Macro Tsimmis

intelligently hedged investment

Apr 08 Intelledgement Speculative Opportunity Portfolio Report

Posted by intelledgement on Mon, 12 May 08

Position Purchased Shares Paid Cost Now Value Change YTD ROI CAGR
TMY 03-Jan-07 300 3.30 998.00 0.52 156.00 -41.57% -73.60% -84.37% -75.43%
ELN 04-Apr-07 129 13.90 1,801.10 26.29 3,391.41 26.03% 19.61% 88.30% 80.34%
VRTX 18-Apr-07 57 31.65 1,812.05 25.52 1,454.64 6.82% 9.86% -19.72% -19.13%
NBIX 22-May-07 158 11.33 1,798.14 5.43 857.94 0.56% 19.60% -52.29% -54.42%
BQI 13-Jul-07 565 3.35 1,900.75 4.35 2,457.75 10.41% 6.62% 29.30% 37.91%
GSS 19-Jul-07 451 4.19 1,897.69 3.32 1,497.32 -2.92% 5.06% -21.10% -26.11%
GSS 24-Aug-07 613 3.08 1,896.04 3.32 2,035.16 -2.92% 5.06% 7.34% 10.90%
SLT 5-Oct-07 111 19.75 2,200.25 20.79 2,307.692 16.67% -20.25% 4.88% 8.73%
BZP 19-Nov-07 245 9.77 2,401.65 19.48 4,772.60 -10.35% 74.24% 98.72% 365.92%
BZP 30-Jan-08 186 11.27 2,104.22 19.48 3,623.28 -10.35% 74.24% 72.19% 785.70%
WB 1-Feb-08 -57 39.99 -2,271.43 29.15 -1,698.03 -7.96% 23.35% 25.24% 151.88%
BZH 24-Mar-08 -214 10.99 -2,343.86 11.07 -2,368.98 -17.14 -48.99% -1.07% -10.09%
cash -4,194.60 7,945.90
ISOP 03-Jan-07 10,000.00 26,432.68 -1.06% 21.00% 164.33% 108.56%
Global HF 03-Jan-07 10,000.00 10,947.21 1.59% -1.49% 9.47% 7.08%
NASDAQ 03-Jan-07 2,415.29 2,412.80 5.87% -9.03% -0.10% -0.08%

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 (not applicable for positions new since last report)
Year-to-Date = Change since 31 Dec 07
Return on Investment = on a percentage basis, the performance of this security since purchase
Compounded Annual Growth Rate = annualized ROI for this position since purchase (to help compare apples to apples)

Notes: The benchmark for the ISOP is the Greenwich Alternative Investments Global Hedge Fund Index, which historically (1988 to 2007 inclusively) provides a CAGR of around 15.1%. For comparison’s sake, we also show the NASDAQ index, which over the same time frame has yielded a CAGR of around 10.1%. 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: None.

News:

Comments:

We were down 1% in April, our fourth losing month out of 16 so far. We also trailed both the NASDAQ and the Global Hedge Fund Index for just the fourth time. A bad month for us, but otherwise a pretty good month: the NASDAQ was up 6% while both our shorts lost money as the big picture for banking and housing appeared brighter to investors. (We don’t see it that way, unfortunately, although we do think the sun is likely to stay out through November.) Our biopharma stocks were strong, especially ELN. BQI up 10%, BZP down 10%…normal random Brownian motion for speculative E&P positions. SLT recovered some losses and is back in the black for us overall. TMY continued their spectacular meltdown.

All in all, a pretty quiet month.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: