Portfolio Updates for January

Small portfolio:

– December performance: +5.1%

– close long position in IEF, initiate short position in IEF

– all other positions are unchanged

– here are the current positions – portfolio value = $30442

longs (shares) : EFA (87), RJI (605), SPY (42), VNQ (99)

shorts (shares): IEF (54), UUP (211)

Hedge fund portfolio:

– December performance: +5.3%

– close long positions and initiate short positions for IEF, SHY, TLT

– all other positions are unchanged

– here are the current positions – portfolio value = $306903

longs (shares) : DBA (289), VWO (530), SPY (281), IJR (272), VNQ (994), DBC (1700), GLD (136), SCZ (628)

shorts (shares): IEF (181), SHY (203), TLT (181), UUP (1408)

Note that weights as fractions of total portfolio values can be found here.

Just a quick comment on the changes in the portfolios. The bonds have been weak for a while, but really rolled over in December. Thus all long bond positions resulted in losses. However, all losses were well within specified limits as prescribed by my money management rules. Losses were also contained due to the asset allocation scheme, which capped the portion of the portfolio invested in bonds. Also, this lag time in catching the new trend in bonds is characteristic of a long term trend following system.

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