Macro Tsimmis

intelligently hedged investment

Oct 07 Intelledgement Speculative Opportunity Portfolio Report

Posted by intelledgement on Wed, 14 Nov 07

Position Purchased Shares Paid Cost Now Value Change ROI CAGR
TMY 03-Jan-07 300 3.30 998.00 1.82 546.00 -12.50% -45.29% -51.90%
PTR 23-Jan-07 8 127.17 1,025.36 262.60 2,138.58 41.86% 108.57% 160.00%
IFN 13-Feb-07 24 41.76 1,010.24 64.75 1,554.00 19.24% 53.82% 83.12%
FXI 27-Feb-07 10 95.00 958.00 218.51 2,185.10 21.39% 128.09% 240.17%
FDG 20-Mar-07 44 22.68 1,005.92 36.42 1,680.27 -6.09% 67.04% 129.99%
ELN 04-Apr-07 129 13.90 1,801.10 23.80 3,070.20 13.12% 70.46% 152.85%
VRTX 18-Apr-07 57 31.65 1,812.05 32.34 1,843.38 -15.80% 1.73% 3.25%
NBIX 22-May-07 158 11.33 1,798.14 9.25 1,461.50 -7.50% -18.72% -37.33%
BQI 13-Jul-07 565 3.35 1,900.75 5.43 3,067.05 -12.10% 61.36% 389.75%
GSS 19-Jul-07 451 4.19 1,897.69 3.60 1,623.60 -11.11% -14.44% -42.18%
GSS 24-Aug-07 613 3.08 1,896.04 3.60 2,206.80 -11.11% 16.39% 125.97%
BZH 18-Sep-07 -178 11.18 -1,982.04 11.23 -1,998.94 -36.12% -0.85% -6.96%
SLT 5-Oct-07 111 19.75 2,200.25 25.97 2,882.67 n/a 31.02% 4347.96%
cash -6,321.50 1,731.168
Overall 03-Jan-07 10,000.00 23,991.88 7.34% 139.92% 189.20%
Global HF 03-Jan-07 10,000.00 11,233.98 2.96% 12.34% 15.16%
NASDAQ 03-Jan-07 2,415.29 2,859.12 5.83% 18.38% 22.72%

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 2% rate of interest on the listed cash balance.

Transactions: We were suffering seller’s remorse over our BRLC, which hit $5.20 the day after we sold it for $4.99, but it closed the month at $4.51—while SLT was up 30%—so we’re feeling better about it now.

News:

Comments: A second consecutive good month for everyone: +7% to a new all-time high for us, +6% for the NASDAX, and plus 3% for the hedgies. The Fed continued to signal lower interest rates and increased liquidity to counter the housing and credit crises, and at the prospect of still looser credit driving continued USA consumption, our emerging market-related issues rocked this month (PTR up 41%, SLT up 31%, FXI up 21%, IFN up 19%). There was good news for ELN (up 13% on solid quarterly results and strong tysabri sales) which is good, bad news for GSS (down 11% on weak quarterly results) and for VRTX (down 16% on an apparent delay in the Phase 3 testing for telaprevir) which is bad, no news for BQI which is apparently good (up 23%), no news for TMY which was definitely bad (down 13% on the continued failure of a buyout to materialize), and good news for BZH (up 36% after settling a legal wrangle with their bondholders and securing increased credit), which is bad as we are short that stock. Overall we are now +140% so far in 2007 compared to +18% for the NASDAQ and +12% for the Greenwich Alternative Investment’s hedge fund index.

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