May 2022 Long/Short Portfolio Update

May 2022 Long/Short Portfolio Update

May 31, 2022 - 6:03 pm

For the month of May the Long/Short Portfolio gained about $5,300 or 3.1% vs. the flat performance of the S&P. We continue to beat the overall market with a YTD return of 17%.

We have two short positions which we've held since November 2021, and five long positions with 34% in cash.  We put most of our cash into UUP this month to generate a return in a strong dollar environment. We shared some thoughts earlier today on the market in our Long portfolio update which you can read there.

We'd love to see CVNA go even lower, although we've likely squeezed as much out of this trade as there is to get. RH is a hedge against a scenario where the market drops hard as we'll see that position continue to generate returns.  We don't see the market bouncing higher and taking off like we did in Q2 of 2020, so even with some sideways action we're ok with the portfolio as is.

Total Invested $100,000              
Beg Year Balance $171,825              
Current Value $201,002              
YTD Return 16.98%              
                 
Position Weight Entry Date Shares Entry
Price
Current
Price
Position Cost Position Value Gain/Loss %
CASH 33.9%           $68,090.68  
MSFT 9% 1/1/2021 67 $222.53 $271.87 $14,909.51 $18,215.29 22.2%
MRNA 7% 1/1/2021 93 $107.23 $145.33 $9,972.39 $13,515.69 35.5%
USO 10% 2/22/2021 242 $41.30 $85.47 $9,994.60 $20,683.74 106.9%
FCX 5% 2/22/2021 259 $38.58 $39.08 $9,992.22 $10,121.72 1.3%
CVNA -1% 11/8/2021 -67 $295.00 $29.44 ($19,765.00) ($1,972.48) 90.0%
RH -5% 11/8/2021 -32 $654.50 $290.08 ($20,944.00) ($9,282.56) 55.7%
UUP   5/23/2022 3000 $27.31 $27.21 $81,930.00 $81,630.00 0.4%
                 
                 
                 
TOTAL 59%         Total Value $201,002.08  
            YTD Return $29,177.14 16.98%
                 
  Short Position         S&P Year to Date Return (13.29%)
            Dow Year to Date Return (9.05%)
            Nasdaq Year to Date Return (23.16%)