as of 6/22/2018
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We identify risk by managing overall portfolio exposure and individual position size.

Position Level Risk Management

  • Invest in securities with a margin of safety
  • Assess liquidity risk in individual names
  • Monitor currency risk, economic risk, and country risk
  • A security that has a short interest greater than 20% will not be more than 1% of the fund
  • Any short position that moves against the portfolio by 25% in under six months is reduced by half if not completely eliminated

Portfolio Level Risk Management

  • Historically have used little or no leverage
  • Measure portfolio volatility as expressed by Value at Risk as well as its standard deviation and compare it to the S&P 500 index volatility
  • Within sectors, we manage exposure by limiting overall sector size and reviewing developments on a daily basis
  • Do not employ hedging strategies, however The Firm actively shorts individual securities in seeking profits and will use puts in conjunction with short equity to complement a short position when deemed appropriate