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:

• 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

I am quite happy with the performance of the portfolio for this start of the year, but Feb will be a difficult month and it's likely that such gains are not going to hold...