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Off To a Great Start

Updated: Mar 16, 2019

Strong Performance for 12/1/2018 through 2/28/2019

TSC Contrarian Fund LP launched on 12/1/2018 and in the first 3 months the fund generated a gross return of 11.07% vs 1.41% of S&P 500, demonstrating greater profitability and stability than the market index which showed wide fluctuations in December and January.

All investment results shown are calculated as gross of fees. Past performance is not indicative of future results.
Monthly Gross Return of TSC Contrarian Fund vs S&P 500 for 12/1/2018 through 2/28/2019

Outstanding Individual Stock Selection

The past 3 months is a great example that showcases how well our strategy performs in both a downmarket (December, S&P 500: -9.18%) and an upmarket (January and February, S&P 500: +11.08%). We generated profits from our outstanding individual stock selection regardless of stock market condition.

Furthermore, both our Long and Short positions contributed positively to our return during this three month period as shown below.

Return Contribution by Individual Stock (12/1/2018 through 2/28/2019)

Hedging with Basket of Shorts

During the December market crash when S&P 500 lost 9.18%, TSC Contrarian Fund LP lost only 2.23% thanks to our basket of shorts that generated a profit of 10.93%. This demonstrates how well our basket of shorts can protect our capital from a short-term market downturn.

Below chart shows how our fund got protected during the December market crash.

Return Contribution after the stock market crash in December 2018

Going Defensive Again

After the rally in January and February, we again lowered our net market exposure as U.S. equities quickly rebounded and became expensive. Currently our portfolio is quite defensive and well protected from a potential market downturn.

Portfolio Structure and Net Market Exposure as % of Total Capital

All investment results shown are calculated as gross of fees. Gross return is before fees, interest and dividends are deducted Past performance is not indicative of future results.

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