hasafuma | investor letter q1 · pdf filegourishankar – our main program – got its...
TRANSCRIPT
1
_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q1 2015
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
HASAFUMA | Investor Letter Q1 2015
Gourishankar – climbing to the top
Content: Gourishankar – climbing to the top
Preqin Global Hedge Fund Report La Cucaracha
Börstjänaren Hedgehog FX Momentum
Micro Macro Heavy Metal
Hallenborg Daytrading
1 2 3 4 5 6 7 8
Gourishankar – our main program – got its name from one of the highes mountin
tops in the Himalayas (and thereby in the world) that is known for it’s extreme difficulty
to climb.
After the favorable development in December and confident follow up in February
and March we can begin to catch the meaning behind the name: the expectation of a
peak perfomance.
2
_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q1 2015
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
The development of December alone gave us a prominent place among the best
hedge funds in the world, as shown in the 2015 Preqin Global Hedge Fund Report
where we were represented in one of the top lists, chosen from 11.200 hedge funds.
The perfomance also was recognised with a second place award by BarclayHedge,
and after the February continuation Gourishankar was recognised with another
award for excellence. (For the March awards the jury is still out but let’s not get over
confident.)
As we have stated before this remarkable result has mainly been produced by our
Big Trend following programs and February and March is no exception. Gourishankar
consist of the four programs La Cucaracha, Hedgehog, Micro Macro and FX Momen-
tum. For the explicit result see respective program below.
alternative assets. intelligent data.
2015 Preqin Global Hedge Fund
Report
Top Performing Funds
3
_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q1 2015
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
The euro situation is not yet cleared though, so we should not
be too confident that we will be able to maintain the whole lot.
During late March the euro had a slight recovery wich worked
against our position but now the dollar seem to be back on
track. It is fair to say that so far nearly all our gains emanate in
one way or another from the strong dollar development. La
Cucaracha has now been in business for 19 months, of which
nine have been losing and ten winning. The biggest gain is from
December 2014 with 36%, followed by March and February
2015 with 9% and 8% respectively. The result for the year 2015
sofar is +14%, and since the inception in august 2013 the pro-
gram has gained 62%.
La Cucaracha
Our Multi Market Big Trend following strategy La Cucaracha originally comprised
60% of the Gourishankar program. Therefore the similarity of the two curves does not
come as a surprise. With the steadfast development La Cucaracha now is represen-
ting a good 70% of our multi program strategy.
The bulk of the winter race consisted of taking home some gains in the British
pound and lean hogs. And in March it was time to roll the short position in the euro
held since mid-December, which means that we were booked with a massive gain.
4
_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q1 2015
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
Börstjänaren Hedgehog
Hedgehog has just completed it’s 35th month since inception and is now, after
following up the strong December movement with an even stronger perfomance in
February, on All Time High levels. The standing is +15.20% for the year and +62.46%
since the start. Of the 35 months 24 have been losing and 11 have been winning.
During the 19 months it has been a part of the Gourishankar program Hedgehog has
seen a development of +13%.
The windfall gain of February came from short positions in the British Pound Sterling
and lean hogs. We still carry a full short position in lean hogs over to April, as well as
we do in sugar, both of which has some accumulated paper gains – which of course
as usual can go either way.
5
_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q1 2015
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
FX Momentum
After a devastating 2014 FX Momentum has started the new year in a calmer way
and is with three minor gaining months standing on +4.31% for the year and +10.13%
since the start 33 months ago. Of those 33 months since the inception the program
has had 13 losing months and 20 winning.
6
_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q1 2015
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
Micro Macro
Another momentum-based, or short term trend following, program with a horren-
dous last year is Micro Macro. But here we can unfortunately not claim any similar
promising start of the new year as in the FX Momentum program. Instead the year has
so far been a disappointment, with three down months and a result of -5.33%. The
program is thereby at an All Time Low of -27.79% since the start completeing a draw
down which has streched from January 2014 to March 2015 – fourteen odd months!
Of the 22 months the program has been active seven have been winning and fifteen
have been losing.
The Micro Macro strategy trades short time trends in a large variety of world mar-
kets. Draw downs such as the ones we have seen so far are not uncommon in our
back tests of this strategy. However past performance is no indication of future re-
sults.
7
_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q1 2015
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
Heavy Metal
Heavy Metal, the success machine from last fall, has experienced some difficulties
with two down months during the start of the new year. This brings the over all stan-
ding since the start last September to +9.70% and the development for the year to
-5.45%. Of the seven months since the start five have been winning and two have
been losing.
Utilizing a momentum-based strategy, Heavy Metal is a program that only invests
in silver and gold; short term trends both to the upside and to the downside. Digging
only for gold and silver but diversifying through combining different time frames.
8
_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q1 2015
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
Thomas Sandström CEO Henrik Hallenborg CTA
Hallenborg & Sandström Hallenborg & SandströmFund Management Fund Management
HASAFUMA – Hallenborg & Sandströms Fund Management AB is a small asset manager founded in Sweden 2011 by Henrik Hallenborg and Thomas Sandström. We started out in managed futures in May 2012 and have to date four million dollars under management.
Hallenborg Daytrading
Our freshest program, Hallenborg Daytrading, as the name implies, consists of the
Advisor Mr Hallenborg’s most short term daily endeavors in the markets – mostly
going long and short the S&P500 Index futures. With a minimum deposit of $5,000
Hallenborg Daytrading is the least capital demanding of our programs. So far the pro-
gram has shown quite big swings with -16% in February as the extreme.
After three months of trading the result is -4.22% with two winning months and one
losing month.