Saturday, January 5, 2013

More Detailed Performance Review

I've had a little time to catch up, and now I can present the "full and final" performance numbers for my portfolios in 2012.

Portfolio A: +27.3%
Portfolio B: +26.8%
Combined Portfolios: +27.1%

S&P 500 (total return): +16.0%
Nasdaq Comp: +17.5%
Russell 3000: +16.4%

Portfolio A Alpha: 11.8%
Portfolio B Alpha: 13.5%
Combined Portfolios Alpha: 12.4%

I'm pleased with these results. The beta in my A portfolio ticked up slightly in Q4, while the Portfolio B beta ticked down a bit, but they continue to perform basically the way I want (B being the lower-beta portfolio).

I won't go through a complete performance attribution, but I will say that the follow were major positive (and negative) contributors for the year:

Portfolio A: 
Winners: BMTI (+149%), ALNY (+111%), SCGLY (+70%), PRAA (+56%)
Losers: SNMX (-56%), TWGP (-13%), AES (-12%)

Portfolio B:
Winners: ALNY (+111%), LXRX (+77%), SCGLY (+70%), FMX (+44%)
Losers: SNMX (-56%), TWGP (-13%), AMX (0%), MSM (+5%)

Clearly biotech was a big positive contributor to 2012 results, and I can say that various buyouts within my portfolio were a big help as well. By no means do I expect to replicate 2012's results this year, but here's hoping!

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