HASAFUMA | Investor Letter June 2014
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HASAFUMA Hallenborg & Sandström Fund Management AB Business Office: Odensgatan 11 A, S-753 14 Uppsala, Sweden Telephone: +46 (0)18-495 71 11 Trading Office: Bjorn Henrik Hallenborg C/ Rio Duero 43, 28 696 Madrid, Spain Telephone: +34 91 86 46 240 Email: [email protected] ______________________________________________________________________________________________________ HASAFUMA | Investor Letter June 2014 Börstjänaren Hedgehog Hedgehog has just completed it’s twentyfifth month since the start and is now, after a decline of 5.43% during May, standing on a gain of 14.30 % since the start. Of the 23 months 18 have been losing months and 7 have been winning months. As an investor in Börstjänaren Hedgehog one has to be prepared for losing streaks ranging over several months. During May we faced a lot of false breakouts which resulted in a lot of early and costly disappointments. Only in British Pound Sterling and wheat we managed to build a little hope with somewhat bigger positions, but in the end these too resulted in losses. FX Momentum Our flagship program FX Momentum also produced a big loss during May, actually with -6.33% the biggest loss since the inception of the program, and is now standing on 42.05% after 23 months of program action. For the year 2014 FX momentum is down 1.49%. Of the 23 months of trading the program FX Momentum has had 16 winning months and 7 losing months. This popular momentum-based strategy trades short time trends of the major curren- cy pairs in the Forex Futures Market. Gourishankar The ninth month of Gourishankar ended in a loss of 3.03%, thus once again bringing the standing below the water line with -0.67% since inception. This massive multi strategy program consists of all our four other strategies: the Big Trend-following Hedgehog and La Cucaracha, and the two short term trend following FX Momentum and Micro Macro. Of the nine months five have been losing and four have been winning.
Transcript of HASAFUMA | Investor Letter June 2014
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
Bjorn Henrik Hallenborg
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
______________________________________________________________________________________________________
HASAFUMA | Investor Letter June 2014
Börstjänaren Hedgehog
Hedgehog has just completed it’s twentyfifth month since the start and is now, after a
decline of 5.43% during May, standing on a gain of 14.30 % since the start. Of the 23
months 18 have been losing months and 7 have been winning months. As an investor in
Börstjänaren Hedgehog one has to be prepared for losing streaks ranging over several
months.
During May we faced a lot of false breakouts which resulted in a lot of early and costly
disappointments. Only in British Pound Sterling and wheat we managed to build a little
hope with somewhat bigger positions, but in the end these too resulted in losses.
FX Momentum
Our flagship program FX Momentum also produced a big loss during May, actually with
-6.33% the biggest loss since the inception of the program, and is now standing on
42.05% after 23 months of program action. For the year 2014 FX momentum is down
1.49%. Of the 23 months of trading the program FX Momentum has had 16 winning
months and 7 losing months.
This popular momentum-based strategy trades short time trends of the major curren-
cy pairs in the Forex Futures Market.
Gourishankar
The ninth month of Gourishankar ended in a loss of 3.03%, thus once again bringing the
standing below the water line with -0.67% since inception. This massive multi strategy
program consists of all our four other strategies: the Big Trend-following Hedgehog and
La Cucaracha, and the two short term trend following FX Momentum and Micro Macro.
Of the nine months five have been losing and four have been winning.
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
Bjorn Henrik Hallenborg
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
______________________________________________________________________________________________________
Since both our Big Trend following and our Momentum strategies showed relatively
big losses during May, it is of course inevitable that our Multi strategy program compri-
sed thereof will follow suit with the worst result since its inception.
La CucarachaOur Multi Market Big Trend following strategy La Cucaracha completed its ninth month
of business with a result of -1.26%, thereby reaching -1.42% since the start. Of the
nine months, six have been losing and three have been winning. La Cucaracha has a
greater catchment and lower risk than its Big Trend companion Hedgehog. The pattern
is expected to be similar, with slow downward sliding movements from time to time
interrupted with a somewhat sharper upturn. Thanks to the promising result – although
past performance is not necessarily indicative of future results – during the first months
of the year, ”The Cockroach” is still up 4.03% for the year.
Just like in Hedgehog we have seen lots of costly false breakouts in La Cucaracha,
with very few real possibilities to build larger positions. We do, however, carry a medium
sized long position in oil over to June, which gives us some minute hope, and reason to
keep our fingers crossed.
Micro Macro
The twelwth month of our Multi Market Momentum Micro Macro strategy showed a
decline of 4.26% and is now at -4.73% for the year. After a strong winter, recovering
most of its bumpy beginning from last summer, the program has had a rough spring
and is now, with a development of -11.20% since the start, half way down to the bot-
tom figures from September and October.
The Micro Macro strategy trades short time trends in a large variety of world markets.
Thomas Sandström CEO Henrik Hallenborg CTA
Hallenborg & Sandström Hallenborg & Sandström
Fund Management Fund Management
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
Bjorn Henrik Hallenborg
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
______________________________________________________________________________________________________
GOURISHANKAR 2013-2014
CHARTS______________________________________________________________________________________________________
BÖRSTJÄNAREN HEDGEHOG 2012-2014 FX MOMENTUM 2012-2014
LA CUCARACHA 2013-2014 MICRO MACRO 2013-2014
Past performance is not necessarily indicative of future results.
HASAFUMA
Hallenborg & Sandström
Fund Management AB
Business Office:
Odensgatan 11 A,
S-753 14 Uppsala,
Sweden
Telephone:
+46 (0)18-495 71 11
Trading Office:
Bjorn Henrik Hallenborg
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+34 91 86 46 240
Email:
______________________________________________________________________________________________________
Börstjänaren Hedgehog
La Cucaracha
Micro Macro
Gourishankar
FX Momentum
TABLES______________________________________________________________________________________________________
HASAFUMA – Hallenborg & Sandströms Fund Management AB is a small asset manager founded in Sweden 2011 by Henrik Hallenborg and Thomas Sandström. We started out in managed futures in May 2012 and have to date four million dollars under management.
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