10M USD Portfolio Snapshot as of 05/12/09 Dec. 9th

It will soon be a year since this account started on the 20th of Dec. 2004 and the market has not been keen with trend followers as the system has been whipsawed in two occasions, leading to cut positions at unfavorable times on 050224 and 051011 as reported hereunder in the overall list of actions. Nevertheless, we end up the year with a 14% return which is not that bad given what has just been said. Overall the system remains LONG of course, and has little leverage so far with a market exposure of 13 645 769 USD for a NAV of 11 219 253 USD as of today. We've had much better performances on the European markets this year, which have been more trendy, and small accounts with no liquidity limitations have gone up to 45% yearly return !

The reference portfolio starting at 10MUSD is of medium size. Smaller account with less liquidity constraints will have more stocks to trade and the system takes advantage of that whereas funds with a NAV > 75M USD have a more limited trading universe though performances remain satisfactory.

I'll keep posting now every week to let the system unfold its trading skills and hopefully this will give some readers food for thougts for their own trading.