Tuesday, November 07, 2023

October 2023 Performance

October was not kind to the portfolio. The big drag to the portfolio can be attributed to Constellation Brands, which declined ~ 6.5%. Apple and Visa were relatively flat. So overall, the portfolio declined ~1.62%. As we enter the seasonally strong months, I’m cautiously optimistic that we will end the year on a strong note.

I did go relatively big on two merger arb plays: Horizon Therapeutics and Activision. I went heavy on both via short Puts as the risk reward was favorable to a successful close. I managed to pick up some spare change in front of a steam roller without being flattened.

So nothing new, just trying to play it safe to the end of the year.

2023 Performance = +17.48% 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%
September -6.10%
October -1.62%


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