Still Short After All These Years
February 1st, 2007 by 
reality
The title says it all. High odds of small upside gains, low odds of huge downside gains.
| Measure | January | YTD |
|---|---|---|
| Absolute Performance | (3.02)% | (3.02)% |
| Relative Performance | (5.76)% | (5.76)% |
Relative performance is based on Fidelity Magellan, FMAGX.
1/31 portfolio.
| Asset class | % Allocated | Comment |
|---|---|---|
| Energy | 30.3 | Canadian income trusts: Pengrowth, Peyto, Provident, True, Canetic, Advantage |
| Absolute Return Funds | 4.3 | HSGFX, Hedge Fund |
| Market Timing - Bear | 11.6 | Put options equiv. to 100% short (basis total equity). |
| Market Timing - Bull | 0.0 | Overseas index funds, NDX and RUT index funds |
| Metals & Mining | 10.8 | Newmont, Yamana |
| Real Estate | 0.90 | Put options on homebuilders XHB, and the banking index, BKX. Also RTH for the expected slowdown in spending. |
| Technology | 0.40 | Put options SMH. |
| Biotech | 0.67 | Nastech |
| Fixed Income | 16.4 | Mostly T-bills and a small long bond position. |
| Cash | 24.8 |
Posted in * Portfolio changes, Energy, Fixed Income, Metals & Mining, Real Estate, Stocks, Strategy & Scenarios | 