Gain with leverage

For once, we were able to achieve a performance that was significantly better than that of the SMI last week, thanks to the dollar's leverage. Since February 3, 2010, we are now at -4.58%, still in the negative zone, but clearly up from the end of 2010 (-7.23%). The SMI is also in the red over the same period, but slightly better positioned, at -0.84%.

This positive correction of the stock market and the greenback bodes well for 2011, even if it is true that these simultaneous and significant gains on both counts are rare. Taking the euro as the reference currency, the portfolio's performance last week was good, but slightly less than that of the CAC40. Since February 3, the portfolio has nevertheless maintained a good lead with +8.68% compared to 1.89% for the flagship index of the Paris stock exchange. It should be noted, however, that this gain was made at the cost of a weakening of the euro.

There volatility du portefeuille demeure stable et basse à 12.32% puisqu'il n'y a pas eu de changements dans les positions en cours. Le ratio de Sharpe avec le CHF comme monnaie de référence est encore bien loin de notre objectif, et cela durera aussi longtemps la performance du portfolio restera négative. Nous restons malheureusement encore tributaires de la vigueur du franc suisse. En euros, le ratio est par contre excellent, avec 0.61% contre 0.04% pour le CAC40, mais encore une fois, cela s'est fait au prix d'une dévaluation de la monnaie unique.