Performance statistics for May 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 +9.0%
Net position 6% net long, gross book c. 72% utilised (at month end)
What a month! To twist a famous old saying to have one of your holdings reportedly in bid talks is lucky but to have two...is very lucky. On an attribution basis Syngenta and Telecity stand materially above everything else held in the fund over the last month and here and here I (respectively) wrote about them during May. In short I significantly top-sliced the Syngenta and am holding onto Telecity.
After that excitement the rest of the portfolio rather split into good and bad parts. Large holdings like Voya were solid whilst the yen's late May weakness was well-received. Post of the short book was pretty solid - with the exception of the Hong Kong index position of course (although exposure to stocks like AIA over the last couple of months has more than made up).
During the month I took profits in positions including American Express (was a short), Ashtead prior to their fall and Tiffany's post their well received numbers. Adecco was traded to a profit during the month and exited. New positions include EasyJet and Nokia (both longs).
Laggards? Well Apache and Royal Dutch Shell were not strong performers but otherwise some of the European long exposure which could have caused problems had already been top-sliced - for example Remy Cointreau.
For the first five months of the year the hedge fund portfolio is now up 14.8%. With seven months to go in absolute terms I am already in the middle of my hoped for 10-20% full year 2015 performance objective. Now just to keep the performance there...the good news is that I have lots of ideas.
Top 5 long positions at month end: Voya, Syngenta, Apache, Royal Dutch, NN Group
Top 5 short positions at month end: FTSE-100, Yen (vs US$), Australia index, HK index, Siemens
Pension fund portfolio +5.3%
Cash position c. 6% (5% a month ago)
As above, no surprises with the top two performers in the portfolio over the last month with Syngenta and Telecity leading the way. I top-sliced the former in the only transaction in the portfolio during the last month.
Otherwise it was a similar story to the hedge fund portfolio with poor performers like Apache and Tesco balanced by good performers like Agco and Royal Mail.
The performance for the first five months of 2015 is now 14.5% which I am very pleased with. Long may this continue. Time to probably add a few ideas too, especially into any summer volatility.
Top 10 positions at month end: Apache, Randgold, Agco, Syngenta, Standard Chartered, Tesco, Telecity, Royal Mail, Aviva, Barclays