In November 2012, the Merk Hard Currency Fund initiated a short position in the yen, first selling the yen at ¥81.67 per dollar on November 20, 2012. We closed the short position, receiving ¥121.82 per dollar on December 9, 2015. The Fund had varying levels of short exposure in the interim period. On December 14, 2015, Merk initiated a long position in the yen in the Merk Hard Currency Fund. Portfolio Manager Axel Merk comments: “We continue to have ‘infinity’ as our ultimate price target for dollar-yen, in other words we think the yen will eventually be worthless, however, our increasingly pessimistic outlook on various markets suggests the yen might experience a period of outperformance in the near term.”

Merk Hard Currency Fund Closes Strategic Yen Short, Goes Long

Merk Hard Currency Fund

Merk Hard Currency Fund