My portfolio typically holds undervalued U.S. stocks with market values above $50 million. Commodity and/or sector ETFs also may be used in order to take advantage of long-term macro trends.
The portfolio will use traditional valuation metrics like P/E, ROE and Free Cash Flow in order to buy assets that are priced at a discount to intrinsic value. In order to play long-term market trends, the portfolio may also own commodity and/or sector ETFs. In the case of sector ETFs, the portfolio will most likely hold inverse ETFs in order to take advantage of deteriorating sectors.
The portfolio will hold positions for as long as 3-5 years while the price corrects to intrinsic value. It may also own ADRs.
I screen from various value investing web sites as well as commodity related web sites. I also perform stock screens on publicly available web sites. After my initial screen, I will go into further detail by reading any pertinent security fillings.
The portfolio will usually hold 5 to 50 securities, with the greatest allocation to my best overall idea. The maximum allocation to a single idea could be as high as 50%, although this will be for a long-term trade. The level of diversification will depend partly on market conditions, as well.
The portfolio will sell a position when it has reached its intrinsic value or when a better idea is discovered.
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 asset-weighted average 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.