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H A S A F U M A | Investor Letter Q2-Q3 2015
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:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+1 817 818 6240
Email:
[email protected]
HASAFUMA | Investor Letter Q2-Q3 2015
Gourishankar – the other side of the mountain
Content: Gourishankar – the other side of the mountain
Gourishankar... continued La Cucaracha
Börstjänaren Hedgehog FX Momentum
Micro Macro Heavy Metal
Hallenborg Daytrading
1 2 3 4 5 6 7 8
Our main program Gourishankar, as mentioned before, has got its name from one of
the highest mountin tops in the Himalayas. And alas, the bearish development of the
last six months actually makes the curve look even more mountain-like.
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_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q2-Q3 2015
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:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+1 817 818 6240
Email:
[email protected]
This drawdown is a normal behavior of the strategy and a the normal look of the curve
since our Big Trend-following model La Cucaracha is dominant in the multi strategy
Gourishankar.
We would of course prefer shorter drawdowns, but the current 27% (since March) is
still within the calculations – bound to happen sooner or later.
The short term trending programs FX Momentum and Micro Macro has not delivered
either, hence all four strategies comprising the Gourishankar program is at the mo-
ment in a drawdown – this unpleasant situation is also bound to happen from time to
time, although we of course would like it to pass quickly.
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.
Gourishankar... continued
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_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q2-Q3 2015
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:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+1 817 818 6240
Email:
[email protected]
La Cucaracha Program has dropped significantly over the
last months due to a large number of breakouts that in the end
proved to be ”false”. The small bump to the upside in Septem-
ber (+2.83%) is actually also due to such an example: Feeder
Cattle showed the promising pattern of success with a very nice
downtrend, that we sold into throughout September, marking us
up for nice paper gains at the end of the month. But in October
came a big correction of the falling trend, so big that we had to
stop us out (at break even) giving it all back to the market. And
once we are stopped out, we can not jump on board again un-
less and until we get another breakout. Hence we are not parti-
cipating in the current down move. (Marked with a white arrow.)
La Cucaracha
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H A S A F U M A | Investor Letter Q2-Q3 2015
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:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+1 817 818 6240
Email:
[email protected]
Börstjänaren Hedgehog
Hedgehog has just completed it’s 42nd month since inception and is now, after a
new All Time High in March followed by seven months of decline, at a standing of
38.78% since the start. Of the 42 months 25 have been losing and 17 have been win-
ning. During the 26 months it has been a part of the Gourishankar program Hedgehog
has seen a development of +5%.
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_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q2-Q3 2015
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:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+1 817 818 6240
Email:
[email protected]
FX Momentum
The FX Momentum Program has so far not been able reclaim the successful levels of
return that it spoiled its investors with in the beginning. After a relatively calm begin-
ning of 2015 the last two months has shown a sharp decline, sending the the former
big gainer program down to negative levels for the first time ever, with -4% since the
beginning of recorded time.
The difficulty over the last eighteen months, for the short term
trending programs, and especially FX Momentum, have been
coping with the increased volatility in the currency markets,
due to the exceptional strengthening of the US dollar.
The FX Momentum program itself behaved just like any com-
modity and dropped against the dollar, and moreover the risk
in this dollar volatility sensitive model became too big to handle
in the normal time frame. As the chart of the Dollar Index shows, the dollar has calmed
down and approched its 50 week average and we can again afford to scale up the
time frame and hope for a return to normality of this basically sound trading model.
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H A S A F U M A | Investor Letter Q2-Q3 2015
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:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+1 817 818 6240
Email:
[email protected]
Micro Macro
Micro Macro is another momentum-based, or short term trend following, program
in the red. But this program, unlike FX Momentum, does not have any big history to
fall back upon – it has never been in the green territory and is now sadly at All Time
Low levels.
Of the 29 months the program has been active ten have been winning and nineteen
have been losing.
The Micro Macro strategy trades short time trends in a large variety of world mar-
kets. Draw downs such as the ones we have seen so far are not uncommon in our
back tests of this strategy. However past performance is no indication of future re-
sults.
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_____________________________________________________________________________________________________
H A S A F U M A | Investor Letter Q2-Q3 2015
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:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+1 817 818 6240
Email:
[email protected]
Heavy Metal
Heavy Metal is actually a short term trend following program that performs well even
in this market climate.
Fourteen months down the road there has been eleven winning months and only three
loosing months. The result for the year 2015 is 11.14% and since the inception of the
program the gain is 28.95%.
Utilizing a momentum-based strategy, Heavy Metal is a program that only invests
in silver and gold; short term trends both to the upside and to the downside. Digging
only for gold and silver but diversifying through combining different time frames.
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H A S A F U M A | Investor Letter Q2-Q3 2015
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:
C/ Rio Duero 43,
28 696 Madrid,
Spain
Telephone:
+1 817 818 6240
Email:
[email protected]
Thomas Sandström CEO Henrik Hallenborg CTA
Hallenborg & Sandström Hallenborg & SandströmFund Management Fund Management
Hallenborg Daytrading
Our newest program, with the commital name of Hallenborg Daytrading, is with a
minimum deposit of $5,000 the least capital demanding of our programs. In fact the
strategy was designed precisely for the purpose of allowing for small deposits and still
offer the advantages of futures trading.
A purpose that has so far, however, been badly met, since ten months of trading, se-
ven losing and three winning, has resulted in a less advantageous, devastating -30%.
The only ligth in the tunnel being that the loss, given the small amount invested, is
limitied to $1.500.
