Multicurrency Commentary 4th Quarter 2009
The Samson Multicurrency Plus strategy significantly outperformed the benchmark in 2009. Our decision to hold meaningful positions in commodity currencies such as the Australian dollar, Norwegian krone, and Canadian dollar were major contributors to our out-performance for the year. As readers of our prior letters to investors may recall, our decision to hold significant investments in the commodity currencies reflected our fundamental view that the monetary and fiscal policies pursued by the world’s major governments would successfully lead to a stabilization of the global economy. As a result, we also maintained modest or underweight positions for most of the year in safe haven currencies like the Swiss franc and the Japanese yen. Given the poor performance of these currencies for the year, it can be said that our underweights also played an important role in out-performance.