July 2023 Performance
July turned out decent even with Apple and Visa doing nothing. The surprise contributor was Constellation Brands, which increased ~15% for the month after activist investor, Elliot took a stake in the company and implemented some shareholder friendly changes. This basically resulted in the entire gain for July. I certainly did not expect it, but there were some rumblings a few months back about some activist action. I see much more upside in Constellation Brands with Elliot taking a stake.
I’ve ventured back
into the merger arb space with a ~ 20% position in Activision. This is now a
wait and see game, hopefully we get clarification from the CMA by the end of
the month. I just can’t see Microsoft going through all this drama and not
close just because of the CMA.
That is all I have to report.
2023 Performance = +29.90%
with the running monthly returns as follows:
January +8.04%
February -1.60%
March +6.31%
April +2.39%
May +1.02%
June +7.00%
July +3.85%
posted by Money Turtle @ 10:17 AM
7 comments
7 Comments:
Outstanding work YTD. Curious, where is that 20% position coming from? Cash on the sidelines?
Excess cash and leverage (margin).
ATVI getting closer. Still juicy return
Hi Moneyturtle, Keen to get your thoughts on some of the tech leading the market forward especially Apple, Mr Softy & NVDA? Love some of your moat co's in your portfolio especially Mastercard/Visa/Apple. I loaded up on short puts in Ginko when it dipped to $1.25 and used to buy the shares. Felt $1.25/sh was like buying a call option on the stock. Any thoughts on where Ginko goes from here? Certainly a difficult market to project with a potential recession on the way and unknowns with how much the market has discounted the future. Nice job on STZ...
I like Apple and the upcoming iPhone 15 launch should be strong. The Vision Pro will start making the headlines as it approaches to market launch. I personally will be in the market for the next iPhone. Looking to initiate a position in Mr Softy at some point (if it ever dips in the low 300s). Still trying to get my head around the valuation of NVDA. I keeping asking myself, is NVDA really worth ~ 1/3 of Apple or Mr Softy? I have to say no at this point.
Ginkgo came public way too early, but I can envision some big things in the future. I've been eyeing this company since the pre-ipo days. Need to give this one a few years to play out. I'll hang on as long as the current management team stays intact.
MT,
I think TSLA should be included in all the AI conversation and the ones who drive one cant stop talking about it.
IBKR- really good execution, app is awesome, strictly for trading, not much research, 0-10k earn 0% interest. I have used them for long time, can't complain but customer service is kind of crap.
Yes, I agree TSLA is a top AI play. I was able to take a ride in a Model X a few years back and it was simply amazing. This is one that slipped away from me. Experienced a great product, but didn't pick up any shares.
Thanks for the feedback on Interactive Brokers. The one plus for Fidelity is that they have excellent fills. They don't do payment for order flow (same as IBKR).
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