PTM on managing risk, page-6

Yes, I read it the same way as MarsC. They were using it as an example of how their hedging strategy works, not as a comparison on how they compared to indices for the month. It can crimp returns when the going is good, but works well when there is a down turn.

Talking about indices and their hedging strategy in the long term, again, I point to all the major significant events, tech wreck, asian financial crisis, GFC... PTM fell, but nowhere near what global indexes did. They say you know who's been swimming naked when the tide comes out and when the GFC hit, they took some damaged but showed they weren't butt naked and had some cover.