Pedge Fund Performance 200812

Just a quick post to relate the performance of PedgeFund for the month of December 2008. November is available here.

Summary:
Pedge Fund USD
December performance: +2.2% (gross, approx)
Year to Date performance: +53% (gross, approx)

Highlights:

• Gains thanks to the precious metals (long gold and silver)
• Nice gains on Northgate Minerals, bought at $0.56 on the 5th of December, and worth $0.83 on the close of 31st (gain of 48% within a month) though it's a tiny holding in the portfolio.
  
• BIG losses on long oil (commodity and stocks)
  
• BIG losses on short treasuries, again
  
• Losses on treasuries partly compensated by the short USD long EUR position

I am quite happy with the performance of the portfolio this year, even though one must not forget the role of luck in any portfolio.