Y H & C Investments

Concentrated GARP



  • Additional attributes Small cap
  • Strategy Stocks
GARP stands for Growth at a Reasonable Price. My growth-oriented investment style focuses on fundamental analysis including cash ratios, liquidity ratios and margins. I will also invest in anticipation of potential mergers, spin-offs and perceived arbitrage opportunities.
My main focus is on buying growth-oriented businesses led by what I believe are strong management teams. I attempt to buy growth companies, as well as ones with cash-rich balance sheets. The companies I own also tend to have strategic competitive advantages and high barriers to entry within large target markets. At times I may target potential spin-offs and arbitrage opportunities as well.
My screening approach analyzes cash, cash relative to debt, assets relative to liabilities, liquidity and cash flow. Typical sources of data and company information include Barron’s, Yahoo! Finance, MSN Screener, local news, Seeking Alpha, Investopedia, BusinessWeek and Bloomberg.
Positions usually range from 5% to 20% of the portfolio. I typically will seek to sell positions for which I have a larger allocation.
I make decisions to close positions based on the performance, or lack thereof, of the company. If an abnormally large gain is achieved in a short period, the position may be sold. If a stock is grossly overvalued, it will also be sold.
My strategy may change if I believe that stocks are highly overvalued, or due to merger activity, regulatory issues, world events or potential arbitrage opportunities.

Performance

-1.7%

Month to date

MTD

0.4%

Quarter to date

QTD

0.4%

Year to date

YTD

Quarterly vs S&P500

Quarterly vs S&P500

Risk score

  • 19.7%

    Best quarter

  • -29.8%

    Worst quarter

    • 1.5% fee
    • $10,000 min

Performance detail

Performance Portfolio inception January 20, 2010

as of March 22, 2017 Manager (net of fees ) S&P 500
Month-to-date -1.7% -0.6%
Quarter-to-date 0.4% 4.9%
Last 365 Days 6.1% 14.6%
Since inception (Annualized) -0.3% 10.6%
2017 (YTD) 0.4% 4.9%
2016 4.7% 9.5%
2015 -18.1% -0.7%
2014 -12.0% 11.4%
2013 39.4% 29.6%
2012 40.2% 13.4%
2011 -34.1% -0.0%

Risk metrics Last 365 days

as of March 22, 2017 Manager (net of fees ) S&P 500
Volatility 16.4% 10.1%
Sharpe Ratio 0.32 1.36
Sortino Ratio 0.53 1.79
Maximum Drawdown -11.6% -5.6%
Value-at-risk (95%, 1 week) -3.8% -2.3%
vs. S&P 500
Information Ratio -0.69
Alpha -7.8%
Beta 1.06
R-Squared 0.43

Exposure

37.3%
36.4%
20.6%
5.4%
  • Communications
  • Consumer, Non-cyclical
  • Financial
  • Consumer, Cyclical

Top 5 securities

35.8%
20.7%
13.6%
13.6%
9.9%
View all

Portfolio commentary

  1. Profile Picture Why diversification matters March 22, 2017

    A dash of portfolio diversification is a smart move for investors

  2. Profile Picture It’s a jungle out there March 15, 2017
  3. Profile Picture Why analysis matters March 08, 2017
  4. Profile Picture Buffett unpacked February 28, 2017
  5. Profile Picture Embrace failure February 14, 2017
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Latest transactions Average trades per month 0.4

Executed Symbol Security Type Price
December 21, 2016 LILA Liberty Global Plc LiLAC Buy $21.87
December 20, 2016 GPRO GoPro Inc Sell $8.92
July 29, 2016 GPRO GoPro Inc Buy $12.74
December 15, 2015 H Hyatt Hotels Corp Buy $47.07
December 15, 2015 VIV Telefonica Brasil SA Buy $9.57
December 03, 2015 GPRO GoPro Inc Buy $19.82
November 19, 2015 DLB Dolby Laboratories Inc Sell $34.83
November 19, 2015 DGI DigitalGlobe Inc Sell $16.78
View all

Manager's other portfolios

Y H & C Investments - Long Term GARP Long Term GARP

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Important Information

  1. Past performance is no guarantee of future results.
  2. Performance of the Portfolio Manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions and reflects the deduction of 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 retroactively to present the portfolio return "net-of-fees".
  3. Average client returns are calculated by Covestor and are composed of the asset-weighted daily 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, and earnings distributions, and reflect the deduction of Covestor advisory fees, brokerage and other commissions and expenses actually paid by clients.
  4. 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.
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  6. Benchmark returns displayed have been calculated by Covestor using daily benchmark prices and do not include dividend income. More information here. For certain portfolios Covestor uses an index as a benchmark, while for others it uses an investable exchange traded fund (ETF) as a benchmark. Index returns do not reflect the deduction of any management fees, transaction costs or expenses. Individuals cannot invest directly in an index. Investable ETF returns reflect the deduction of (i.e., are net of) management fees, transaction costs and expenses.
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