Fusion Investment Fund Update
I’ve updated the Portfolio page with the fund’s returns to 30 June 2009. I plan on continuing to overhaul the portfolio page in the coming weeks; including automatic updates via google docs and perhaps a refocus on the neglected portfolio. Speaking of overhaul, I’m now actively updating the Watchlist and other pages, so check them out and let me know what you think.
The results this quarter were negatively impacted by the falling USD and Great Southern going into receivership. Here is the overall performance to date of the portfolio.
The fund continues to outperform the index, but the relative outperformance has narrowed to 15.2%. As the sector allocation pie graph below shows the fund currently has 36% of assets invested in index funds and 31% in cash. Therefore, it is no surprise that the portfolio has been roughly tracking the ASX200 index for the last six months. With and without sold positions the portfolio has 67% of entered positions outperforming the market. Not bad, but through constant improvement I’d like to get the figure to over 70%.
Check out the portfolio page for more details.
The other reason I have somewhat neglected the portfolio is because I took over the bulk of the management of our Australian portfolio last year. Our Australian assets are mainly held in our SMSF and as that is both a real money and audited fund I decided every minute spent managing a portfolio should be our real one. At the end of the day I get an audited return and more money to retire with. As most of my investing over the last decade has been is the US I had a lot to do to get up to speed with the Australian market and I still do. However, I am feeling more comfortable with our Australian investments and should now be able to more actively manage the Fusion Portfolio.
If anyone is interested I will post our SMSF returns once I’ve prepared the financial accounts. My initial calculations show an overall loss of 9%, with my picks outperforming and being up for the year. Excellent returns which I hope I can continue producing. In summary I was absolutely up, but dragged down by my choice of people to entrust our money to, though still managed to thrash the pants of the All Ordinaries Index’s atrocious performance for 2008-2009 of -26%.
17% outperformance, I can live with that and still hope you did even better.
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