Bread Vs. Cake Part II

October 22, 2009


Portfolio Exposures & Convictions

Figure 9 is composed of a focused list of indexes and assets classes and corresponding ETFs. Returns are through Sept. 30, 2009. The AI 75/50 portfolio weightings are labeled in the third column. Red highlights are for sectors that were shorted through 2x inverse ETFs (also red in Figure 10). Our long equity ETFs are either overweight (OW) or neutral weight (NW) relative to the Dow Jones Global Index. The bond allocation is managed opportunistically and to enforce our desired risk exposure without reference to a bond index.














(To see a larger version of this table, click on the above image)




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