Kelly Letter Performance Notes


November 26 Comment: Stocks rebounded from their two-week decline last week, and are now back at all-time highs as investors revisit their annual excitement about holiday sales and historical winter market trends. Extra strength in technology and small caps powered our portfolio farther ahead of the S&P 500 for the year. … We are pulling nicely ahead of the market, and it’s no longer just 9Sig in Tier 3 doing all the work.

October 8 Comment: We’re back above the S&P 500 for the year. If this year’s fourth quarter goes anything like last year’s, we’ll put a lot more daylight between the benchmark and ourselves by the end of December. Doing so with a quarter of our capital safely in bonds would be impressive.

October 1 Comment: Just a week ago, Tier 1 sat 0.4% below its target for the quarter. Then, out of nowhere, it shot 3.2% higher, grabbing all of its quarterly goal in the final week. … I wrote last Sunday that “[Our growth fund] in Tier 1 has roared back 7.3% to $71.95 from $67.08 on Aug. 21, leaving us with just a $3,230 shortfall for the quarter.” The stats have improved since then. [The fund] is now up 10.6% since Aug. 21. … The resurgence in Tier 1 has helped us reach two impressive milestones this weekend: (1) A balance of more than $1 million in Tier 1 alone ($1,026,505 to be exact), and, (2) A portfolio return now dead even with the S&P 500, both at 14.2% year-to-date.

July 21 Comment: We pulled almost even with the S&P 500’s YTD return last week. All upward momentum is still from the Nasdaq 100 in Tier 3.

June 30 Comment: Even though both Tiers 1 and 2 fell short of their quarterly goals, our portfolio rose $68,088 (3.2%) in the second quarter. We’re less than two percentage points behind the total return of the S&P 500 this year. We’re up 7.4% to its 9.3%, putting us in the running to beat the benchmark in 2017, and are well ahead of it over the past three quarters due to the powerful small- and mid-cap showing in Q4, which is partly what caused this healthy backing and filling in Q1 and Q2.

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