How to manage a Billion Dollars — Ep.6 — July summary.

July was a month full of surprises, but which we ended with a positive result.

The fund return for July was +10.19%, which is quite good considering the size of the fund and the surprises I got during the month.

I did not expect this drop in the S&P 500, which turned out to be a bad surprise since we did not prepare our positions for it.

We did have to make a $32 Million cash settlement from insurance we sold. It’s good we managed to make the cash back quite fast, because that would be a massive blow on our account.

On the same day, we had a massive drop in oil prices, and we had a $200 Million in oil inventory. Luckily, we had insurance, so we only lost about $30,000. That was well managed.

As usual, our bond strategy was on absolute fire, with a +$60 Millions income this month.

For the month of august, we will focus on bonds and volatility strategies. Everyone expects the market to go bad, so let’s see. This first week of august has no big announcements that could shake the market heavily, but we’ll keep our positions hedged, and keep an eye out.

Thanks for reading,

Yacine Daoud.