Q213 Review and Outlook

July 8, 2013

The second quarter of 2013 was marked by very strong results in Terrapin’s core focus areas in the communications systems and optical networking sectors, with both sectors ending up double digits on a YTD basis driving overall performance up 5.2%.  After a disappointing Q1 that saw overall performance down (0.4%), Terrapin’s decision to focus on communications infrastructure fundamentals amid a (still) chaotic overall macro environment paid off, especially in the area of carrier capital spending and 100G optical networking.  Performance in the quarter was headlined by strong gains in INFN, up 52% in the quarter and 84% YTD, as well as strong contributions from NPTN, ALU, ADTN, CSCO and FNSR, the last of which produced positive returns on both the long and short side in the quarter.

Terrapin Q213 Review and Outlook