Tuesday, December 03, 2019

November 2019 Performance

November was a strong month with the market hit new highs. My portfolio just went along with for the ride. One interesting stock was Qiagen (Ticker: QGEN), which went from a dog performer to a rising star. As you may know, Qiagen pre-announced an earnings warning and CEO departure, which led to the stock hitting new lows. With the company in limbo, several acquirers approached the company with a potential deal. This in turn has propelled the stock to new highs. What a turnaround in stock price! I do think a deal will be announced shortly and I am looking for something in $50+ per share. Thermo (Ticker: TMO) will most likely win the prize.

I positioned my portfolio with a bearish tilt in 2019 with a hefty cash position, which I never got to deploy (yet). I am really surprised that my portfolio was able to generate these returns. I wish I can say it was skill, but luck is definite a factor. My special situations plays were limited to a few positions in the beginning of the year. Nothing else since… So no significant alpha contribution to the portfolio. 

We’ll see if I can end the year on a strong note…

2019 Performance = +36.05% with the running monthly returns as follows:

January +7.4%
February +3.7%
March +5.06%
April +7.15%
May -7.90%
June +8.2%
July +1.88%
August +1.00%
September -0.09%
October +1.12%
November +4.75%


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