Performance

Listed below is a sampling of performance data from current client accounts.  2009 performance data for Lakshmi clients is shown on an annualized basis, since client accounts were started at varying times in 2009.  All Lakshmi client accounts started before 1/1/2010 are included.  Our performance data is shown alongside performance data for the S&P 500, the HFRX Global Index, and the HFRX Macro Index for purposes of historical comparison.

2009

Year-to-Date 2010

Lakshmi Client Accounts:

20.03%

26.86%

S&P 500 Index:

27.76%

2.79%

HFRX Global Hedge Fund Index:

13.40%

1.88%

HFRX Macro Hedge Fund Index:

-8.78%

-3.05%

Value of $100,000 Invested Jan 1, 2009
Lakshmi Client Accounts:

$152,272

S&P 500 Index:

$131,325

HFRX Global Hedge Fund Index:

$115,532

HFRX Macro Hedge Fund Index:

$88,438

An investment with Lakshmi at the beginning of 2009 would have outpaced all the indices by at least 20%.  Because Lakshmi accounts have maintained positive performance in 2010 while stocks have languished near neutral territory, Lakshmi accounts have experienced much greater growth.

Our accounts have outperformed the S&P 500 by 24.07% so far in 2010.  This is because our strategies are intended to produce steady gains in many different market environments.  Because of the dynamic nature of our strategies, our returns can remain positive in a period where stocks perform poorly, as evidenced by performance in 2010.

Lakshmi client accounts have shown a higher average monthly return than all other indices.  In addition, Lakshmi accounts showed a lower standard deviation than the S&P 500 while outperforming the index in the same period.  What this means is that Lakshmi’s client accounts were less volatile than the stock market in general, but still outperformed it by approximately 21% since January 2009.

1/1/09-9/30/10

Avg Monthly Return

Standard Deviation

Sharpe Ratio

Lakshmi Client Accounts:

2.54%

6.04%

1.17

S&P 500 Index since 1/1/09:

1.33%

6.41%

0.42

HFRX Global Hedge Fund Index:

0.70%

1.24%

1.16

HFRX Macro Hedge Fund Index:

-0.57%

5.04%

-1.87

A Sharpe ratio is a measure of calculating risk-adjusted returns.  It measures how much risk a manager took to generate the given level of return, with risk being measured by the volatility of returns.  To simplify, the higher the Sharpe ratio, the more value the manager has added.  A Sharpe ratio above 1 indicates significant value addition by a manager.  Lakshmi client accounts showed a Sharpe ratio of 1.17 from January 2009 to Septmber 2010, higher than all other indices.

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