2009-05-30

May Performance

_____________May %_____YTD %
Indexes
S&P TR_______5.59______2.96
EAFE________11.09______6.46
SSE上海______6.27______44.60
My Funds
GreenDr_____6.71_______23.65
Pharma______5.56______2.44
Yield________11.99______11.71
Software_____8.33______19.42
Entert_______4.78______12.64
Best_________6.80______15.10
Short_______-14.40_____-34.33
China________0.92______5.71

Changes in May:
I had to sell positions out of the short fund to keep positions below the 10 percent limit. The fund is loaded up on the garbage that shot higher the past three months, click the link to see a chart that looks like Everest.

In the Best of Funds, I closed shorts on oil, gold and real estate, and entered shorts on U.S. long-term treasuries. I also increased the cash portion of the portfolio to the limit of 35 percent. Considering the short hedges I had in place, and the large cash position that was over 20 percent to begin the month with, the 6.80 percent return versus 5.59 percent for the S&P 500 Index is an acceptable performance, but considering the strength of gold mining stocks last month, I suffered for my heavy defense.

In the Software portfolio, Netease (NTES) added more than 10 percent for the month and has grown to the limit of 25 percent. I had to trim the position to stay within the rules.

In the China fund, I went short on Chinese SOEs again, with ProShares UltraShort FTSE/Xinhua China 25 (FXP). That plus a heavy cash position and defensive holdings kept the month's return to 0.92 percent. Over the past 90 days, the portfolio has paced the market, so last month's under performance notwithstanding, I should be alright as long as I don't sit out the next bull market.

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