My portfolio invests in deeply discounted companies that I believe have a potential catalyst in place that will unlock shareholder value. I am willing to hold cash until an opportunity arises. The portfolio does not have specific market cap or industry restrictions. It tends to be concentrated in a small number of holdings.
Volatility is welcomed as a means for me to purchase what I believe are inexpensive shares. My concentrated portfolio does remain mindful of diversification.
I typically research companies that are trading at 52-week lows, or ones that I believe are trading at a discount. I also may research public filings, as well as ideas from other researchers. Companies are then placed on a watch list with a buy target. It may take a very long time for the price to drop to my buy target, but as more companies are added to the list, the likelihood of a company reaching the buy target increases.
I typically hold between 5 and 12 stocks. In most cases, positions start at 2% and may go up to 10%, depending on my confidence in the investment. In some cases, single stocks may make up as much as 25% of my portfolio.
A position is closed when the stock has approximated its intrinsic value or when a better opportunity is available. A change for the worse in fundamentals (with no correction in sight) or in management’s policy will also trigger immediate selling. I typically will not sell a stock just because the stock has outgrown its allocated weighting, unless I believe the funds could be invested in a better opportunity.
I may invest in special situations such as liquidations, spin-offs, re-capitalization and going-private transactions if I believe that the risk-reward profile is promising.
Past performance is no guarantee of future results.
Performance of the portfolio manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions and broker commissions. Manager returns include trades and positions that fail Covestor's trading rules, as a result, actual client returns will differ. Covestor advisory fees are simulated and applied retro-actively to present the portfolio return "net-of-fees".
Average client returns are calculated by Covestor and are composed of the average, time-weighted returns of all active client investments (some of which may contain investment restrictions) to the underlying portfolio. These daily average returns are then linked together for the timeframe presented. These returns include cash, dividends, earnings distributions, brokerage commissions and Covestor advisory fees.
All graph data is as of the end of day for the referenced period, unless otherwise specified. The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations. Benchmarks presented are total return and therefore inclusive of cash, dividends and earnings distributions but not transaction costs.
Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.
All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request. Portfolio classifications are provided by Covestor, and are intended to serve as a general guide.
Transactions that are marked as "Replicable" passed Covestor's trading rules and were eligible for replication at the time of execution, subject to individual
client constraints. Eligibility for replication may change over time. Actual client investment trade activity may vary.
Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index.