Cutting losers and adding 2 new positions

Cutting losers and adding 2 new positions

February 22, 2021 - 12:46 pm

Our Long/Short portfolio has lagged in performance in Feb vs. where we should be considering the strong January that we had, and it's been mainly due to the short positions working against us, and the pull back in Bloom Energy from it's recent highs. We are making adjustments today to this group of holdings.

 

Total Invested $100,000.00              
Current Value $107,300.76              
Gain/Loss 7.30%              
                 
Position Weight Entry Date Shares Entry
Price
Current
Price
Position Cost Position Value Gain/Loss %
CASH 70%         $70,322.72 $70,322.72  
DKNG 5% 1/1/2021 106 $47.00 $62.10 $4,982.00 $6,582.60 32.10%
MSFT 15% 1/1/2021 67 $222.53 $235.04 $14,909.51 $15,747.68 5.60%
PENN 10% 1/1/2021 117 $85.26 $122.89 $9,975.42 $14,378.13 44.10%
MRNA 10% 1/1/2021 93 $107.23 $164.23 $9,972.39 $15,273.39 53.20%
VRM -10% 1/1/2021 -245 $40.93 $48.92 ($10,027.85) ($11,985.40) -19.50%
UAL -10% 1/1/2021 -229 $43.68 $51.05 ($10,002.72) ($11,690.45) -16.90%
HLT -10% 1/1/2021 -91 $110.97 $121.11 ($10,098.27) ($11,021.01) -9.10%
LL -5% 1/1/2021 -161 $31.20 $26.95 ($5,023.20) ($4,338.95) 13.60%
BE 10% 1/1/2021 343 $29.14 $29.73 $9,995.02 $10,197.39 2.00%
QCOM 15% 1/1/2021 98 $153.01 $141.17 $14,994.98 $13,834.66 -7.70%
  100%         $100,000.00 $107,300.76 7.30%
              Portfolio Beta 0.4

We are closing the short positions on VRM, UAL and HLT as travel stocks have been rebounding sharply, and we're late on this trade. Buying back those shares will cost us $34,645 from our cash position and we'll take our losses on these 3 positions and move on.

We are adding two Long positions as follows:

USO at $41.30 with a 10% allocation and Freeport McMoran (FCX) at $38.58 with a 10% allocation which leaves us with $15.680.18 in cash.

The new portfolio is reflected below after the changes:

Total Invested $100,000.00              
Current Value $106,857.14              
Gain/Loss 6.90%              
                 
Position Weight Entry Date Shares Entry
Price
Current
Price
Position Cost Position Value Gain/Loss %
CASH 20%         $15,680.18 $15,680.18  
DKNG 5% 1/1/2021 106 $47.00 $61.89 $4,982.00 $6,560.34 31.70%
MSFT 15% 1/1/2021 67 $222.53 $235.36 $14,909.51 $15,769.12 5.80%
PENN 10% 1/1/2021 117 $85.26 $122.22 $9,975.42 $14,299.74 43.30%
MRNA 10% 1/1/2021 93 $107.23 $162.25 $9,972.39 $15,089.25 51.30%
USO 10% 2/22/2021 242 $41.30 $41.30 $9,994.60 $9,994.60 0.00%
FCX 10% 2/22/2021 259 $38.58 $38.57 $9,992.22 $9,989.63 0.00%
QCOM 15% 1/1/2021 98 $153.01 $140.89 $14,994.98 $13,807.22 -7.90%
LL -5% 1/1/2021 -161 $31.20 $26.69 ($5,023.20) ($4,297.09) 14.50%
BE 10% 1/1/2021 343 $29.14 $29.05 $9,995.02 $9,964.15 -0.30%
                 
  100%           $106,857.14 6.90%