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Published by richardck61
FMG 02 2013
FMG 02 2013

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Published by: richardck61 on Jul 23, 2013
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Message to our Investors.............................2Friedberg Global-Macro Hedge Funds.................7Friedberg Asset Allocation Funds....................11Currency Fund......................................13Closed Funds ......................................14
All Statements made herein, while not guaranteed, are based on inormationconsidered reliable and are believed by us to be accurate.Futures and options trading is speculative and involves risk o loss.Past trading results are not indicative o uture profts.
Friedberg Mercantile Group | 2
I present to you a report on the nancial activities o our hedge unds or the quarterended June 30, 2013.Our Global Macro Hedge Fund portolio continued to perorm poorly, culminating in adrawdown o over 19% or the quarter and leaving us down 14.2% or the year to dateand 19.2% year over year. At the same time, our Asset Allocation Fund lost 10.5% inthe quarter and is down 10% in the year to date and 5.0% year over year. Losses inboth unds were entirely attributable to two long positions, gold and U.S. Treasurys. Withthe benet o hindsight, these losses can be well eplained. The positions, now largelyliquidated, represent mistaken orms o trying to implement a strategic vision that stillretains, in our view, coherence and vitality.There is little that I need to add to last quarter’s discussion. The European situationcontinues to deteriorate and now debtor atigue and political paralysis are setting in, aswe see in the cases o Portugal and Italy. Some o the erstwhile strong countries, e.g.Netherlands and Finland, are also sinking under a mountain o debt as well as eelingthe toic eect o alling real estate prices. Despite the token recovery in the periphery,which mostly takes the orm o a decelerating rate o decline in economic activity or animprovement in the decit on current account, debt continues to mount; or the peripheryas a whole, debt-gdp ratios will eceed the not-long-ago unthinkable 100%. It will notbe long beore some or all o these countries begin to discuss restructuring their debts.The impact o such an event on global banking is dicult to overstate, especially nowthat a Cyprus-type approach has been adopted by the EZ or resolving banking ailures.Germany has clearly hardened its attitude towards bailouts. Going orward, it is not likely
Second Quarter Report

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