Monday, June 30, 2014

June Results

I can’t believe we’re already starting off the second half of the year. So for the month of June, the portfolio performed well as some of my larger positions such as Constellation Brands (Ticker: STZ) and Apple (Ticker: AAPL) approached new highs. In addition, Vertex Pharmaceuticals (Ticker: VRTX) announced positive phase 3 clinical trial results on VX-809 and Kalydeco for cystic fibrosis, which helped to propel the stock up nicely. The portfolio generated a positive return for June of + 0.57% to + 2.15%. Why this range? I usually just look at the end value of the portfolio at the close on the last trading day of the month and that would be +0.57%, but today there was a weird option pricing for my Safeway short Put resulting in a wide bid / ask spread. This pricing skewed the value of my portfolio down. If I ignore that crazy option price, my portfolio will have increased ~ +2.15% versus the +0.57%. For simplicity, I think I’ll just use the +0.57% for the month of June.

That’s it for now…

Performance Year to Date = +9.50% to (+11.08%) with the running monthly returns as follows:

January -0.67%
February +6.50%
March -2.69%
April -1.51%
May +7.30%
June + 0.57% (+2.15%)


At July 01, 2014, Anonymous Anonymous said...

Hi MT,
Nice returns.
I was wondering if it time to texamine RDA again. There was an article on that is recommending it.
What is your current feeling on this.

At July 01, 2014, Anonymous Anonymous said...

I think the author is a bit optimistic in terms of the closing time frame. Shanghai Pudong has the Road Pass (pre-clearance) that Tsinghua needs. Tsinghua jumped the gun by signing a definitive agreement with RDA prior to obtaining government pre-clearance, which is a big no no... This one is too complicated for me to play at the moment. -MT


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