Wednesday, May 01, 2019

April 2019 Performance

I don’t know, but I continue to be very cautious with this market. April was another strong month with a gain of 7.15% with Constellation Brands (Ticker: STZ) doing the heavy lifting. Constellation is finally coming back after a nice earnings report. My other long positions: Apple (Ticker: AAPL), Alibaba (Ticker: BABA), Mastercard (Ticker: MA) and Visa (Ticker: V) performed well in April. I’m pleased so far with the portfolio performance considering I’ve been holding ~ 15% cash.

I currently have no merger arb positions. I closed out my position in Spark Therapeutics (Ticker: ONCE). I was heavy in Short Puts (not an All-In situation, but a decent size position) and long common. I was fortunate to close out a big chunk of my position on 4/2, the day before the second pull and refile.  Sometimes, you just have to go with your gut feeling and this was the case for me. I still can’t believe the FTC is scrutinizing this deal so closely.

So pretty much the same as the previous months. Just hanging onto the long positions with some cash on the sidelines to take advantage of special situation / merger arb plays that may pop up.


2019 Performance = +25.37% with the running monthly returns as follows:

January +7.4%
February +3.7%
March +5.06%
April +7.15%

9 Comments:

At May 05, 2019, Anonymous Anonymous said...

Do you publish your current holdings and percentage of the portfolio some where? It would be beneficial (of course with the disclaimer and all)

 
At May 06, 2019, Blogger Money Turtle said...

Here's the current weighting from my main portfolio:

Cash 15.8%
BABA 5.09%
AAPL 17.5%
STZ 24.7%
MA 7.2%
QGEN 5.2%
SNY 1.6%
V 22.9%

 
At May 28, 2019, Anonymous Anonymous said...

ONCE: with news out of BMRN today, does the approval seem likely?
Thanks

 
At May 29, 2019, Blogger Money Turtle said...

I don't think this will affect the FTC decision process. FTC models late stage phase drug development (phase 2 as above) as an approved product.

 
At May 30, 2019, Anonymous Anonymous said...

Is STZ still a good buy now that it has declined. Thank you.

 
At May 30, 2019, Blogger Money Turtle said...

STZ will continue to be a long term hold for me. I already have a large position so I'm not adding to it. If it were to drop into the 150's - 160's again, I would be buying. I like the companies position in Canopy Growth and I see this as the next growth driver for the company. You need to be patient and let the cannabis story play out. In the mean time, the company will be generating nice free cash flow from the beer / wine biz and will be returning a good portion of it back to shareholders in the form of share repurchase and dividend increases.

 
At May 30, 2019, Anonymous Anonymous said...

STZ: Downgrade by MS really took the air out of it, down 4 straight days now, didnt knew they had so much impact on the stock even though they only reduced their PT from 230 to 220. Hopefully stock recovers that downgrade soon.

 
At May 30, 2019, Anonymous Anonymous said...

STZ: tariff news will hit the stock tomorrow

 
At June 01, 2019, Blogger Money Turtle said...

I don't know how anyone can invest in this market when all of a sudden the rules change overnight. In any case, I do believe these tariff threats with eventually subside.

 

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