09/30
Well, Q3 2024 wrapped up today. The quarter ended up being a lot more choppier than usual. Sometime in July ended up being the high-water mark. From there, it was correction time as the port dropped more than 10% … maybe closer to 12%, before staging somewhat of a recovery in Sept.
There had been a plan to be more invested. That was true for a few weeks, and then events occurred that changed the trajectory. A few of the big events
- A British entity decided to buy-out Atlantica Yield (AY) for a somewhat lowball offer of $22/sh
- Don’t ask me for particulars - I decided to monetize BNS rather than wait for dividend
- SE was doing well, then abruptly corrected. Small recovery, and I decided I was out.
- Unlike BNS, I let riskier play AMBP ride through ex-div, then cashed out.
Top 10
- BRK-B 7.02%
- QCOM 6.06%
- AAPL 5.63%
- FLNG 4.93%
- NVDA 4.02%
- NVDY 3.35%
- BROS 2.90%
- FRO 2.83%
- QYLD 2.40%
- TRMD 2.39%
Wanted to capture some of the other interesting (to me) stats that come into play during the investing/trading process
a. Income: As noted last qtr, taxable ac has a income portion to it. The income side has a target goal to it. At the end of Q3, I have reached 88% of the target. In some ways, the income component is doing even better. I have not adjusted the target even though dividend ideas like AY or BNS have dropped out of the port.
b. Losers: NKE, NFE, IEP, VATE
c. Winners: SE, AMBP, NVDA (9-bagger), ASYS [Edit: There were shipping winners too - LPG, STNG, slices of FRO, CLCO, GOGL]
The issue gnaws at me at various time in the quarter, so I feel it is worth mentioning. It sits between b. and c., and is the idea of “gains not realized”. The big dog there is QCOM, and #2 is CELH. While I might not like acknowledging it, I think it might help me in the long run to name it because I think it does intrude e.g. I believe it played a part in my decision to close out the SE stake. OTOH, it also helped me lock in some BROS gains before that company’s share price plunged.
Shipping basket is doing okay. But, true undervalued shipping names are harder to come by. There was a strategy for some of the existing names in the basket during Q3 e.g. monetizing a portion of some stakes e.g. LPG, STNG & FRO. There’s also a sprucing exercise e.g. with CLCO, FLNG, that worked out.
As mentioned earlier, port dropped more than 12% from the high-water mark, prior to staging a comeback. Port took a step back during Q3. Was trailing the S&P 500 Index at the end of Q2. With the Index now at over 20%, the gap has widened. But, account is still overall positive, with gains of around 10%. There’s still some fight in me to find another NVDA, or a COHR (gains now in triple digits). Good gains can make up for a lot of other challenges to the port. Sometimes patience is required e.g. with GLNG.