Friday, October 02, 2020

September 2020 Performance

What goes up must come down and that was the story for September. There were no changes to my long positions and still maintaining a cash position of ~ 14%. The interest I am receiving from my cash is a pathetic at 0.01%, can it go any lower? Anyways, I have to keep a good chunk of the cash at my brokerage as it serves as maintenance requirement for my margin trades.

I initiated merger arb positions in Momenta Pharmaceuticals and Aimmune Therapeutics via Short Puts. Momenta just closed and those options will be accelerated to expire on October 16th. Aimmune received HSR anti-trust approval and is currently awaiting German anti-trust approval, which is expected on October 8th. The Aimmune tender is scheduled to close on October 9th. I am also keeping an eye on Immunomedics, which has a nice arb spread for some reason.

I’m still interested in Ant Financial and Airbnb IPOs, but the price has to be somewhat reasonable.

2020 YTD Performance = +21.8% with the running monthly returns as follows:

January +2.7%
February -6.8%
March -9.9%
April +12.3%
May +6.6%
June +3.8%
July +6.1%
August +11.8%
September -4.2%


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