Friday, September 01, 2023

August 2023 Performance

August was a mixed bag with the market taking a small dip. The performance of my 3 largest holdings were as follows: Apple -4.27%, Visa +3.60% and Constellation Brands -4.29%. This contributed to an overall decline of -2.10% for August. It is really hard to have the conviction to initiate new positions in this market environment. I would like to see some high-quality IPOs come to market, but I do not see that happening right now. It is also hard to beat T bills with a ~ 5%+ risk free return.

In terms of special situations, I did play Activision and exited the position for a small gain after the dividend payout. I continued to play the short put game to make some pocket change. Also participated in the J&J tender offer (odd lot) for Kenvue and currently holding onto the position. I usually flip these spin offs, but Kenvue has an attractive valuation and a nice dividend payout. Who knows, maybe I will start to build on this position. Spin offs historically have outperformed the market.

Kind of disappointed with Fidelity with their recent online platform issues. Their recent performance has gone way down with the site being slow and system going down near the close of trading. I was with TD Ameritrade, and they also had their issues. Who else is left to try? Thinking of Interactive Brokers.
2023 Performance = +27.20% 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%
August -2.10%


At September 06, 2023, Anonymous DCFrancis said...

Schwab has started the process of absorbing TDAmeritrade accounts.

At September 08, 2023, Blogger Money Turtle said...

Mostly using Fidelity now. Not as good as Think or Swim, but get great fills. Also like that cash is instantly swept into their money market account, while TD / Schwab make you jump through hurdles to have the cash transferred into their money market account.

At September 08, 2023, Anonymous Anonymous said...

Fidelity gives access to IPOs too. They got ARM holding IPO.

At September 09, 2023, Blogger Money Turtle said...

Yeah, I'm going to try to get a few shares of ARM. Fidelity does provide more access to IPO offerings than TD.

At September 14, 2023, Anonymous Anonymous said...

Fidelity didn’t allocate any IPOs, Luckily robinhood allocated almost 75% of requested shares.

At September 15, 2023, Blogger Money Turtle said...

Fidelity has been a dud lately with IPOs.

At September 19, 2023, Anonymous Anonymous said...

Any thoughts on QGEN here? Do you continue to hold? Loss of COVID-related revenue is a headwind, but we are approaching three-year lows now.

Re: KVUE, dividend yield doesn't look so attractive relative to current treasury yields. Decent write-up today on Seeking Alpha if you haven't seen it.

At September 22, 2023, Blogger Money Turtle said...

Yes, I still hold QGEN. It's hard to let go of this one for various reasons. The biotech sector is hitting a rough spot right now with funding drying up for many of the smaller companies. I like QGEN because of it's strong recurring revenues for many of it's products. If it goes lower, it'll be an acquisition target.

I exited Kenvue for a tiny gain. Lawsuits are just being filed left and right against Kenvue. Just too much uncertainty with this one...


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