July 9, 2015
To: Limited Partners in Elizaville Partners LP
From: Max G. Ansbacher, President, Ansbacher Investment Management, Inc., the General Partner
Chuck Ansbacher, Business Development, Ansbacher Investment Management, Inc.
Subject: June 2015 Performance
Elizaville Partners had an average net estimated loss in June of -1.06%. This brought its average year to date gain to 19.92%.
The S&P 500 Stock Index lost -2.1% in June for a year to date gain of 0.2%.
Trading in both the Lite and Plus strategies was suspended for the month. These strategies are being restructured, and will resume trading in the immediate future.
While no loss is to be celebrated, we are nonetheless pleased with our performance this month. June was a bad month for the S&P 500 as the small gains the index had managed to amass for the year were erased. Largely on fears of the drama still playing out in Greece, the VIX went above 18 for the first time since February, and the S&P lost over 2% in the second to last day of the month.
These conditions put our risk management tools to the test, and having fared better than the overall market, we feel confident in saying that they passed.
Today the world economy looks almost as risky as it ever has—we won't even bother to list all the "known knowns and unknown knowns" that are lurking out there in the future. We certainly don't know whether we will be profitable or not next month or next year, but we do firmly believe that by implementing our long-term profitable strategy, the strong probability is that we will continue to be able to deliver satisfactory profits to our investors well into the future.
This is the same basic strategy (albeit greatly modified) which we have been using for the past 19 years. While it uses options as its trading vehicle it is really powered by the fact that we are often able to sell a commodity for a price which is higher than it is actually worth; and then within a relatively short period of time we are usually able to buy it back for its much lower actual value. Trading is important, and our but even our traders will admit that the strategy makes it easy to look good in most markets. Our trading is all done within the framework of this overarching strategy—it is implementing it steadfastly which has served us so well for so many years.