It's been a long long time since I had the time to do some accounting and publish the performance of the Pedge Fund. I am retroactively posting them today, with backdated posts.
Historical performance since October 2008 are available here.
Summary:
Pedge Fund USD
November performance: +2,09% (gross, approx)
Year to Date performance: +37,17% (gross, approx)
Showing posts with label Pedge Fund. Show all posts
Showing posts with label Pedge Fund. Show all posts
2009-12-20
2009-10-30
Pedge Fund Performance 200910
Historical performance since October 2008 are available here.
Summary:
Pedge Fund USD
October performance: +13,02% (gross, approx)
Year to Date performance: +34,37% (gross, approx)
Summary:
Pedge Fund USD
October performance: +13,02% (gross, approx)
Year to Date performance: +34,37% (gross, approx)
2009-10-01
Pedge Fund Performance 200909
Historical performance since October 2008 are available here.
Summary:
Pedge Fund USD
September performance: +13,02% (gross, approx)
Year to Date performance: +18,89% (gross, approx)
Summary:
Pedge Fund USD
September performance: +13,02% (gross, approx)
Year to Date performance: +18,89% (gross, approx)
2009-09-01
Pedge Fund Performance 200908
Historical performance since October 2008 are available here.
Summary:
Pedge Fund USD
August performance: +1,93% (gross, approx)
Year to Date performance: +5,09% (gross, approx)
Summary:
Pedge Fund USD
August performance: +1,93% (gross, approx)
Year to Date performance: +5,09% (gross, approx)
2009-08-01
Pedge Fund Performance 200907
Historical performance since October 2008 are available here.
Summary:
Pedge Fund USD
July performance: +6,53% (gross, approx)
Year to Date performance: +3,10% (gross, approx)
Summary:
Pedge Fund USD
July performance: +6,53% (gross, approx)
Year to Date performance: +3,10% (gross, approx)
2009-07-01
Pedge Fund Performance 200906
Historical performance since October 2008 are available here.
Summary:
Pedge Fund USD
June performance: -15,39% (gross, approx)
Year to Date performance: +10,30% (gross, approx)
Summary:
Pedge Fund USD
June performance: -15,39% (gross, approx)
Year to Date performance: +10,30% (gross, approx)
2009-06-07
Pedge Fund Performance 200905
Just a quick post to relate the performance of PedgeFund for the month of May 2009. April 2009 returns are available here.
Summary:
Pedge Fund USD
May performance: +31.49% (gross, approx)
Highlights:
Very good month in May. The big rebound in global equities has been missed in this portfolio but thanks to the big rebound in commodities prices, my commodity related stocks performed extremely well.
I have had a non-negligible stake in PUTs on the US equity markets and have made an almost 100% loss on them. I am remember a few years ago reading Jim Rogers say that he never buys options because 80 or 90% of them ends worthless. I would disagree with him on this one! I am happy to have bought this options, because they insured my portfolio for about 4 months. If I had shorted the markets instead of buying these options, I would have made major losses on this portfolio instead of making big gains.
My opinion on options is the following: Options are very good deals when you are very good at timing (big gains!) and also when you are completely WRONG (limited losses)! This had previously happened to me about 18th months ago, when I had bought options on some European companies, thinking its shares should rise a lot and not be affected by the US subprime collapse. Well, the shares actually collapsed to about 40% less than the strike of my calls! So I couldn't be more WRONG on the short term ! Should I have bought the shares instead of the options, I would have lost about 4 times more money than on the options.
June might be a tough month, as I have now started to short the equity markets. Should I be wrong, losses might hurt...
HFR Macro Index return in May 2009 was: +3.01%
S&P 500 return in May 2009 was: +5.59%
Summary:
Pedge Fund USD
May performance: +31.49% (gross, approx)
Highlights:
Very good month in May. The big rebound in global equities has been missed in this portfolio but thanks to the big rebound in commodities prices, my commodity related stocks performed extremely well.
- Major gains on oil and natural gas related equity positions
- Major gains on gold and silver
- Major gains on short USD/long EUR
- Some gains on short Long-Bond
- Some losses on short GBP/long EUR
- Major losses on PUTs on the US markets
I have had a non-negligible stake in PUTs on the US equity markets and have made an almost 100% loss on them. I am remember a few years ago reading Jim Rogers say that he never buys options because 80 or 90% of them ends worthless. I would disagree with him on this one! I am happy to have bought this options, because they insured my portfolio for about 4 months. If I had shorted the markets instead of buying these options, I would have made major losses on this portfolio instead of making big gains.
My opinion on options is the following: Options are very good deals when you are very good at timing (big gains!) and also when you are completely WRONG (limited losses)! This had previously happened to me about 18th months ago, when I had bought options on some European companies, thinking its shares should rise a lot and not be affected by the US subprime collapse. Well, the shares actually collapsed to about 40% less than the strike of my calls! So I couldn't be more WRONG on the short term ! Should I have bought the shares instead of the options, I would have lost about 4 times more money than on the options.
June might be a tough month, as I have now started to short the equity markets. Should I be wrong, losses might hurt...
HFR Macro Index return in May 2009 was: +3.01%
S&P 500 return in May 2009 was: +5.59%
2009-05-07
Pedge Fund Performance 200904
Just a quick post to relate the performance of PedgeFund for the month of April 2009. March 2009 returns are available here.
Summary:
Pedge Fund USD
April performance: +0.30% (gross, approx)
Highlights:
Nothing really stands out as it's pretty flatish. As during the previous month, the big rebound in equities has been missed in this portfolio which I am not particularly proud of, but I wasn't short neither, so no loss incurred.
S&P 500 return in April 2009 was: +9.39%
Summary:
Pedge Fund USD
April performance: +0.30% (gross, approx)
Highlights:
Nothing really stands out as it's pretty flatish. As during the previous month, the big rebound in equities has been missed in this portfolio which I am not particularly proud of, but I wasn't short neither, so no loss incurred.
- Some gains on long equity positions
- Some losses on gold and silver
- Some gains on short Long-Bond
- Some losses on short GBP/long EUR
S&P 500 return in April 2009 was: +9.39%
2009-04-18
Pedge Fund Performance 200903
Just a quick post to relate the performance of PedgeFund for the month of March 2009. Feb 2009 returns are available here.
Summary:
Pedge Fund USD
March performance: -1.44% (gross, approx)
Highlights:
No real highlights as it's pretty flatish. The big rebound in equities has been missed in this portfolio which I am not particularly proud of, but I wasn't short neither, so no loss incurred.
S&P 500 return in Mars 2009 was: +17% (amazing!)
To understand those poor returns, you might want to read this post from MacroMan
Summary:
Pedge Fund USD
March performance: -1.44% (gross, approx)
Highlights:
No real highlights as it's pretty flatish. The big rebound in equities has been missed in this portfolio which I am not particularly proud of, but I wasn't short neither, so no loss incurred.
- Some losses on gold
- Some gains on short GBP/long EUR
S&P 500 return in Mars 2009 was: +17% (amazing!)
To understand those poor returns, you might want to read this post from MacroMan
2009-03-09
Pedge Fund Performance 200902
Just a quick post to relate the performance of PedgeFund for the month of February 2009. January 2009 and 2008 returns are available here.
Summary:
Pedge Fund USD
February performance: -9.1% (gross, approx)
Year to Date performance: -2% (gross, approx)
Highlights:
On the other informative news, I friend of mine asked me if I could manage his money, since I have avoided him a lot of losses in the past several months, and that all my calls happened to be right. So I will do my best to onboard his money into the fund, which will require me to be a lot more structured in the way I work...
Summary:
Pedge Fund USD
February performance: -9.1% (gross, approx)
Year to Date performance: -2% (gross, approx)
Highlights:
- Big losses on Oil related commodities and stocks
- Gains thanks to the precious metals (long gold and silver)
- Losses short USD
- Gains on short treasuries
- Gains on Puts on the Dow. I have some puts for quite some time, and bought more a few weeks ago, but unfortunately, I made a mistake: when buying out of the money puts, I didn't properly delta-hedge my portfolio and hence the put ended up making far less gains than the overall losses on the portfolio, as noticed on the performance of the portfolio this month.
On the other informative news, I friend of mine asked me if I could manage his money, since I have avoided him a lot of losses in the past several months, and that all my calls happened to be right. So I will do my best to onboard his money into the fund, which will require me to be a lot more structured in the way I work...
2009-02-05
Pedge Fund Performance 200901
Just a quick post to relate the performance of PedgeFund for the month of January 2009. December and 2008 returns are available here.
Summary:
Pedge Fund USD
December performance: +8% (gross, approx)
Year to Date performance: +8% (gross, approx)
Highlights:
Summary:
Pedge Fund USD
December performance: +8% (gross, approx)
Year to Date performance: +8% (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 December 2008 (gain of 48% within a month) and $1.23 on the 31st of Jan (another gain of about 46%) though it's a small holding in the portfolio.
- BIG losses short USD
- BIG gains on short treasuries
- Losses on short USD are almost equal to gains on the short treasuries
2009-01-04
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:
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
2008-12-11
Pedge Fund performance - 200811
Just a quick post to relate the performance of PedgeFund for the month of November. October is available here.
Summary:
Pedge Fund USD
November performance: +5.4% (gross, approx)
Year to Date performance: +50% (gross, approx)
Highlights:
Summary:
Pedge Fund USD
November performance: +5.4% (gross, approx)
Year to Date performance: +50% (gross, approx)
Highlights:
- Gains thanks to the precious metals (long gold and silver)
- Losses on long equities
- Losses on short treasuries
- Was in holiday the last week of November, where substantial volatility occurred (and the losses on the treasuries).
- Little support thanks to dividends and put options on the dow
2008-11-08
Pedge Fund performance - 200810
I have decided to write about my portfolio, managed somehow like a macro/discretionary hedge fund. I would like to publish letters and performances in order to build a public track record. The fund will be named Pedge Fund.
I won't have the time to achieve a good result and long letter for this October, but the good news is that Pedge Fund is up quite substantially this month (and YTD). I haven't build a proper NAV and brokerage fees/expenses/interests/commissions systems yet (and if you know a good system to deal with all this, I am a taker!), but I have calculated a gross performance for October of about +10%
Please note that I am not managing the portfolio as a full time job, so the performances are affected by this (probably negatively, as in October, I wasn't in front of my computer when most of the action took place and missed several great opportunities...). Anyway, that's life!
Summary:
Pedge Fund USD
October performance: +10% (gross, approx)
Year to Date performance: +45% (gross, approx)
The portfolio was about 150% short US indices in October, and another 70% short in notional terms with Puts on the Dow Jones bought when the Dow was flying at 13,000 points and 50% long stocks and another 50% long commodities (mainly precious metals). About another percent of performance is attribuable to short term positions (holding of about a week).
Obviously, the commodities and stocks took a big hit in Pedge Fund.
I progressively reduced the short exposure and closed the major parts of them on the 21st of October (a few days to early). I still have some puts on the Dow, and will probably buy more of them and maybe go short if Vol gets cheaper and if the Dow and other indices keep on raising on nothing but bad news. The US indices rallied for about 25% from bottom in October to top last week. This is huge. Let's see if the trend has been reversed or not before getting in too early.
If you think it's a good idea to publish this information, or if you think that you would like to hear more info, please let me know. I might also consider marketing the fund at some point, so please stay tuned, and if you are interested in seeding, let me know :-)
I won't have the time to achieve a good result and long letter for this October, but the good news is that Pedge Fund is up quite substantially this month (and YTD). I haven't build a proper NAV and brokerage fees/expenses/interests/commissions systems yet (and if you know a good system to deal with all this, I am a taker!), but I have calculated a gross performance for October of about +10%
Please note that I am not managing the portfolio as a full time job, so the performances are affected by this (probably negatively, as in October, I wasn't in front of my computer when most of the action took place and missed several great opportunities...). Anyway, that's life!
Summary:
Pedge Fund USD
October performance: +10% (gross, approx)
Year to Date performance: +45% (gross, approx)
The portfolio was about 150% short US indices in October, and another 70% short in notional terms with Puts on the Dow Jones bought when the Dow was flying at 13,000 points and 50% long stocks and another 50% long commodities (mainly precious metals). About another percent of performance is attribuable to short term positions (holding of about a week).
Obviously, the commodities and stocks took a big hit in Pedge Fund.
I progressively reduced the short exposure and closed the major parts of them on the 21st of October (a few days to early). I still have some puts on the Dow, and will probably buy more of them and maybe go short if Vol gets cheaper and if the Dow and other indices keep on raising on nothing but bad news. The US indices rallied for about 25% from bottom in October to top last week. This is huge. Let's see if the trend has been reversed or not before getting in too early.
If you think it's a good idea to publish this information, or if you think that you would like to hear more info, please let me know. I might also consider marketing the fund at some point, so please stay tuned, and if you are interested in seeding, let me know :-)
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