Shell Cove Capital Management's Black Marlin Fund returned a disappointing -3.49% in December, however was up +29.15% for 2008.
A sell off of resource equities and a rally in Australian bank stocks were the key drivers of the negative December result. Long volatility positions in US dollar bonds also produced negative returns. The manager believes there are still downside risks heading into 2009, and will remain cautious while looking out for clearer trending characteristics.
The Black Marlin Funds employs a global macro investment approach using long volatility strategies in equities, commodities, foreign exchange and fixed interest markets.
