March 12, 2010 11:31 AM ET
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Joseph Agresti
Strategy China & India Focus
Category Sector Focus
Average trade replication time 2 minutes
2,075 Views
1 Subscribers
Fees 1.50% of invested assets p.a. Subscription Min $5,000.00*
He focuses solely on Chinese and Indian securities traded on US Exchanges believing that these two countries present the best opportunities for significant returns. He uses a momentum-based approach utilizing technical screens and fundamental analysis.
He invests solely in Chinese and Indian ADRs. He believes that countries in transition present the best opportunities for significant returns. China’s economy has been growing quickly and will continue doing so as the large population transitions to a consumer-based economy. The Indian population is young and educated. They present significant growth possibilities for the Country.
He starts with a... [more +]
In addition to reading The Economist, Investor’s Business Daily and The Wall Street Journal, he conducts thorough news screens. Because his universe of potential investments is relatively small, he is extremely knowledgeable about each security and the underlying Company.
Portfolio will typically have 3-10 holdings.
If a security is down, he will either sell it in order to limit the downside or double-down if the fundamentals remain strong and technical screens remain positive. He uses stop loss orders as a tool to limit losses. On the other hand, if a security is up 30%, he will typically sell all shares or alternatively take the gains “off the table” and remain invested in the security.
May use commodities in order to hedge against inflation.
Investment Report
The recent rally in small cap chinese stocks has brought valuations and charts have brought us to a risk/reward profile that does not make sense for investing. I realized this early in February when I decided to move out of them all together. I continue to maintain 1 position in midcap TTM from India. I am currently 80% in cash and will remain so until I find an risk/reward profile in a security...
March 2010
Personal Background
- Experience as an equity trader at Chimera Capital
- Trading in Chinese and Indian Securities since 2006
- Founder and CEO of a successful catering business
Experience on Covestor.com‡
Joseph Agresti's Covestor.com Profile
- Overperformed S&P 500 for 8 of their 13 months on Covestor.com#
- Return Since Inception: 39.19% (February 2009)
- Last 3 Months Return: -12.11% (S&P 500 0.81%)
- Annualized Return: 35.53%
- Sharpe Ratio: 0.66 (S&P 500 -0.08)
- Maximum Drawdown: -40.72% (S&P 500 -56.78%)
Performance
| Inception October 13, 2009 | Model Manager | S&P 500 |
|---|---|---|
| Return Since Inception (%) | (4.67) | 7.18 |
| Month to Date Return (%) | 12.07 | 4.14 |
| Calendar 3 Month Return (%) | 4.61 | (0.39) |
| Sharpe Ratio | (0.30) | 1.14 |
Monthly Performance (%)
| Month | Return | S&P500 | Outperformance | Risk | Performance |
|---|---|---|---|---|---|
| Feb | 1.35 | 2.85 | (1.50) |
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| Jan | 3.05 | (3.70) | 6.75 |
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| Dec | 2.73 | 1.78 | 0.96 |
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| Nov | 0.13 | 5.74 | (5.61) |
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| Oct | (20.83) | (1.98) | (18.85) |
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The performance of the model manager's account has been calculated by CVIM on a daily time-weighted basis including cash and broker commissions. These returns do not reflect any CVIM suitability or risk score restrictions and are exclusive of CVIM fees. Therefore, they do not represent the performance of the CVIM model available for subscription. Benchmark returns have been calculated by CVIM using a time-weighted calculation of daily valuations and do not include cash or transaction costs. Please see the additional disclosures below.
Top Holdings
| Symbol | Security | Exchange | Allocation (%) |
|---|---|---|---|
| TTM | Tata Motors Ltd | NYSE | 114.80 |
Total Holdings 2
Data displayed is as of market close: March 11, 2010
Recent Transactions
| Symbol | Security | Type | Price |
|---|---|---|---|
| VVUS | Vivus, Inc. | Sell | $9.06 |
| TTM | Tata Motors Ltd | Buy | $17.51 |
| TTM | Tata Motors Ltd | Buy | $17.53 |
| VVUS | Vivus, Inc. | Buy | $9.08 |
| TTM | Tata Motors Ltd | Buy | $15.86 |
Data displayed is as of market close: March 11, 2010
* The Subscription Minimum is the minimum subscription required to follow a particular model. The minimum amount is determined by CVIM, based on the characteristics of the underlying model. It should not be considered as specific investment advice for your investment situation.
‡ Covestor.com performance data has been calculated by Covestor on a daily time-weighted basis of the equity positions of the account and is exclusive of any commissions and cash in the portfolio. The member's performance on Covestor.com, based on a separate account, may not reflect the strategy employed to manage the model available for subscription on CVIM. Please see additional disclosures below.
# Since the model manager's inception in Covestor.com
It should not be assumed that any information discussed herein will prove to be profitable or that decisions in the future will be profitable or provide similar results. The information set forth herein is not a substitution for personalized investment advice, and should not be construed as a recommendation to purchase or sell a particular security or to subscribe to a particular model.
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