Primary asset class
Foreign exchange
FX is the primary vehicle for macro expression — the most liquid, most efficiently priced markets in the world, where policy and risk appetite manifest faster and with greater clarity than in equity or credit.
Secondary asset class
Equities
United States
S&P 500 components, sector ETFs (XLF, XLE, XLI, XLK)
Rate sensitivity; dollar impact on multinational earnings; sector rotation
Mexico — US listed
ADRs: FMX, AMX, CX · OTC: BMBOY
USD-revenue composition; peso exposure; nearshoring beneficiaries
Mexico — BMV listed
BMV equities · FIBRAs: FUNO11, FIBRAMQ, Fibra Mty
Peso-denominated exposure; FIBRA yield vs. CETES; nearshoring real estate
Emerging Markets
EEM, VWO, MCHI, EWW, EMXC
EM cycle positioning; Mexico vs. broad-EM relative value
Europe & Japan
EZU, EWG, EWU, EWJ
DM cycle divergence; ECB / BOE / BOJ policy impact
Fixed Income
Rate-expression ETFs only — TLT and IEF for duration, HYG as a risk-appetite gauge, EMB for cross-asset EM. Not held for yield.
Commodities
Macro-expression instruments — GLD (dollar-inverse / uncertainty), USO (geopolitical & growth proxy), COPX (China industrial demand). No direct futures.
Positioning bias
The FX regime framework
Before identifying positions, Acies classifies the prevailing regime on two axes — USD direction and global risk appetite. The regime is published in every weekly issue and governs the directional bias of new ideas. Regime transitions get dedicated treatment.