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4) The fundamental metrics of the company change and our investment thesis is no longer valid.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 that fail Covestor's trading rules, do not reflect any Covestor suitability or risk score restrictions and are exclusive of Covestor fees. More
Average subscription returns ("Avg Sub" or "Avg Client") are calculated by Covestor and are composed of the average, daily, time weighted returns of all active subscriptions to the underlying portfolio. These daily average returns are then linked together for the timeframe requested. In addition, these returns include cash, dividends and earnings distributions, brokerage commissions, Covestor advisory fees, and reflect individual client suitability and risk score restrictions. More
All graph data is as of the end of day for the referenced period, unless otherwise specified. The subscription minimum is the minimum subscription 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 (Approach, Asset Class) are provided by Covestor, and are intended to serve as a general guide.
These securities are currently held in the portfolio manager's brokerage account. Holdings in the "Replicable Holdings" table currently pass Covestor's trading rules, subject to individual client constraints. Eligibility for replication may change over time. Actual client subscription holdings may vary.
These transactions were executed in the portfolio manager's brokerage account. Those marked as "Replicable Transactions" 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 subscription trade activity may vary.