End of Q2

It was a quarter to forget for most, unless you loaded the boat short at the top in April with bets against the agriculture names and BP you were probably just trying to sneak out of the quarter with a positive number in the absolute return column.  Many hedgies got their asses handed to them the past few months.  Long only people, well, we dare not even speak their name, its almost secreligous around these parts, I might throw up.

The S&P 500 was down 11.9% for the quarter.  I eked out a positive performance at +1.12%.  I was smart enough to get out at the top, and disciplined enough not to get chopped up too much over the last month and a half.  But the glaring number that I will point to in Q2 is the 1,289 basis points of alpha I racked up.  David would be proud.

Best trades from Q2 were longs in INCY, VLTR, MSPD, closing out my last lot of long CREE for +55%, PCLN, NUS, SLW, and short in STD and XRT.

Worst trades from Q2 were longs in ARST, NEP, INCY, VVUS, WHR, and IRBT.

Since it seems we are in a bear market, and I will be doing a bit more shorting of stocks and other assets, I should probably find a way to rework the spreadsheet so that I can show the short exposure better.  Right now I’m short some crude oil via USO, it’s down on the right side of the sheet and it is connected to the P&L, but in a rather crude way, sorry for the pun.  I wish I could find a better online portfolio tool that I could share with you all instead of this google doc.  If you know a social portfolio tool please let me know, I have yet to find a suitable one.

The performance numbers posted on the sheet are dated to November 9th of 2009 when I began sharing, it is not the inception date for the strategy or any of the client accounts I run.

Nothing that I say or show on this blog should ever be considered investment advice or a recommendation to buy or sell any security.  The performance numbers that I post in the momentum book should never be regarded as representative of any specific client account managed by Surfview Capital, it is there solely for educational purposes and should be treated as such.

Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see the Disclaimer page for a full disclaimer.


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