David Gerstenhaber and Argonaut Capital’s Latest Purchases

Argonaut Capital’s founder David Gerstenhaber is a tiger cub. Gerstenhaber is an economist and follows a global macro investing approach. Argonaut’s annual average return is 16% since its inception in 2000. Argonaut also gained 12.3% in 2008 when most hedge funds and investors were under water. Argonaut returned 10.1% in 2009 which implies that its return is quite uncorrelated with the market.

His U.S. equity holdings don’t reflect his overall portfolio but may give some investors an idea about potential stock picks. The stocks in Argonaut’s 13F portfolio returned 16% since the beginning of 2010, outperforming the SPY by 9 percentage points. Here is the recent activity in Argonaut’s 13F portfolio:

Ken Fisher FISHER ASSET MANAGEMENT

Gerstenhaber’s largest 13F position was Titan International (TWI). Ken Fisher’s Fisher Asset Management and Richard Driehaus’ Driehaus Capital had the largest positions in TWI among the 300+ funds we have been following.

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