Sold to close SH

action

Sold 1600 shares of SH at $19.79. This closes the position originally entered on 3/8/16 at $21.29. Total return less commission was -$2,415.98. Return per share after commission was -$1.51.

rationale

This was my primary portfolio hedge. It has done its job during volatile times but it wasn’t cheap. At present, London bookmakers put the odds of a remain” vote in the UK election at 86%. At the same time, the S&P forward earnings expectations are improving. Assuming that the election goes as expected, my portfolio will be at a significant disadvantage, with a large cash position and this significant short. I will therefore replace this position by a VIX call that more closely matches the event risk.

June 23, 2016 at 2:48pm · SH · sell to close · stocks


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