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 16^th. Aimmune received HSR anti-trust approval and is currently awaiting German anti-trust approval, which is expected on October 8^th. The Aimmune tender is scheduled to close on October 9^th. 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%