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Paper Portfolio Feedback

The Modified Enhanced Strategy is working – see the results of the MeB portfolios.

The Alsi gain for the year to 30 September was 9.7%.  NPN’s gain for the same period was 45.0%.  If NPN’s results are excluded from the Alsi gains, the rest of the Alsi gained only 2.2% for the period.  The only way you could have achieved a positive alpha to date was to have over-weighted your holding of NPN.  This is not wise as you cannot ignore the risk element when constructing a portfolio.  We will have to live with this situation in 2017.

Strategy works.  Picking does not work.  You must get your weighting right though.

 

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Summary

Paper Portfolio 01

Paper Portfolio 02

Paper Portfolio 03

Paper Portfolio 04

Paper Portfolio 05

Paper Portfolio 06