Value, Special Situations
Contributor Since 2006
Since my last post at the beginning of December, I've added several positions to my Tech Turtle portfolio. As I didn't sell anything during the sell-off, this increased my number of positions from 24 to 32. This is more positions than I want to hold eventually, but several of the companies on my watch list became attractive (or even compelling). While of course my portfolio did suffer in December, overall I am satisfied with how my diversification shielded me from a severe draw down. Here is the current status:
I added these eight positions:
I increased my positions in:
My decisions always refer to the portfolio, in addition to the security. Any individual purchase should always make a contribution to the portfolio, and always adds factor exposures. This is a somewhat aggressive portfolio (it samples as "growth" but I consider my style value, actually). About half is allocated to technology, where I'm most comfortable. But I've deliberately included other sectors. Of course, my overall increase reflects an optimistic view of equities, especially in light of the sell-off. I do not obsess about negative momentum (as evidenced by my homebuilder positions). I care about Value and Quality. Quality gives you permission to be patient. The median EPS growth among my portfolio is more than twice the market average. Almost half (15/32) pay a dividend, with a 2.7X dividend cover, which is even slightly above the market average.
Disclosure: I am/we are long AAPL, AMAT, AMH, AYX, BAC, BLK, CHGG, CLDR, CONE, CTK, CVS, DOC, ENB, FB, GOOGL, GSKY, HDP, HPQ, INST, INVH, LEN, PVTL, QTWO, RDFN, SFM, SWKS, TJX, VTR, VWAGY, WLH, XROLF, ZUO.
Additional disclosure: I am long each of the stocks in the exhibit, except the three at the bottom which I've exited entirely (DISCK, KR, and SBUX)