Citrindex Update: January 2024

Summary of Changes to the Citrini Research Core Portfolio

The Citrini Research Core Portfolio (the “Citrindex”) was incepted on May 31st 2023 and, in 2023, returned 59.42% for a total outperformance of 43.7%. It is comprised of all long-form article thematic and equity plays, as well as macro-focused hedges (mainly on rates and equity indices).

Before the New Year, on December 27th, we made some changes to the Citrindex to prepare for 2024. This was the existing allocation before those changes were made:

.AILONGS: Global AI Beneficiaries, .AISHORTS: AI Standalone Short Basket, .CHEQBBELL: Chinese Equity Barbell, .GLP1LS: GLP-1 Long/Short Basket, .INSURERLS: Good US Insurers vs. Not So Good, .NETCRWDOK: Long NET & CRWD Short OKTA, .NSGUB: Good US Banks Basket, .RATEHDG: Interest Rate Hedge Basket, .USFPIU: US Fiscal Beneficiaries

The year ending weights by individual ticker can be found here. These are individual position weights before any of the below changes (aka the portfolio as it was 12/26/2024).

Changes to the Citrindex for 2024

I have updated the Citrindex to more accurately reflect my current views for 2024. I alerted subscribers to these changes on December 27th, and have since adjusted a couple things. Let’s get into it. The changes announced to the substack chat (hyperlinked on each line) between 12/27 and today were: