29 Mar 2010

Small-C February 2010 Letter

The portfolio gained 2% for the month of February, bringin our year to date return to -4.4%.* It was helped by some recovery in the equity markets, though we began cutting our levered long position.



* We report the percentage gain or loss during a month in an additive sense for ease of comparison, however the year-to-date returns are reported as a chained series. As the total return become greater, and as inflows have an effect on the portfolio, the two will diverge. Adding up the monthly returns for the year may not give the precise total return.

Small-C January 2010 Letter

The portfolio lost 6.4% for the month of January.*  This was due to an levered long in S&P equity.


* We report the percentage gain or loss during a month in an additive sense for ease of comparison, however the year-to-date returns are reported as a chained series. As the total return become greater, and as inflows have an effect on the portfolio, the two will diverge. Adding up the monthly returns for the year may not give the precise total return.

Small-C December Letter and 2009 Review

The portfolio gained 2.1% for the month of December, bringing our year-to-date return to 15.6%.*


* We report the percentage gain or loss during a month in an additive sense for ease of comparison, however the year-to-date returns are reported as a chained series. As the total return become greater, and as inflows have an effect on the portfolio, the two will diverge. Adding up the monthly returns for the year may not give the precise total return.