Saturday, March 01, 2008

Portfolio February 2008

I said in my previous post that barring a calamity on Friday, I was assured a good February. A 315 pt down day in the Dow wasn't exactly a calamity, but it did knock a couple point off an otherwise fantastic month. In the end, my actively managed (AM) accounts gained 8.66%, bring the YTD figure to +6.85%. The asset allocation accounts (AA) had a smaller gain of 1.76% for the month. YTD it's at -2.37%. Due to the strong performance of the AM accounts, the total portfolio swung to a +2.63% for the year. In terms of net dollar gained, it was the second best month after September of last year. I again significantly outperformed VTI and SPY, both gave back 2.5% for the month. EEM, at +1.99%, was the only index ETF in the table that had a good February.

The outperformance was due predominantly to precious metals, discussed in detail through out this blog, as well as other commodities. I raised some cash during this month for two reasons: to realize some capital losses to off-set the gains in my trading account, and to position for what I anticipate as another leg down in equities in the coming month. To that end, I pared back on some agrichemical names. I also ditched an oil refiner (TSO).

Despite some misstep with risk management early in the month, the PM trading account (distinct from the AM and AA accounts reported above) scored another good month. By closing out all my positions on Thursday, I avoided some heart ache on Friday. My current plan is to re-initiate positions next Tuesday-Wednesday, of course market conditions would dictate that. Total equity in that account stands at $45.3k from a month starting value of $35k and a year starting value of $25.2k.

Lastly, I went back into NXZ at an average basis of just under $14.70. Again, I was early, but at least it was significantly below where I sold it, so I'm not complaining.