Perry attributed his gain to “we were cognizant of these potential risks and took down long exposure and added protection to the portfolio.”
Perry sold out Citigroup (NYSE:C) common equity, “but given the appreciation of the stock price and our renewed concerns about GDP growth and the ramification of financial reform, we decided to liquidate this investment.” Perry Capital started its Citigroup position in the third quarter of 2009. Citi was Perry’s second largest holding as of March 31. This is the holding history of Perry Capital with Citigroup.
Perry Capital have had very good long term track record. They never had a down year except for 2008, when the fund lost 27%. This is the link to the complete letter. (Courtesy of marketfolly.com).
It is interesting to see that Perry Capital had a much smaller asset base to report in 13F filings. It is not clear if this is from the reduction of asset under management. This is the history:
To check the portfolio of Perry Capital, go to http://www.gurufocus.com/holdings.php?GuruName=Richard+Perry&sort=position