With my Indian managed accounts platform about to be launched, it will be increasingly hard to actively manage holdings in the US. As a result, holdings within the US have been significantly reduced and there is no near term desire of actively managing a US focused book of securities. As of the end of the first week of May, book was up 5.5% YTD and 46% since inception (July 2008). That compares with 3.7% and 12% for Dow Jones AllHedge Index over the same period (see Exhibits 1 and 2). Save for the big cash position while the book was being winded down, I could have expected to be up in double digits YTD. Except for Tata Motors [NYSE: TTM], every security in the book (remaining or liquidated YTD) had done at least as well as the market or better, with the long book up about twice as much as S&P 500 this year. Overall, hedge funds have lagged the bounce back in small caps to ensure that they fritter the entire 11 points advantage over Russell 2000 (and then some) from 2008.
For now, I don’t plan to publish any investment opinion on this blog.
Exhibit 1 - Cumulative Performance through May 2011
Exhibit 2 - Monthly Performance Summary
Disclaimer: Performance figures are for informational purposes only and do not constitute investment advice or an offer or solicitation to buy or sell any designated investments discussed herein.
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