Tuesday, August 01, 2023

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%