Wednesday, 8 April 2015

Performance statistics for March 2015

Performance statistics for March 2015  

(For historic performance information and descriptions of what I am trying to achieve with each portfolio please see the 'performance' tab. As with everything on this site, these are my views only.  Please read the disclaimer to your right and always do your own research. A final disclosure, these portfolio are real and are reported to the best of my accounting ability how they actually performed) 

Hedge fund portfolio -0.2%
Net position 8% net long, gross book c. 68% utilised (at month end)

A bit of a funny month where some specific opportunities outweighed my earlier intention to further reduce exposure!  Despite aggressively top-slicing Smith & Wesson (an excellent winner) and taking profits on Michelin I found opportunities to:

Add to the Lafarge position as fears about the merger (incorrectly in my view) swelled
Introduced Ashtead long after their latest update and share fall
Add to that portfolio stalwart Randgold Resources as the share looked too low (a favourite share for me to trade)
Add to Thomas Cook fortunately before the Chinese stake buying which deepens my positive theory further

However in a concession to my general concerns I added to both my VIX volatility and EU volatility positions.

The above exposure numbers were also impacted by the DAX short instrument I held rolling off at the end of the month.  The reality is that exposure for most of the rest of the month was much nearer a flat book.

Winners and losers ultimately nearly crossed and in an ultimately lacklustre March market the hedge book was slightly down.  Nevertheless for Q1 the hedge fund portfolio was up 5.8%.  Nicely on track for a 10-20% performance for FY15.

Top 5 long positions at month end: Voya, Apache, Lafarge, AIA, Syngenta
Top 5 short positions at month end: FTSE-100, Yen (vs US$), Australia index, HK index, Siemens

Pension fund portfolio +0.2%
Cash position c. 4% (3% a month ago)

Actually quite a dull month!  Aside from top-slicing Smith & Wesson and augmenting further the position in Telecity (in my view a most excellent proposed link-up with Interxion) there were no other transactions.  Possibly how a pension fund should be...but to me more reflective of the 'between the earnings seasons' epoch.

An excellent first quarter with returns of 8.4% driven predominately by that huge performance by the UK food retailers in January.  Long may this level of return continue.

Top 10 positions at month end: Apache, Randgold, Syngenta, Tesco, Agco, Standard Chartered, Aviva, Royal & Sun Alliance, Barclays, BG Group    

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