TechInvest's Intercept Capital Fund reported a gain of +0.76% in December (+12.0% in 2008), outperforming the its benchmark (the UBS Australia Bank Bill Index) which returned +0.45% over the same period (+7.6% in 2008).
With markets firmer in December, positive returns were generated from both long (Accenture Ltd, MicroStrategy Inc) and short (Dell Inc) positions, as were negative returns (FTI Consulting, Apple, Satyam). December also saw the reintroduction of short sales, with 14 stocks being shorted during the month.
The Intercept Capital Fund is a long/short (market-neutral) fund that invests in global equities, diversified across up to 40 companies.
