains a notable source of long exposure. On the short side, grains — particularly wheat — continue to represent the largest net short positions within the commodity allocation, although the size of those positions has moderated relative to prior months.
Fixed Income
Overview
Fixed income exposure remained net short in April, following the significant shift that occurred in March. While there were modest adjustments within the sleeve, the overall positioning continued to align with prevailing trends in higher yields. Bond ETF exposure, representing broader U.S. fixed income markets, remained relatively stable compared to more directional positions.
Drivers
Bond markets remained under pressure last month, with yields elevated across much of the curve. Economic data and inflation expectations continued to influence interest rate trends across fixed income markets.
Short positions across both long- and short-duration instruments remained the primary drivers within the allocation as bond prices continued to reflect upward pressure on yields.
The portfolio’s positioning remains responsive to evolving trends within fixed income markets and continues to adjust as conditions change.
Equities
Overview
U.S. equity exposure remained relatively stable in April, with modest adjustments across both long and short positions. Equities continue to represent the largest net long allocation within the portfolio, reflecting the persistence of upward trends across select areas of the market. While some repositioning occurred during the month, overall exposure remained tilted toward long positions.
Drivers
Several core long holdings continued to reflect established upward trends during the month. Technology- and industrial-related names remained prominent within the portfolio, including Western Digital and Lumentum Holdings, both of which continued to perform strongly relative to the broader market environment.
Short exposure also remained an important component of the equity allocation, with positions across multiple sectors contributing positively during periods of weakness in certain long holdings. Several short positions declined during the month, benefiting overall performance.
The equity sleeve continues to reflect a trend-driven approach, maintaining exposure to areas demonstrating relative strength while also utilizing targeted short positions as trends evolve.
Portfolio Managers’ Note
April was a strong month for TFPN, with the fund gaining approximately 10.5% and bringing year-to-date performance to nearly 20%. The results were driven by contributions across multiple asset classes, highlighting the benefits of a systematic trend-following approach during a period of elevated uncertainty.
Despite continued geopolitical developments and shifting market expectations, the portfolio remained aligned with prevailing trends across several asset classes. Strength in commodities and equities, combined with positioning in fixed income markets, contributed positively during the month.
The fund continued to demonstrate its adaptive nature, maintaining a net short position in fixed income while preserving meaningful long exposure in equities and commodities. Currency positioning also remained relatively stable throughout the period.
As always, the strategy remains focused on responding to price movements rather than attempting to predict outcomes. Periods of uncertainty can create rapidly changing trends across markets, and TFPN is designed to adjust as those trends emerge and evolve.
While recent performance has been strong, the underlying investment process remains unchanged. TFPN continues to seek opportunities across a broad range of asset classes, aiming to participate in sustained trends while maintaining a disciplined, systematic approach to portfolio management.
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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