Macro Tsimmis

intelligently hedged investment

Sep 07 Intelledgement Speculative Opportunity Portfolio Report

Posted by intelledgement on Wed, 10 Oct 07

Position Purchased Shares Paid Cost Now Value Change ROI CAGR
TMY 03-Jan-07 300 3.30 998.00 2.08 624.00 2.46% -37.47% -47.27%
PTR 23-Jan-07 8 127.17 1,025.36 185.11 1,518.66   28.25% 48.11% 78.33%
IFN 13-Feb-07 24 41.76 1,010.24 54.30 1,303.20 16.90% 29.00% 50.64%
FXI 27-Feb-07 10 95.00 958.00 180.00 1,800.00 19.75% 87.89% 194.91%
FDG 20-Mar-07 44 22.68 1,005.92 38.78 1,784.11 18.52% 77.36% 197.45%
ELN 04-Apr-07 129 13.90 1,801.10 21.04 2,714.16 8.57% 50.69% 133.09%
VRTX 18-Apr-07 57 31.65 1,812.05 38.41 2,189.37 -1.41% 20.82% 52.78%
NBIX 22-May-07 158 11.33 1,798.14 10.00 1,580.00 0.30% -12.13% -30.66%
BQI 13-Jul-07 565 3.35 1,900.75 4.43 2,502.95 -12.10% 31.68% 268.96%
GSS 19-Jul-07 451 4.19 1,897.69 4.05 1,826.55 31.07% -3.75% -17.84%
GSS 24-Aug-07 613 3.08 1,896.04 3.09 2,482.65 31.07% 30.94% 1566.05%
BZH 18-Sep-07 -178 11.78 -1,982.04 8.25 -1,468.50 n/a 34.97% 5,714,158.68%
BRLC 26-Sep-07 481 4.10 1,980.10 4.07 1,957.67 n/a -1.13% -87.51%
cash       -6,101.35   1,537.18      
Overall 03-Jan-07     10,000.00   22,351.99 12.47% 123.52% 199.28%
Global HF 03-Jan-07     10,000.00   10,911.02 2.60% 9.11% 12.62%
NASDAQ 03-Jan-07     2,415.29   2,701.50 4.05% 11.85% 16.49%

Position = symbol of the security for each position
Purchased = date position acquired (for long positions) or sold (for short positions)
Shares = number of shares long or short in the portfolio
Paid = price per share
Cost = what portfolio paid (including commission); note for short sales, the portfolio gains cash
Now = price per share as of the date of the report
Value = what it is worth as of the date of the report (# 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: Had our first-ever short sale for beleaguered Beazer Homes and—possibly even more unlikely—went long on a consumer stock…well sort of a consumer stock, sort of a high tech play—Syntax-Brillian.

News: No major news specifically pertinent to any of our holdings this month. The Fed’s decision to lower interest rates to counter the housing and credit crunches affects everything, of course, but we have commented on that at length elsewhere.

Comments: A good month for everyone, and in particular, our second-best month of the year so far: +12% which beat both the hedgies (+3%) and the NASDAQ (+4%). Emerging markets continued to emerge, commodities continued to increase in value, and the dollar is quaking at the prospect of more rate cuts and liquidity injections to come. The only blot was the 12% slump in BQI, which occurred for no particular reason that we can ascertain. Apropos our first-ever short position for the port, here is more about short selling for anyone interested. Overall we are now +124% so far in 2007 compared to +12% for the NASDAQ and +9% for the Greenwich Alternative Investment’s hedge fund index.

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