#$tumi

Tourbillon Capital Partners Lp returns an estimated 9.21% for May 2015 - the fully hedged version returns 7.51%

Tourbillon Capital Partners Lp generated a 9.21% return on their publicly disclosed long portfolio for the month ending May 2015, outperforming the S&P500 by 920 basis points (bps). On a hedged basis, the portfolio would have returned 7.51% StockAlpha over the same period. Tourbillon's StockAlpha reflects the net return if each security in their portfolio was hedged with a sector ETF, such that the resulting portfolio was market, beta and sector neutral. StockAlpha in the Tech sector contributed the most to StockAlpha during the month.

Positive Contributors to Tourbillon's Returns

Tourbillon’s position in Expedia Inc. (New) (EXPE) contributed the most to the performance of the manager’s long-portfolio during the month. Over the month of May 2015, Tourbillon's 12.7% position in Expedia Inc. (New) (EXPE) increased in value by 14%, contributing 1.78% (12.7%*14%=1.78%)to the long portfolios overall return. Looking at Tourbillon's portfolio through a fully hedged StockAlpha lens, the holding of Expedia Inc. (New) (EXPE) also provided the largest contribution to fully hedged returns. Expedia Inc. (New) (EXPE) returned 14% during the month compared to the Tech sector, which returned 1.9%. As a result, after taking into account Expedia Inc. (New) (EXPE)'s beta relative to its sector, the position contributed 1.5% of StockAlpha to the Tourbillon’s monthly performance.

Negative Contributors to Tourbillon's Returns

Much of the drag on Tourbillon’s long-portfolio during the month can be attributed to the holding of Tumi Holdings Inc (TUMI). Over the month of May 2015, the manager's 1.7% position in Tumi Holdings Inc (TUMI) returned -16.7%, contributing -0.28% (1.7%*-16.7%=-0.28%)to the long portfolios overall return. Looking at Tourbillon's portfolio through a fully hedged StockAlpha lens, the holding of Post Holdings Inc (POST) provided the most negative contribution to fully hedged returns. Post Holdings Inc (POST) returned -7.9% during the month compared to the Cons. Staples sector, which returned 0.9%. As a result, the position contributed -0.3% of StockAlpha to the manager’s monthly performance.

Overlap with other hedge funds

Equity markets surge, close near highs (S&P best day since January)! FOMC keeps rates unchanged (expected)/alters language (expected), as still remains “dovish”; Russia/ruble recover after massive losses prior week (and yesterday) after Bank of Russia actions; President Obama unveils plan to normalize US/Cuba relations; Consumer Prices (CPI) drop more than expected/most in 6-years; another volatile move for crude (closes up 1%, but turns negative in after hours – traded up as much as 5.5%); treasuries sell off on FOMC headlines (yields rise); the dollar surges; couple of M&A related news stories; several movie theaters wont screen SNE’s ”The Interview” due to threats; ORCL rpts after the close; Transports underperform on weak FDX earnings.