Woodbine Capital Advisors LLC, which began full operations in 2009, was down in the month of August, after failing to build on the gains realized during the month of July, and after experiencing a disappointing month in June. Woodbine capital reported a 0.32% decline in August, contrary to its July gains of 2.96%, the highest monthly gain in nearly two years. The New York-based hedge fund had reported underwhelming results in June, after the fund declined by 2.13%. The fund is up close to 3% for the year.
Woodbine Capital LLC states that most of the losses were due to a short euro positions, wiping out any significant gains reported from long positions held on short-term Spanish and Italian debts. The hedge fund literally struck gold on long positions held in European Equities and Gold, albeit detracting long positions in front end U.K interest rates.
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The company’s value at risk was up 2.2%, as compared to last months figure of 0.9%, while unencumbered cash was up from July’s 56%, to 62%. Woodbine Capital’s level has not dropped below the 50% mark at any point this year, monthly.
Woodbine Capital reported mixed results from its various investment vehicles, as well as from the various geographical locations. Commodities were up 0.18%, while Equities went 0.1 percentage points short of that figure, at 0.17%. The firm maintained long positions on gold and soybeans as some of the commodities, and was also long on European Equities.
It lost 0.79% in Foreign Exchange, most notably on its short postion on EUR/USD, while its long positioning on short term Spanish and Italian debts, among other Fixed Income positions, garnered it 0.32%.
Woodbine Capital reported a Net Asset Value gain of 0.70% from its investments in Europe, making the region the only one to return a positive rate. The Americas were down 0.64%, while Asia declined by 0.03%, with the rest of the world losing out.
Woodbine Capital also announced that its new administrator would be Citco Fund Services, a hedge fund company based in the Cayman Islands, its sole administrator, after the firm had operated as a sub-administrator since May 2010. Consequently, this would see the exit of the former administrator OpHedge.