Despite Tesla Motors Holding, Parus Finance Has Flat H1

Parus Finance has been paring back its long positions over the last half year, first taking profits after 2013’s incredible run and then reacting to the correction in February and March, though it started to redeploy capital at the end of June. The result was a peak-to-trough drawdown of 10% and a positive 0.3% return for 1H14, compared to a 5% return for the MSCI World Index and 17.8% net IRR for the fund since inception in 2003.

“March of this year was the perfect storm for the portfolio, with a drastic reversal of...