5/05/09

Add SEKUSD 10 NAV

Portfolio (11 positions/ 2:1 leverage) (approximate)

+ XLP 10
+ XLY 5
+ PBR 5

- USD/SEK 10
- EUR/SEK 25
- EUR/AUD 5
- EUR/CAD 5

+ German government bond 10 year 50 (consider adding) (it is now at 325 bp)
- Japanese government bond 10 year 40 (consider adding)

+ Silver 20
- Gold 25

Portfolio is lightly levered 2:1 and with moderate risk. Portfolio composition and risk was chosen due to lack of conviction. 90% is in goverment bond positions which isn't that volatile, while 45% are in a commodity bet that largely offsets each other, 45% is in currencies and most of that is in EUR/SEK as they have a somewhat high correlation, and 20% is in equities with PBR and XLY being the most volatile.