The Alpholio ™ analysis clearly demonstrated that at times the fund's
equivalent cash position was as high as 52 %, and that
such market timing
efforts did not result in generation
of any meaningful RealAlpha ™ in the analysis period.
So far, the
efforts seem to be winning the confidence
of buyers: prices for offsets generated under
such programs averaged $ 11 per ton
of carbon dioxide
equivalent (tCO2e), compared to a global average
of $ 6 per ton, according to Ecosystem Marketplace's 2011 State
of the Voluntary Carbon Markets report.