SlideShare una empresa de Scribd logo
1 de 1
Descargar para leer sin conexión
MONTHLY STRATEGY REVIEW


                                                                                Fairfield Sentry Limited
                                                                                Manager: Fairfield Greenwich (Bermuda) Ltd.
                                                                                October 2008



Fairfield Sentry Limited (“Sentry,” or the “Fund”) declined -0.06% net in October 2008 and has
returned +4.50% year-to-date. The S&P 100 Index declined -14.60% during the month and has
declined -30.84% year-to-date.

Sentry’s split-strike conversion (“SSC”) strategy was able to substantially avoid this deep decline
and protect investors’ capital by remaining invested for the entire month in a laddered portfolio
of short-dated U.S. Treasury Bills. In fact, the Fund has held a “cash” stance since mid-
September once it completed its third implementation cycle of 2008. Between September 16 and
the end of October, the S&P 100 Index declined over 16%; Sentry’s SSC strategy was not
exposed to this decline. As we have noted in prior reviews, the Fund seeks to avoid particularly
difficult markets by deactivating the SSC strategy and remaining invested in a portfolio of short-
dated U.S. Treasury Bills as it awaits the next entry opportunity. The active timing decision to
reduce risk during periods of time where it is expected the near-term trading environment is less
attractive is an integral part of the SSC strategy. This is a key form of risk management and has
been a core technique applied since inception of the Fund.

The modest negative return this month was, however, attributable to the small portion of assets
invested in the Non-SSC program. Overall, the Non-SSC investments have contributed about
0.29% to Sentry’s return since the inception of the program in October 2002. At the end of
October, Non-SSC investments represented approximately 1.10% of Sentry’s portfolio.

Performance shown is net of all fees and expenses.
S&P 100 Index performance is calculated with net dividends reinvested. This information has been prepared and is intended
exclusively for existing investors in the Fund. It has been obtained from sources deemed to be reliable, but we do not guarantee its
accuracy or completeness. Past performance is not a guarantee of future results. This document does not constitute an offer to sell or
the solicitation of an offer to buy shares of the Fund. Such offer or solicitation may only be made by means of delivery of a Private
Placement Memorandum that contains a description of the material terms, including risk factors, conflicts of interest, fees and
charges, and regulatory and tax considerations, relating to an investment in the Fund. An investment in the Fund is speculative and
involves a high degree of risk, including the risk of losing all or substantially all of your investment.
Certain statements in this document may include forward looking statements and forecasts concerning the Fund and the Fund's plans,
intentions, strategies, expectations, predictions and financial forecasts concerning the Fund's future investment activities and results of
operations and other future events or conditions based upon the views and opinions of the Fund's Investment Manager. Such
forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results,
performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed
or implied by such forward looking statements. The Fairfield Greenwich Group assumes no obligation to update these forward-
looking statements to reflect actual results, changes in assumption or changes in other factors affecting such forward-looking
statements. The index information is included merely to show the general trend in applicable markets in the periods indicated and is
not intended to imply that the Fund was similar to the index either in composition or element of risk. Index information should not
be interpreted as a benchmark for the Fund. It is not possible to invest directly in an index.
quot;Fairfield Greenwich Groupquot; is the marketing name for the securities, private banking, and investment advisory businesses of
Fairfield Greenwich Limited and its subsidiary and affiliated companies worldwide. Fairfield Greenwich (Bermuda) Ltd., Investment
Manager of the Fund, is an SEC registered investment adviser. Risk management services are also provided by an affiliate, Fairfield
Risk Services Ltd. In the United States, Fairfield Greenwich Group representatives offer securities through Fairfield Heathcliff Capital
LLC, a broker-dealer and member FINRA and SIPC. In the EU, Fairfield Greenwich Group representatives offer securities through
Fairfield Greenwich (UK) Limited, which is authorized and regulated by the Financial Services Authority (FSA). In Singapore,
securities are offered through Lion Fairfield Capital Management Ltd., which holds a capital markets services license issued by the
Monetary Authority of Singapore under the provisions of the Securities and Futures Act (Cap 289). Please contact FGG for
additional information about its funds, including information about investor qualification standards, by visiting our Web site at
www.fggus.com or e-mailing us at fairfieldfunds@fggus.com.

Más contenido relacionado

La actualidad más candente

City of Oakland Operating Fund
City of Oakland Operating FundCity of Oakland Operating Fund
City of Oakland Operating Fund
Daniel Rodriguez
 
Profile of mutu al funds in the philippines
Profile of mutu al funds in the philippinesProfile of mutu al funds in the philippines
Profile of mutu al funds in the philippines
Pranjal Mehta
 
PFCapital Peugeot SA Final 080213
PFCapital Peugeot SA Final 080213PFCapital Peugeot SA Final 080213
PFCapital Peugeot SA Final 080213
Chand Sooran
 
Cp knowledge compliance of schedule vi part i
Cp knowledge compliance of schedule vi part iCp knowledge compliance of schedule vi part i
Cp knowledge compliance of schedule vi part i
Pavan Kumar Vijay
 

La actualidad más candente (14)

City of Oakland Operating Fund
City of Oakland Operating FundCity of Oakland Operating Fund
City of Oakland Operating Fund
 
Profile of mutu al funds in the philippines
Profile of mutu al funds in the philippinesProfile of mutu al funds in the philippines
Profile of mutu al funds in the philippines
 
Systematic Investment Plans (SIPs) - Your Solution for Wealth creation
Systematic Investment Plans (SIPs) - Your Solution for Wealth creationSystematic Investment Plans (SIPs) - Your Solution for Wealth creation
Systematic Investment Plans (SIPs) - Your Solution for Wealth creation
 
IDFC Focused Equity Fund_One pager
IDFC Focused Equity Fund_One pagerIDFC Focused Equity Fund_One pager
IDFC Focused Equity Fund_One pager
 
Invest hedge re gregoire june 2010
Invest hedge re gregoire june 2010Invest hedge re gregoire june 2010
Invest hedge re gregoire june 2010
 
PFCapital Peugeot SA Final 080213
PFCapital Peugeot SA Final 080213PFCapital Peugeot SA Final 080213
PFCapital Peugeot SA Final 080213
 
One pager
One pagerOne pager
One pager
 
I acc eur english 20170405
I acc eur english 20170405I acc eur english 20170405
I acc eur english 20170405
 
Cp knowledge compliance of schedule vi part i
Cp knowledge compliance of schedule vi part iCp knowledge compliance of schedule vi part i
Cp knowledge compliance of schedule vi part i
 
Retirement planning - Its never too early or too late to start
Retirement planning - Its never too early or too late to startRetirement planning - Its never too early or too late to start
Retirement planning - Its never too early or too late to start
 
Marketing materials presentation material kb value focus korea equity_20151211
Marketing materials presentation material kb value focus korea equity_20151211Marketing materials presentation material kb value focus korea equity_20151211
Marketing materials presentation material kb value focus korea equity_20151211
 
IDFC Large Cap Fund _One pager
IDFC Large Cap Fund _One pagerIDFC Large Cap Fund _One pager
IDFC Large Cap Fund _One pager
 
Business Finance Lesson 1
Business Finance  Lesson 1Business Finance  Lesson 1
Business Finance Lesson 1
 
Sentiment Value Market Timing
Sentiment Value Market TimingSentiment Value Market Timing
Sentiment Value Market Timing
 

Similar a Fairfield Sentry Oct 2008

PFCapital Just Energy 062314 FINAL AMENDED
PFCapital Just Energy 062314 FINAL AMENDEDPFCapital Just Energy 062314 FINAL AMENDED
PFCapital Just Energy 062314 FINAL AMENDED
Chand Sooran
 
Avasar partners presentation_aug_2019_p
Avasar partners presentation_aug_2019_pAvasar partners presentation_aug_2019_p
Avasar partners presentation_aug_2019_p
Sidarth Kapoor, CFA
 
PFCapital Air Canada 120913 FINAL
PFCapital Air Canada 120913 FINALPFCapital Air Canada 120913 FINAL
PFCapital Air Canada 120913 FINAL
Chand Sooran
 
Fairholme factesheet cierre 2011
Fairholme factesheet cierre 2011Fairholme factesheet cierre 2011
Fairholme factesheet cierre 2011
Frank Ragol
 
HIGHWATER CAPITAL FUND TEAR SHEET
HIGHWATER CAPITAL FUND TEAR SHEETHIGHWATER CAPITAL FUND TEAR SHEET
HIGHWATER CAPITAL FUND TEAR SHEET
trustgod999
 

Similar a Fairfield Sentry Oct 2008 (20)

Capital Markets Review for Financial Advisors
Capital Markets Review for Financial AdvisorsCapital Markets Review for Financial Advisors
Capital Markets Review for Financial Advisors
 
The Hedge Fund Advantage
The Hedge Fund AdvantageThe Hedge Fund Advantage
The Hedge Fund Advantage
 
PF Capital Asbury Automotive 092214 Final
PF Capital Asbury Automotive 092214 FinalPF Capital Asbury Automotive 092214 Final
PF Capital Asbury Automotive 092214 Final
 
Bond strategy (part 2)
Bond strategy (part 2)Bond strategy (part 2)
Bond strategy (part 2)
 
Bond Investing Strategy (Part 1)
Bond Investing Strategy (Part 1)Bond Investing Strategy (Part 1)
Bond Investing Strategy (Part 1)
 
Applying Human Capital to Investing (Part 1)
Applying Human Capital to Investing (Part 1)Applying Human Capital to Investing (Part 1)
Applying Human Capital to Investing (Part 1)
 
Applying Human Capital to Investing (Part 2)
Applying Human Capital to Investing (Part 2)Applying Human Capital to Investing (Part 2)
Applying Human Capital to Investing (Part 2)
 
PFCapital Just Energy 062314 FINAL AMENDED
PFCapital Just Energy 062314 FINAL AMENDEDPFCapital Just Energy 062314 FINAL AMENDED
PFCapital Just Energy 062314 FINAL AMENDED
 
Avasar partners presentation_aug_2019_p
Avasar partners presentation_aug_2019_pAvasar partners presentation_aug_2019_p
Avasar partners presentation_aug_2019_p
 
PFCapital Air Canada 120913 FINAL
PFCapital Air Canada 120913 FINALPFCapital Air Canada 120913 FINAL
PFCapital Air Canada 120913 FINAL
 
Asset allocation
Asset allocation Asset allocation
Asset allocation
 
Fairholme factesheet cierre 2011
Fairholme factesheet cierre 2011Fairholme factesheet cierre 2011
Fairholme factesheet cierre 2011
 
Rolling Return S&P 500 (5 and 10 year)
Rolling Return S&P 500 (5 and 10 year)Rolling Return S&P 500 (5 and 10 year)
Rolling Return S&P 500 (5 and 10 year)
 
Creating an Emergency Fund
Creating an Emergency FundCreating an Emergency Fund
Creating an Emergency Fund
 
Inflation and the Long-Term Investor
Inflation and the Long-Term InvestorInflation and the Long-Term Investor
Inflation and the Long-Term Investor
 
HIGHWATER CAPITAL FUND TEAR SHEET
HIGHWATER CAPITAL FUND TEAR SHEETHIGHWATER CAPITAL FUND TEAR SHEET
HIGHWATER CAPITAL FUND TEAR SHEET
 
The Science of Multi-Factor Investing
The Science of Multi-Factor InvestingThe Science of Multi-Factor Investing
The Science of Multi-Factor Investing
 
Global REITs
Global REITsGlobal REITs
Global REITs
 
Adding Emerging Markets to a Portfolio
Adding Emerging Markets to a PortfolioAdding Emerging Markets to a Portfolio
Adding Emerging Markets to a Portfolio
 
Portfolio Diversification
Portfolio DiversificationPortfolio Diversification
Portfolio Diversification
 

Más de hblodget

The Stimulus Bill
The Stimulus BillThe Stimulus Bill
The Stimulus Bill
hblodget
 
Harry Markopolos Testimony To Congress
Harry Markopolos Testimony To CongressHarry Markopolos Testimony To Congress
Harry Markopolos Testimony To Congress
hblodget
 
Case Shiller November
Case Shiller NovemberCase Shiller November
Case Shiller November
hblodget
 
20090118 Medici
20090118 Medici20090118 Medici
20090118 Medici
hblodget
 
Carol Bartz Evaluation
Carol Bartz EvaluationCarol Bartz Evaluation
Carol Bartz Evaluation
hblodget
 
Madoff Jewel Heist
Madoff Jewel HeistMadoff Jewel Heist
Madoff Jewel Heist
hblodget
 
Fairfield Sentry Letter January 5, 2009
Fairfield Sentry Letter   January 5, 2009Fairfield Sentry Letter   January 5, 2009
Fairfield Sentry Letter January 5, 2009
hblodget
 
Fairfield Sigma Letter January 5, 2009
Fairfield Sigma Letter   January 5, 2009Fairfield Sigma Letter   January 5, 2009
Fairfield Sigma Letter January 5, 2009
hblodget
 
Satyam Chairman Fraud Confession
Satyam Chairman Fraud ConfessionSatyam Chairman Fraud Confession
Satyam Chairman Fraud Confession
hblodget
 
Ubp Madoff 17 12 2008
Ubp Madoff 17 12 2008Ubp Madoff 17 12 2008
Ubp Madoff 17 12 2008
hblodget
 
Fairfield Sentry Semi-Annual Review
Fairfield Sentry Semi-Annual ReviewFairfield Sentry Semi-Annual Review
Fairfield Sentry Semi-Annual Review
hblodget
 
Nov 2008 Fgg Estimated Fund Na Vs
Nov 2008 Fgg Estimated Fund Na VsNov 2008 Fgg Estimated Fund Na Vs
Nov 2008 Fgg Estimated Fund Na Vs
hblodget
 
Dec 2008 Fgg Weekly Na Vs
Dec 2008 Fgg Weekly Na VsDec 2008 Fgg Weekly Na Vs
Dec 2008 Fgg Weekly Na Vs
hblodget
 
Irongate Global Strategy Fund
Irongate Global Strategy FundIrongate Global Strategy Fund
Irongate Global Strategy Fund
hblodget
 
Chester Global Strategy Fund
Chester Global Strategy FundChester Global Strategy Fund
Chester Global Strategy Fund
hblodget
 
Sosnik Bell: Aaron Foundation
Sosnik Bell: Aaron FoundationSosnik Bell: Aaron Foundation
Sosnik Bell: Aaron Foundation
hblodget
 
Insider Trading Complaint
Insider Trading ComplaintInsider Trading Complaint
Insider Trading Complaint
hblodget
 
Madoff SEC Recommendation
Madoff SEC RecommendationMadoff SEC Recommendation
Madoff SEC Recommendation
hblodget
 
Markopolos Madoff Complaint
Markopolos Madoff ComplaintMarkopolos Madoff Complaint
Markopolos Madoff Complaint
hblodget
 

Más de hblodget (20)

The Stimulus Bill
The Stimulus BillThe Stimulus Bill
The Stimulus Bill
 
Harry Markopolos Testimony To Congress
Harry Markopolos Testimony To CongressHarry Markopolos Testimony To Congress
Harry Markopolos Testimony To Congress
 
Case Shiller November
Case Shiller NovemberCase Shiller November
Case Shiller November
 
20090118 Medici
20090118 Medici20090118 Medici
20090118 Medici
 
Carol Bartz Evaluation
Carol Bartz EvaluationCarol Bartz Evaluation
Carol Bartz Evaluation
 
Madoff Jewel Heist
Madoff Jewel HeistMadoff Jewel Heist
Madoff Jewel Heist
 
Fairfield Sentry Letter January 5, 2009
Fairfield Sentry Letter   January 5, 2009Fairfield Sentry Letter   January 5, 2009
Fairfield Sentry Letter January 5, 2009
 
Fairfield Sigma Letter January 5, 2009
Fairfield Sigma Letter   January 5, 2009Fairfield Sigma Letter   January 5, 2009
Fairfield Sigma Letter January 5, 2009
 
Satyam Chairman Fraud Confession
Satyam Chairman Fraud ConfessionSatyam Chairman Fraud Confession
Satyam Chairman Fraud Confession
 
Ubp Madoff 17 12 2008
Ubp Madoff 17 12 2008Ubp Madoff 17 12 2008
Ubp Madoff 17 12 2008
 
Fairfield Sentry Semi-Annual Review
Fairfield Sentry Semi-Annual ReviewFairfield Sentry Semi-Annual Review
Fairfield Sentry Semi-Annual Review
 
Nov 2008 Fgg Estimated Fund Na Vs
Nov 2008 Fgg Estimated Fund Na VsNov 2008 Fgg Estimated Fund Na Vs
Nov 2008 Fgg Estimated Fund Na Vs
 
Dec 2008 Fgg Weekly Na Vs
Dec 2008 Fgg Weekly Na VsDec 2008 Fgg Weekly Na Vs
Dec 2008 Fgg Weekly Na Vs
 
Fif
FifFif
Fif
 
Irongate Global Strategy Fund
Irongate Global Strategy FundIrongate Global Strategy Fund
Irongate Global Strategy Fund
 
Chester Global Strategy Fund
Chester Global Strategy FundChester Global Strategy Fund
Chester Global Strategy Fund
 
Sosnik Bell: Aaron Foundation
Sosnik Bell: Aaron FoundationSosnik Bell: Aaron Foundation
Sosnik Bell: Aaron Foundation
 
Insider Trading Complaint
Insider Trading ComplaintInsider Trading Complaint
Insider Trading Complaint
 
Madoff SEC Recommendation
Madoff SEC RecommendationMadoff SEC Recommendation
Madoff SEC Recommendation
 
Markopolos Madoff Complaint
Markopolos Madoff ComplaintMarkopolos Madoff Complaint
Markopolos Madoff Complaint
 

Último

VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
dipikadinghjn ( Why You Choose Us? ) Escorts
 
20240429 Calibre April 2024 Investor Presentation.pdf
20240429 Calibre April 2024 Investor Presentation.pdf20240429 Calibre April 2024 Investor Presentation.pdf
20240429 Calibre April 2024 Investor Presentation.pdf
Adnet Communications
 

Último (20)

The Economic History of the U.S. Lecture 22.pdf
The Economic History of the U.S. Lecture 22.pdfThe Economic History of the U.S. Lecture 22.pdf
The Economic History of the U.S. Lecture 22.pdf
 
High Class Call Girls Nashik Maya 7001305949 Independent Escort Service Nashik
High Class Call Girls Nashik Maya 7001305949 Independent Escort Service NashikHigh Class Call Girls Nashik Maya 7001305949 Independent Escort Service Nashik
High Class Call Girls Nashik Maya 7001305949 Independent Escort Service Nashik
 
Veritas Interim Report 1 January–31 March 2024
Veritas Interim Report 1 January–31 March 2024Veritas Interim Report 1 January–31 March 2024
Veritas Interim Report 1 January–31 March 2024
 
06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
 
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
 
Stock Market Brief Deck (Under Pressure).pdf
Stock Market Brief Deck (Under Pressure).pdfStock Market Brief Deck (Under Pressure).pdf
Stock Market Brief Deck (Under Pressure).pdf
 
Call US 📞 9892124323 ✅ Kurla Call Girls In Kurla ( Mumbai ) secure service
Call US 📞 9892124323 ✅ Kurla Call Girls In Kurla ( Mumbai ) secure serviceCall US 📞 9892124323 ✅ Kurla Call Girls In Kurla ( Mumbai ) secure service
Call US 📞 9892124323 ✅ Kurla Call Girls In Kurla ( Mumbai ) secure service
 
Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...
Top Rated  Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...Top Rated  Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...
Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...
 
The Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdfThe Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdf
 
The Economic History of the U.S. Lecture 19.pdf
The Economic History of the U.S. Lecture 19.pdfThe Economic History of the U.S. Lecture 19.pdf
The Economic History of the U.S. Lecture 19.pdf
 
(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7
(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7
(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7
 
03_Emmanuel Ndiaye_Degroof Petercam.pptx
03_Emmanuel Ndiaye_Degroof Petercam.pptx03_Emmanuel Ndiaye_Degroof Petercam.pptx
03_Emmanuel Ndiaye_Degroof Petercam.pptx
 
(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
 
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
 
Log your LOA pain with Pension Lab's brilliant campaign
Log your LOA pain with Pension Lab's brilliant campaignLog your LOA pain with Pension Lab's brilliant campaign
Log your LOA pain with Pension Lab's brilliant campaign
 
The Economic History of the U.S. Lecture 23.pdf
The Economic History of the U.S. Lecture 23.pdfThe Economic History of the U.S. Lecture 23.pdf
The Economic History of the U.S. Lecture 23.pdf
 
Indore Real Estate Market Trends Report.pdf
Indore Real Estate Market Trends Report.pdfIndore Real Estate Market Trends Report.pdf
Indore Real Estate Market Trends Report.pdf
 
Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )
Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )
Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )
 
Booking open Available Pune Call Girls Talegaon Dabhade 6297143586 Call Hot ...
Booking open Available Pune Call Girls Talegaon Dabhade  6297143586 Call Hot ...Booking open Available Pune Call Girls Talegaon Dabhade  6297143586 Call Hot ...
Booking open Available Pune Call Girls Talegaon Dabhade 6297143586 Call Hot ...
 
20240429 Calibre April 2024 Investor Presentation.pdf
20240429 Calibre April 2024 Investor Presentation.pdf20240429 Calibre April 2024 Investor Presentation.pdf
20240429 Calibre April 2024 Investor Presentation.pdf
 

Fairfield Sentry Oct 2008

  • 1. MONTHLY STRATEGY REVIEW Fairfield Sentry Limited Manager: Fairfield Greenwich (Bermuda) Ltd. October 2008 Fairfield Sentry Limited (“Sentry,” or the “Fund”) declined -0.06% net in October 2008 and has returned +4.50% year-to-date. The S&P 100 Index declined -14.60% during the month and has declined -30.84% year-to-date. Sentry’s split-strike conversion (“SSC”) strategy was able to substantially avoid this deep decline and protect investors’ capital by remaining invested for the entire month in a laddered portfolio of short-dated U.S. Treasury Bills. In fact, the Fund has held a “cash” stance since mid- September once it completed its third implementation cycle of 2008. Between September 16 and the end of October, the S&P 100 Index declined over 16%; Sentry’s SSC strategy was not exposed to this decline. As we have noted in prior reviews, the Fund seeks to avoid particularly difficult markets by deactivating the SSC strategy and remaining invested in a portfolio of short- dated U.S. Treasury Bills as it awaits the next entry opportunity. The active timing decision to reduce risk during periods of time where it is expected the near-term trading environment is less attractive is an integral part of the SSC strategy. This is a key form of risk management and has been a core technique applied since inception of the Fund. The modest negative return this month was, however, attributable to the small portion of assets invested in the Non-SSC program. Overall, the Non-SSC investments have contributed about 0.29% to Sentry’s return since the inception of the program in October 2002. At the end of October, Non-SSC investments represented approximately 1.10% of Sentry’s portfolio. Performance shown is net of all fees and expenses. S&P 100 Index performance is calculated with net dividends reinvested. This information has been prepared and is intended exclusively for existing investors in the Fund. It has been obtained from sources deemed to be reliable, but we do not guarantee its accuracy or completeness. Past performance is not a guarantee of future results. This document does not constitute an offer to sell or the solicitation of an offer to buy shares of the Fund. Such offer or solicitation may only be made by means of delivery of a Private Placement Memorandum that contains a description of the material terms, including risk factors, conflicts of interest, fees and charges, and regulatory and tax considerations, relating to an investment in the Fund. An investment in the Fund is speculative and involves a high degree of risk, including the risk of losing all or substantially all of your investment. Certain statements in this document may include forward looking statements and forecasts concerning the Fund and the Fund's plans, intentions, strategies, expectations, predictions and financial forecasts concerning the Fund's future investment activities and results of operations and other future events or conditions based upon the views and opinions of the Fund's Investment Manager. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. The Fairfield Greenwich Group assumes no obligation to update these forward- looking statements to reflect actual results, changes in assumption or changes in other factors affecting such forward-looking statements. The index information is included merely to show the general trend in applicable markets in the periods indicated and is not intended to imply that the Fund was similar to the index either in composition or element of risk. Index information should not be interpreted as a benchmark for the Fund. It is not possible to invest directly in an index. quot;Fairfield Greenwich Groupquot; is the marketing name for the securities, private banking, and investment advisory businesses of Fairfield Greenwich Limited and its subsidiary and affiliated companies worldwide. Fairfield Greenwich (Bermuda) Ltd., Investment Manager of the Fund, is an SEC registered investment adviser. Risk management services are also provided by an affiliate, Fairfield Risk Services Ltd. In the United States, Fairfield Greenwich Group representatives offer securities through Fairfield Heathcliff Capital LLC, a broker-dealer and member FINRA and SIPC. In the EU, Fairfield Greenwich Group representatives offer securities through Fairfield Greenwich (UK) Limited, which is authorized and regulated by the Financial Services Authority (FSA). In Singapore, securities are offered through Lion Fairfield Capital Management Ltd., which holds a capital markets services license issued by the Monetary Authority of Singapore under the provisions of the Securities and Futures Act (Cap 289). Please contact FGG for additional information about its funds, including information about investor qualification standards, by visiting our Web site at www.fggus.com or e-mailing us at fairfieldfunds@fggus.com.