Ignoring currency changes but accounting for trading expenses, the fund returned 10.83% in the 3 months to 31 March 2012. Over this same time period, the S&P500 returned 12.55%.
It’s not surprising that in a bull market (9th best 1st Quarter in S&P500 history) the fund underperformed, but it does mean that simply buying an index fund and forgetting about it outperformed all the carefully selected stocks in the portfolio.
The best performers in the portfolio were:
- Aperam (APEMY) (+29.56%),
- Teekay Corporation (TK) (+24.87%),
- NAPCO Security Technologies (NSSC) (+22.05%),
- Microsoft (MSFT) (+21.29%),
- Dolby Laboratories (DLB) (+21.04%).
The worst performers were:
- Multiband Corporation (MBND) (-8.48%),
- Clearwater Paper (CLW) (-2.96%),
- Gyrodyne (GYRO) (-1.90%)