End of Quarter Managed Discretionary Account Update
Good afternoon,
Good afternoon,
Today being the 1st of October marks the end of another quarter for 2010. All in all it was a very positive quarter for the managed discretionary accounts, which increased 4.8% in value for the period.
As some of you will no doubt have noticed we locked in profits on both WBC and WPL (profits of 7.72% and 6.17% respectively) earlier in the week. We felt that given the huge rally across the board in September it was prudent to lock in the profits. In hindsight that has turned out to be an excellent decision as the market has fallen since we exited the positions.
We are now holding a significant amount of cash, BHP and QHL as well as some index puts in the portfolio. We will look for further opportunities to deploy cash as the market falls.
We intend to continue to take a cautious and active approach to investing in the current market. There is yet another developing debt situation surrounding the Irish banking system that could prove to be the catalyst for a downward move in the market. As we have seen many times this year already, volatility creates opportunity and we now have cash available to deploy when those opportunities present.
As it is the end of the quarter we will be preparing your end of quarter tax reports and expect to have them out to you sometime in the next 2 weeks.
As always if you have any questions or would like to discuss our thoughts on the market in more detail, please contact us at any time.
End of Quarter Managed Discretionary Account Update