_____________Apr %_____YTD %
The Green Dragon Fund started the month with 29 percent cash, making its 20 percent return more impressive, but the big gain came from Teck Cominco (TCK), which I first purchased on February 24 for $2.96 per share; it closed on April 30 at $10.54, boosted by news that creditors would defer $4.4 billion in debt. Teck was up 90 percent in April.
Entertainment Trends had a fine month, but it was also due to the volatile pop in some stocks. It's fell in line with the markets last year, and while it's still outperformed, at $13 and change, it's well off it's peak NAV of nearly $25.
Catch a Falling Knife, my short fund, was annihilated, down 29.27 percent! That's what happens to shorts in brutal bear rallies. It's fallen from $35 all the way to $21, a loss of 40 percent from the high. The fund is still loaded up on financial, newspaper, and solar stocks.
My most actively managed fund, Best of Funds, increased 1.57 percent in April. I began shorting the market in late April and losses on those funds dragged on returns. Gold underperformed as well, as did gold miners. Finally, I trimmed exposure to add short ETFs, thus adding to the drag on returns.
The China Fund added 9.51 percent and is up 4.75 percent this year. Better than the S&P 500, but way behind China's Mainland exchange—though I can't purchase A-shares, or any foreign stocks in Marketocracy, unless they trade on U.S. exchanges. I'm still happy with the return because I have 47 percent of the fund in cash and uncorrelated assets such as renminbi, short euro, gold, and silver, with the other 53 percent in Chinese and related shares.
Below are some charts of my funds. The bold orange is my fund, the purple is the Marketocracy 100, green is S&P 500, brown is DJIA, and blue is Nasdaq.
Here's Catch a Falling Knife:
Here's Green Dragon over the past year:
Looks impressive, but it clearly had a nice period of outperformance in the fall. Here's how it looks over the past six months:
Finally, here's my Best of Funds over the past one month:
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