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Gann Management Ltd- Celebrating 28 years of
continued success!
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Telephone 0161 285 4488 | Fax 0161 494 6432 | Email
info@gann.co.uk |
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A SPARKLING GML PERFORMANCE
IN THE DIREST OF
CIRCUMSTANCES
JUNE
FALL ON THE US DOW - THE WORST SINCE 1929
BUT NOT TO WORRY, FOR THE
PAST 35 YEARS WE HAVE ALWAYS BENEFITED SUBSTANTIALLY FROM FALLING
MARKETS
AND THIS MARKET IS NO EXCEPTION
MULTI STRATEGY RESULT:
+14.76% (Annualised at almost 30%)
COMMODITY RESULT: +29.2% (Annualised at almost 59%)
OUR GREAT 'DEFENCE' PHILOSOPHY PROTECTS
CAPITAL, ACCOMPANIED BY GRADUAL APPRECIATION AND ACCEPTABLE VOLATILITY.
HOW HAVE WE ACHIEVED THIS PERFORMANCE?
Our
'Natural Law' analysis of the markets (we are not simplistic technical
analysists using laggard indices) has dictated that our trades were
concentrated into the following areas.
1 - Commodities (Long) 18.3%
2 - UK Stocks (Shorts) 12.6%
3 - US Stocks (Shorts) 11.2%
4 -
Energy Stocks (Buys) 11.2%
5 - Gold Stocks (Buys) 8.11%
6 - Euro Stocks
(Shorts) 8.11%
7 - US Stocks (Buys) 5.6%
8 - Emerging Stocks (Long
& Short) 5.6% (Brazil / Latin America / South Korea)
9 - Commodities
(Short) 4.2%
10 - Energy (Short) 2.8%
Various individual trades making up the
balance all at 1.4%
The chart under shows indices and sector relative
performances which justifies the allocation of our trades during this period.
The best areas on the bullish side were Commodities, Gold & Energy which
were placed at 1,4 & 5 above. The neutral areas to avoid due to lack of
performance were Gilts & Bonds where we had no trades. The bearish areas
were the US, the UK & Europe which were placed at 2,3 & 6 above due to
our shorting abilities. Even with hindsight we could hardly have done much
better.
WHAT WERE THE SIGNIFICANT DISCIPLINES?
Truly Unemotional
Over the past 35 years we have
developed a system which enables us to manage as an 'unemotional trading
machine' with instant positive reactions to any circumstances which the markets
may throw at us. Our 4 analysts total 78 years experience analysing with GML
with an average age of 46, ensuring the continuity of this essential trait of
unemotional reasoning whilst trading.
Natural Laws
Our
natural law techniques enable us to peek into the future and anticipate future
tops and bottoms surprisingly accurately, giving us great confidence to enter
markets when all is doom and gloom and extract ourselves when there are no
clouds in the sky.
Proof through transparency
A look
into our web site will clearly demonstrate this ability with thousands of
examples in all the worlds markets, firstly isolating future tops and bottoms,
acting on the anticipated signal and then closing the position in most cases at
the top or bottom of the move. We doubt if any other manager would have the
confidence to be so transparent and disseminate so much information over such a
long time period to the world at large.
Daily vigilance
A major reason for our unique ability to do well when others are in
complete disarray is, in addition to price and time stop losses we keep a daily
check on all our holdings and possible future signals on the assumption that we
have made a mistake with our trade or analysis. If we are not entirely assured
of our position then that position is closed there and then. We have an iron
clad policy that all positions are closed when they are going against us and
never maintain positions on hope of better things to come. Hope is a word we
never embrace.
Isolation north of Watford
We do not
believe in set asset allocations, as our techniques, by following the markets,
will determine where we are and more important where we are not. Our deliberate
geographical isolation from rumour mongering and undue influence from the
intellectual elite is also a significant factor in our 100% unemotional
approach to trading…surprisingly there is a little wisdom north of
Watford!
Gearing
The question of gearing is always under
scrutiny. Until the current neutral medium term trends are changed we are happy
with our 2.5 gearing ratio for trades going with the medium term trend and 1.5
times for trades against the medium term trend. We could gear up to 5 times
when the medium term trend turns down.
Universal Defence
Our Great Defence is also boosted by our ability to embrace all the
Worlds' investment opportunities. We have no limits and therefore are not
forced to remain in unattractive investment areas. Our depth of coverage allows
us to protect and advance invested capital, through our ability to flee
temporarily obsolete areas and look for more attractive opportunities in the
lesser known markets. This capability, generally supported by the use of
Inflation Linked Stocks, allowed us to protect our client's pension interests
from the stock market catastrophe of the new millennium when Britain's pension
fund industry was annihilated. GML's clients saw gradually rising valuations
without experiencing any falling valuations mostly through the use of our
Inflation Linked hedging technique. The recent focus on the energy and natural
resource areas was also derived from this ability to concentrate and then move
instantly into new opportunities no matter where in the world they might be.
SO HOW DO WE COMPARE WITH OUR COMPETITION?
Well I think we are doing well and I feel pretty good about it
especially in such difficult circumstances.
The chart under compares us
with
1 - An institutional fund manager Standard Life being considered
to be a ‘leader’ in the field. I could have picked out far worse.
2 - The indices for the Multi strategy Hedge Fund managers. (All other
indices of hedge funds managers have similar unimpressive returns)
3 - The
world’s most famous manager Warren Buffet and his Berkshire Hathaway fund.
This morning on CNBC a leading Hedge fund manager was proudly
expounding that he was up 6% this year. It would seem that we can’t be
doing too badly when compared with the rest of the world…but then we have
done for the past 35 years despite our tiddler status. There again the
dinosaurs became extinct and the insects survived.
AND FOR THE
FUTURE.
Please CLICK HERE for my
latest 'Where to from Here?' report
Regards
Fred Stafford
Learn More about our trading
techniques
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cheshire. click here to book on-line or
telephone 0161 285 4488.
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© 2008 Gann Managament Ltd.
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