Sefirot Freestyle Porfolio – Feb Performance

Not much to report other than to say I am really happy with how the Freestyle portfolio is performing.

It is well outperforming its benchmark on a risk adjusted basis, and is currently running with an extremely cautious 0.04 beta to the market. The portfolio is now in a very defensive mode and anticipates further weakness in the broader indexes. However the market may well decide to continue its great levitation in which case we will remain cautious for the next few months but may entertain some beta.

In summary we have had 3 positive months and remain very calm and unphased by the current new index highs. We love extreme markets and by most accounts we find ourselves in a market in the 97th percentile or higher from a valuation point of view. One last important note to self. Remember how long these over valued markets persist. Always look at the market internals as well as the broader monetary policy before getting too defensive.

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