Friday, October 10, 2008

When I'm 64: The Pair Shaped Fund is... UP!

Well, 64 calendar days later, my Marketocracy directional Asian ADR pair portfolio is holding itself above water, but only just... up 0.2%, with the long fund down 12.3% and the short fund up 12.6%.

Over that period, The MSCI Far East Free index was down 32.4% and the S&P500 was off 29.8.. annualize those (compounded, roughly) we're looking at down some 80% for both of 'em.

Right now my beta adjusted net position is 3.1% short, with gross exposure of 44%. (Unadjusted that's -0.5% and 56%.) Yes, pretty low gross exposure, but I think managing exposure is, now more than most times, key.

Current live positions:
  • Long SNDA, SOHU, PWRD / Short SNDA, NTES
  • Long CHU/ Short CHL
  • Long KTC / Short SKT, KEP, PKX
  • Long SCR / Short CMED
  • Long SNP, CEO / Short SHI
  • Long UMC / Short TSM
  • Long VISN / Short FMCN
  • Long LPL / Short AUO
  • Long JASO, YGE / Short LDK, STP
  • Long INFY, WIT / Short SAY
  • Long TLK / Short IIT
  • Long LFC / Short HBC

(Some positions are on the way in, some on the way out.)

(NB This is NOT the performance and portfolio of my day job fund, which is primarily invested in the live markets in Asia.)

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