May 07 Intelledgement Speculative Opportunity Portfolio Report
Posted by intelledgement on Wed, 13 Jun 07
Position = security the portfolio owns
Purchased = date position acquired
Shares = number of shares the portfolio owns
Paid = price per share
Cost = what portfolio paid (including commission)
Now = price per share
Value = what it is worth as of the date of the statement (# shrs multiplied by price per share plus value of dividends)
Change = Change since last report (blank for positions new since last report)
Return on Investment = on a percentage basis, the performance of this security to date
Compounded Annual Growth Rate = annualized ROI for this position (to help compare apples to apples)
Notes: The benchmark for this portfolio is the Greenwich Alternative Investments Global Hedge Fund Index, which historically (1988 to 2006 inclusively) provides a CAGR of around 15.4%. For comparison’s sake, we also show the NASDAQ index, which over the same time frame has yielded a CAGR of around 11.0%. Note that for the portfolio, dividends are added back into the value of the pertinent security and not included in the “cash” total (this gives a more complete picture of the ROI for dividend-paying securities). Also, the “Cost” figures include a standard $8 commission and there is a 3% rate of interest on the listed cash balance.
Transactions: One new purchase this month…again, we allocated $1800 for this buy instead of $1000 as the size of the portfolio at the end of April was over $18,000. (Each new position is still targeted at 10% of the portfolio, but as the overall value is up, so is the amount of money allocated to the purchase.)
• 22 May – Bought 158 NBIX for $11.33/shr
Comments: A very active month. Aside from the Dendreon debacle (down 58% and sold), we had very positive news from Élan (up 40%), and we still have a takeover battle raging for Lionore (up 58%). On balance, it was a bad month, our first loss of the year, and adding insult to injury, we were spanked by both the hedgies and the NASDAQ. Still-in-all, let’s not lose perspective here: overall we are up 86% compared to the NASDAQ’s 8% gains year-to-date and 7% for the Greenwich Alternative Investments hedge fund index.