"Good Morning Everyone,
March, has been a frustrating month in that while the trading has gone very well, we have been let down by a bad technical error with the platform we use that unfortunately means we end the month in a loss.
The result of this is that we have been moved onto a platform that no longer can allow such an error to occur so future results will not be effected in such a way again.
The final result for the Pool account this month is therefore -7.16%. This is a little better than the result published in the Report above for the Managed Accounts by about half a percent as while we added a few percent extra to the fund this month also we had some stand alone positions that did not go our way during the month.
We are annoyed about this loss, because it is not something that we did per se, it was not caused by bad trading but by an operational error that had it not occured would have left March in a nice tidy profit and Q1 significantly up. We can only take heart from the fact that the new trading system is working well and producing good results so looking ahead, and the subsequent shift to the auto-allocation platform, we see now reason for nice positive results.
I did forget to mention in last months update that we did not take a performance fee from the Monthly result of 19.57% as it would have amounted to about 5% give or take. The reason for this is that because it was such a large result, had we taken the fee it would have been more than we would have put in. So we felt it was best to give you guys more.
Going forward into Quarter 2, the month of April has started of quite well so far and I will again update you on the state of play at the end of the month and future quarterly reports will be posted on the above site so check back there in June.
Statements will be sent out over the next day or so to your emails, again as always if you get several copies of it I do apologies!
Both Ken, Kelvin and I would like to wish you and your families a very Happy Easter!!
As always, if you have any questions please do get in touch."
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