September Commentary

 

Dipsea Capital Fund LP  

 

September 2016 Fund LP Commentary: 

  

Volatility in the U.S. equity markets picked up ever so slightly in September as measured against the movement we witnessed in August.  The S&P 500 index ended essentially where it began, closing down  -.12% for the month.  The Dipsea Capital Fund generated a return of +.57% after fees for September.  Year-to-date, the Dipsea Capital Fund is up 1.43% versus the broad market index gain of 6.20%.   

 

There is no shortage of catalysts for the market for the fourth quarter.  Third quarter earnings, a pending election, as well as the Federal Reserve communicating their intention to raise interest rates are all upon us.  Earnings and revenue expectations remain flat at best.  Uncertainty abounds.

 

That said, some key gauges of sentiment convey too much pessimism is baked into prices, which serves as a contrary indicator.  This truly is a time where valid arguments exist for both lower and higher prices.  Clearly the market’s present quiescence supports the fact that participants are tentative.

 

Fortunately our focus on delivering consistent, uncorrelated returns doesn’t require divine clairvoyance.  We confine ourselves to trading short term options on indexes and large capitalized stocks.  These instruments offer vast liquidity and the opportunity to execute statistically favorable strategies regardless of market environment.  Our rule based methodology then guides our efforts and adjusts as events unfold.

 

We appreciate the opportunity to work on your behalf and invest alongside you in the pursuit of delivering steady returns regardless of market environment.

 

Sincerely,    

  

Chris Antonio  

 

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