The Special Situations Real Money Portfolio ended the third quarter of 2011 with a balance of $38,633.48 when the market closed on September 30, 2011. The portfolio is down 5.69% for the year. In comparison, the total year to date return for the S&P 500 was -8.68% as of September 30, 2011. In general, 2011 has been a rough year for the stock market so far.
Thankfully, the Special Situations Real Money Portfolio has produced a total return of 221.95% since inception back in 2004. The annualized rate of return to date is still a healthy 23.63%.
Special situation opportunities have been exceedingly hard to find. Many of the available deals have been of lower quality and higher risk variety. I am hoping things will turn around soon.