Global Macro Fund; Aggressive
Objective

January 20, 2014

Benchmarks

To outperform standard
U.S. portfolio construction
using acute economic and
political research to account
for global macro
developments.

1. 50%: S&P 500 Core (IVV)
50% Barclays Aggregate
Bond Fund (AGG)

| Rodrigo C. Serrano, CFA
| SIPA | Columbia University
Master of International
Affairs ’14 Candidate
| New York City, NY
| 01-305-510-0181
| rcs2164@columbia.edu
 

2. 100% S&P 500 (SPY)

Monthly Activity:
• To address logistical considerations in administering the portfolio in the base currency of USD, as of 1/11/14,
I replaced two positions: EURAUD (short/long) and JPYMXN (short/long) for IVW (S&P 500 Growth)
and EZU (Eurozone equities) respectably. Overall the changes preclude the portfolio from generating
additional alpha from 12/31/13 to 1/10/14.
o From 12/31/13 to 1/10/14, the position in EURAUD gained 1.236%, while JPYMXN fell 0.56%.
EURAUD comprised 4.8% of the total portfolio holdings, while JPYMXN made up 3.2%. On the
whole, the combination of both positions gained 0.041% for the entire portfolio over the period.
o Instead of holding these positions from 12/31/13 to 1/10/14, the allocations will be treated as if they
had been sitting in cash (USD). This forgoes the aforementioned portfolio gain.
o The positions in IVW and EZU comprise of identical allocations (4.8% and 3.2% respectively). They
are in the portfolio as of the closing price on 1/10/14.

Performance (since inception = 12/31/13) of Global Macro Fund = +0.37%
50% IVV / 50% AGG Benchmark return since 12/31/13 = +0.14%
100% S&P 500 SPY Benchmark return since 12/31/13 = -0.57%
Symbol
SPY
DTYL
OIL
IVW
EZU
EEM
JGBS
FRAK
FXY
CHIX
FXE

Portfolio %
37.25%
16.15%
5.32%
4.78%
3.17%
2.29%
1.57%
0.77%
-1.61%
-5.19%
-6.26%

Cash

41.75%

Total

100.00%

Date Added
12/31/13
12/31/13
12/31/13
01/10/14
01/10/14
12/31/13
12/31/13
12/31/13
12/31/13
12/31/13
12/31/13

Shares
2,035.00
2,445.00
2,428.00
487.00
773.00
577.00
830.00
282.00
(172.00)
(4,230.00)
(470.00)

$
$
$
$
$
$
$
$
$
$
$

Buy Price
184.13
64.68
23.12
98.53
41.38
41.60
19.38
28.45
93.10
13.24
136.14

$
$
$
$
$
$
$
$
$
$
$

$

Cost Basis
374,714.55
158,167.75
56,155.36
47,994.11
31,996.74
24,013.20
16,101.25
8,032.90
(16,003.20)
(55,995.20)
(63,975.80)

581,201.66

$
$
$
$
$
$
$
$
$
$
$

Last
183.64
66.25
21.99
98.54
41.18
39.79
18.98
27.51
93.69
12.30
133.67

$
$
$
$
$
$
$
$
$
$
$

Market Val
373,697.22
161,986.14
53,391.72
47,988.98
31,832.14
22,958.83
15,753.40
7,757.82
(16,114.68)
(52,029.00)
(62,824.90)

$
$
$
$
$
$
$
$
$
$
$

Gain
(1,017.32)
3,818.39
(2,763.64)
(5.13)
(164.60)
(1,054.37)
(347.85)
(275.08)
(111.48)
3,966.20
1,150.90

Gain %
-0.27%
2.41%
-4.92%
-0.01%
-0.51%
-4.39%
-2.16%
-3.42%
-0.70%
7.08%
1.80%

$

418,798.34

$ 1,003,196.01 $

3,196.02

0.37%

Portfolio performance statistics will be provided in next monthly report. (Sharpe Ratio; Information Ratio; volatility; monthly return).
Monthly commentary will accompany next report. Next release = February 23, 2014

Disclaimer:    Please  first  consult  your  financial  advisor  for  all  important  investment  related  decisions  

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