The Commodity Strategies Long/Short Programme reported a gain of +0.65% in December, and +22.28% in 2008. The Long Only Programme lost -0.13% in December but maintained a positive return of +10.47% for 2008.
Positive performance in December in the Long/Short Programme was attributed to strong returns on metals and industrial stocks, which were somewhat offset by losses in agricultural and grains stocks. The negative return in the Long Only Programme resulted from negative returns in metals stocks.
Both funds significantly outperformed their benchmarks in December - the Long/Short Programme outperformed its cash benchmark while the Long Only Programme outperformed to RJ CRB Index by +6.15%.
