Citrindex: Monthly Update
Performance and Holdings
Happy Valentine’s Day, everyone!
A brief update on the Citrini Research core portfolio.
Not much has changed in the Citrindex since the last update. There were only two positioning changes. But first, performance:
Year-to-Date, as of 2/14/24, the Citrini Research Core Portfolio is up 10.5866%:
As of the most recent close on 2/13, our portfolio is up 77.47% since inception, representing 57% outperformance vs the S&P500:
And Year-to-Date, as of the most recent close on 02/13, here were the main contributors to the Citrindex’s nearly 500bps of outperformance vs. the benchmark :
As you can see, our position long NET & CRWD/short OKTA (from the October 20th article on Cybersecurity) did most of the heavy lifting. The rest of our outperformance was a mix of AI and Semiconductor names like CLS & SMCI, some insurers, our long in UTI and our well-timed monetization of our TLT call hedges. Overall, however, our hedges ended up being a net drag of about 100bps, which is a fine price to pay when you’re up 10% by mid-February.
“Hedge when you can, not when you have to” doesn’t get any less true in a bull market. I know it’s difficult to put things on that you’re relatively certain will lose money but just remember: we’re a bunch of idiots that know nothing for certain. That should help!