Bookkeeping: 'Rising Tide' Performance Week 21

Week 21 performance of the mutual fund

Comments: A quiet week overall, we had some continuation of the Santa Claus rally Monday, a very quiet day Wednesday, a mild sell off Thursday on some bad economic news and bad news out of Pakistan and another quiet day Friday. Most of the fund performance this week actually came on the two quietest days, Wednesday and Friday. [These are the days to make Hay] The bad economic news continues in relentless style and even the most bullish of prognosticators of last summer are now acknowledging "we might get a teeny tiny slowdown for at least a few months" now.

I was a lot more invested to the long side as of last Friday, than I had been in quite a few weeks, but by the end of this week, while my cash position was still lower than it's been for a long time (well below 10%), I have balanced my long positions with some 'insurance' with my Ultrashort positions. [Back to Large Short Exposure] In a general sense, all the sectors I like have really had tremendous runs so I am increasingly finding new opportunities difficult to uncover. Hence I have pulled back on some of my favorites, and in the past at times like this when my favorite sectors had put on such runs, the market was ready to pull back.

Rising Tide Growth Fund generated a +1.92% return this week. This compares to -0.40% for the S&P 500 and -0.48% for the Russell 1000. This created leading an outperformance this week of roughly +2.35%. (which is 1/5th of my YEARLY goal, in just 1 week)

I've surpassed my yearly goal of beating the indexes by at least 15% this year, in 5 months - with 9% extra to spare. So hopefully the remaining 7 months I can build on that and not give away these sizeable gains. As they like to say in the mutual fund literature, "if you had invested $10,000 on August 3rd, 2007 you would have $12,500 today" (ok $12,499 to be exact) ;)

Price of Rising Tide Growth: $12.499
Lifetime Performance to date (vs Aug 3, 2007): +24.99%

Comparable S&P 500: 1,478.5 (+0.91%)
Comparable Russell 1000: 804.5 (+1.10%)

Fund return vs S&P 500: +24.08%
Fund return vs Russell 1000: +23.89%

Last week's results here.

Since the market cap of the median stock in the Rising Tide Growth fund (median $9.8 Billion as of November 07) is significantly below the SP500 index (median $13.1 Billion as of September 07) but higher than the median market cap in the Russell 1000 (median market cap $5.8 Billion as of September 07), I am measuring the fund against both indexes. Click here to see all fund's holdings as of mid November 2007.

Basis for indexes is 5 day weighted average of closing prices Aug 3-9
SP500 : 1,465.2
Russell 1000 : 796.2

To see why I use the 5 day weighted average of the first 5 trading days to smooth out the volatility of the indexes as the fund launched, see here.

Please click here: fund performance for previous updates