Big Winners and Losers, page-5

Hiya Prozerran!

LSF's published portfolio is always out-of-date, sometimes by more than a year.

Mere mortals are allowed to see the full portfolio only once per year, in the annual report which was published this year on 14th Oct. By then the portfolio is already more than three months out-of-date, because the info is as at 30th June.

During the year there are occasional mentions of buys and sells in LSF's monthly and quarterly reports, but these updates are far from comprehensive.

The choice for mere mortals is either to completely ignore the (out-of-date) portfolio or to monitor it. Comparing the published portfolio from year to year, it seems that some stocks are held long-term while others disappear. In my opinion, it is generally useful to monitor the portfolio although the results are only indicative rather than highly accurate. The alternative is to assume that LSF's NTA will generally broadly reflect what markets are doing, and to just monitor only LSF's monthly and quarterly reports. This alternative is more likely to result in surprises about the performance of LSF's investment strategies, because sometimes LSF's performance diverges substantially from the market.

A significant obscuring factor is that LSF's shorts have a substantial influence on the NTA, so this is another reason why monitoring the long portfolio can only provide indicative insights. LSF's short portfolio is never published.