This report presents the Covered Calls Advisor Portfolio (CCAP) performance results through September 2009.
1. Month of September 2009 Result:
The Covered Calls Advisor Portfolio increased by 0.34% for the month of September 2009. In comparison, the benchmark Russell 3000 index (IWV) increased by 3.87% for the month. The substantial underperformance by the CCAP this month resulted from hedging the portfolio into a net neutral position that did not benefit relative to September's strongly bullish market.
2. Year-to-Date Through September 2009 Results:
The 2009 Year-to-Date results are as follows:
CCAP Absolute Return (Jan 1st through September 30, 2009) = +33.30%
= ($266,244.22 - $199,733.10)/$199,733.10
Benchmark Russell 3000(IWV) Absolute Return (Jan 1st through September 30,2009) = +19.21%
= ($61.99 - $52.00)/$52.00
For the first nine months of 2009, the table below shows that CCAP has outperformed the Russell 3000 benchmark by 14.09 percentage points (33.30% - 19.21%):
3. Prior Years Results:
The Covered Calls Advisor Portfolio (CCAP) was begun in September, 2007. The annualized returns achieved for 2007 and 2008 compared with the Russell 3000 benchmark results were as follows:
Note: This Covered Calls Advisor uses a bottom-line performance measure to determine overall portfolio investment performance results -- it is called 'Total Account Value Return Percent'. A simple example demonstrates how it is calculated:
If the total CCAP portfolio value was $100,000 at the beginning of the calendar year and $110,000 at the end of that year (and with no deposits or withdrawals having been made), then the 'Total Account Value Return Percent' would be +10.0% [($110,000-$100,000)/$100,000]*100.
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Regards and Godspeed,