Investment Guru Richard Perry
published 2Q10 Letter to Investors. In a brutal quarter in which S&P 500 dropped 11.4%, Perry Partners was up 1.87%. YTD, the fund was up 9.08%. Perry took down long exposure and added protection to the portfolio during the quarter.
Noticeably, Perry sold his holdings in Citigroup. As he disclosed:
We sold our entire Citigroup common equity position in Q2.This is still an interesting leveraged play on worldwide economic recovery, but given the appreciation of the stock price and our renewed concerns about GDP growth and the ramifications of financial reform, we decided to liquidate this investment.
GuruFocus data shows that Perry bought 61.8 million shares of Citigroup, mostly during 4Q09. Apparently they are all gone now.
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Read the complete quarterly letter:Perry Partners Letter Q2 2010
About the author:
guruekMark's equity focus is identifying secular growth trends, and the companies most likely to benefit from these macro trends. Stocks are identified through fundamental analysis, although basic technical analysis is used in determining entry and exit points. With a degree in Economics from the University of Michigan, a broader understanding of the economy as a whole, along with interpreting investor psychology is also a major interest for Mark. His career background has focused on financial analysis in corporate America. Visit Mark's website at http://www.fundmymutualfund.com/
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