July was another dramatic month, really it looked a lot like June for my portfolio but even more extreme. I was up close to 20% in the middle of the month only to drop precipitously, barely hanging on to a positive month. My saving grace was that I had to sell a chunk of my portfolio for a house project and I happened to do that right around the top, thankfully. I’ll cover those sales below but otherwise it was a very quiet month for me from a trading perspective. The biggest positive note for me is that UPST and PGY are starting to wake up, with positive macro and positive company news. I was always hoping they’d drive 2nd half performance for my portfolio.
JAN: +11.38%
FEB: +19.98%
MAR: +3.37%
APR: -7.07%
MAY: +15.18%
JUN: +7.13%
JUL: +0.19
YTD: +79.19%
This calc looks a little funky because of the timing of my sales
Here’s my portfolio at the end of July:
I wasn’t really excited to sell anything so it was tough to decide where to trim, but ultimately I let the numbers make the decision for the most part, and kept a small piece of each so I pay attention moving forward, but I’m really at only 8 positions right now. I looked for the greatest discrepancies in revenue growth rates vs. EV/Sales valuation, and here’s what I did:
Sold almost completely out of IOT. 15x EV/Sales, 2nd most expensive stock I own growing at mid30s. The most expensive is NVDA which I am keeping long term.
Trimmed TSLA. Growth not happening right now, and I can’t tell if they (he) are (is) just completely full of sh*t or partially. Can always buy back in if it turns out all of these promises are not false.
Trimmed Axon. 10x EV/Sales also growing at mid-30s.
Trimmed ELF. 8x EV/Sales growing at 70%…this one hurt.
Sold almost completely out of SNOW. 9.4x EV/Sales at low 30s growth.
Lastly, trimmed TMDX. Great growth but getting expensive at 10.5 EV/Sales. It also got above 20% of my portfolio at one point which is the ceiling I have set for them.
I’ve made some additional moves over the last few days…notably added to SMCI on the way down, adding to GCT after positive earnings (although guidance wasn’t great but hoping for a serious sandbag). They are down after their call this morning so need to look into it…
Good look out there in this volatile environment!