Bear's Portfolio through Jun 2020

My 2020 Portfolio Performance YTD as of


Jan +23.79%
Feb +26.86%
Mar +10.12%
Apr +31.49%
May +62.13%
Jun +118.30%

My Current Allocations


Ticker	Curr%	Buy/S	Mo Ch	YTD Ch
FSLY	18.6%	36%	97.3%	324.2%
ZM	17.5%	36%	41.3%	272.6%
CRWD	13.7%	-6%	14.2%	101.1%
AYX	9.1%	-10%	14.1%	64.2%
ROKU	8.9%	0%	6.4%	-13.0%
LVGO	5.5%	100%	25.5%	200.0%
LLNW	4.3%	NEW	49.0%	80.4%
DOCU	3.8%	NEW	23.2%	132.4%
options	4.9%			
cash	13.7%			

New 2020
January - PINS
February - none
March - OKTA
April - ROKU
May - LVGO (again), WORK, FSLY, PLAN
June - DOCU, LLNW

Sold 2020
January - none
February - HUBS
March - SQ, LVGO, MDB
April - OKTA
May - PLAN, PINS, SMAR, DDOG
June - ESTC, WORK

Why I did what I did this month

BOUGHT

DOCU - https://discussion.fool.com/thanks-for-the-write-up-kyle-on-the-…

LLNW - https://discussion.fool.com/why-i-bought-llnw-34542805.aspx (Let’s please honor Saul’s wishes not to discuss this one further until earnings come out on July 20th.)

SOLD

ESTC - https://discussion.fool.com/estc-down-sizing-or-selling-34526462…

WORK - This was a small one and kind of a failed WFH play. I didn’t expect them to do what ZM did, but I expected more than a small uptick. Doesn’t look like Slack will be a super-grower, so I don’t see a need to pay up for it right now. I could be dead wrong and this could be a category killer in the making, but then again, maybe the category just isn’t as appealing as some.

ADDED TO or TRIMMED

ZM - Added quite a bit early in the month. Some before the earnings call, some after. I really feel quite secure with my large ZM position. They may still have some surprises coming to the upside when they report. Especially if you’re expecting just a little over $500m in Q2.

FSLY - I added to my FSLY, but the market also bid it up nearly 100% in June! So it became my largest position somewhat organically. Believe it or not, I’ve actually started to trim it a little, and yet it’s growing so fast it is still my largest position! I won’t fight anyone who says it has gotten ahead of its skis, but it’s still just an $8 billion company, so it hasn’t gotten as expensive as it may seem. If they come out with 65% or 70% growth in Q2, and then raise the full year guide to well over $300m, with no signs of slowing down…

CRWD - I want to be clear. I slightly reduced the number of shares I hold, but really I took an even more bullish position. I bought a bunch of LEAPs (options expiring Jan 2022) because I think CRWD will be meaningfully higher by then. The growth rate is so incredible, that at its current PS ratio of 38 or so, this might actually be a bargain.

LVGO - Doubled it, but probably not adding more. I just can’t shake the notion that it’s got a tougher road to long term success than most of our companies. But I’m certainly not 100% sure I’m right about that, and they’re certainly killing it right now, so I’m glad I have what I have.

Trimmed AYX a tad. Just can’t believe it’s going up despite the uncertainty they addressed. Not selling too much, though, because I could imagine a good surprise from them in a few weeks when they report. But it’s hard to expect that AYX will have as good a time the next few quarters as some of our others.

Wrapping Up

What can I say? We’ve been incredibly fortunate to find these incredible companies. Some of us managed to buy many of them before the market caught on (e.g Fastly in May). And though the market has indeed caught on to most of these companies, I don’t want to declare victory and sell, because these businesses aren’t slowing down. We may even look back on these prices in a year or two and realize there was still a lot of upside left in the tank. We’ve seen what the playbook looks like with SHOP. We can’t expect all of our companies to have that kind of runway, but I’m not ready to rule it out for most of them.

Stay long, stay safe, be kind, be happy.

Bear

“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” - Attributed to Albert Einstein

Previous Month Summaries

Dec 2016 (contains links to all 2016 monthly posts): http://discussion.fool.com/bear39s-portfolio-at-the-end-of-2016-…
Dec 2017 (contains links to all 2017 monthly posts): http://discussion.fool.com/bear39s-portfolio-through-dec-2017-32…
Dec 2018 (contains links to all 2018 monthly posts): https://discussion.fool.com/bear39s-portfolio-through-dec-2018-3…
Dec 2019 (contains links to all 2019 monthly posts): https://discussion.fool.com/bear39s-portfolio-through-dec-2019-3…

Jan 2020: https://discussion.fool.com/bear39s-portfolio-through-jan-2020-3…
Feb 2020: https://discussion.fool.com/bear39s-portfolio-through-feb-2020-3…
Mar 2020: https://discussion.fool.com/bear39s-portfolio-through-mar-2020-3…
Apr 2020: https://discussion.fool.com/bear39s-portfolio-through-apr-2020-3…
May 2020: https://discussion.fool.com/bear39s-portfolio-through-may-2020-3…

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