My Restaurant and Food Chain portfolio seeks to produce positive returns that are not correlated to the S&P 500 Index. It makes long-term investments as well as opportunistic trades in companies that I believe are vital to the farming, preparation, production, delivery, sale, marketing and consumption of food, beverages and agricultural products.
Investments are both tactical and strategic. They may be in individual stocks, as well as Exchange Traded Funds. I look for fundamental growth opportunities across a range of market capitalizations and choose stocks based on our research of total return potential. Dividend income is also factored into the investment selection process. We focus on US companies and foreign companies that are listed as American Depository Receipts.
I employ a traditional bottom-up fundamental approach to investment research. This approach includes but is not limited to: analysis of financial reports, records and data; participation in or observation of earnings conference calls; site visits; economic and commodity research; statistical analysis; and consumer behavior.
I typically hold a total of 15 to 30 positions in the portfolio. No individual stock holding is expected to exceed 12.5% of the portfolio. When a stock exceeds that weighting, the position is typically reduced. We are not afraid to hold cash until a new opportunity presents itself.
Stock will usually be sold when:
1) The dividend yield falls below the market average yield;
2) The volatility of the stock exceeds the market average volatility for a given period of time;
3) We want to raise cash for new opportunities;
4) The fundamental metrics of the company change and our investment thesis is no longer valid.
At times I may hold Exchange Traded Funds (ETFs) designed to track the S&P 500 Index or other broad based indexes to maintain exposure to the market.
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.