State of the Themes: Q4 2024
Earnings Review & Checking our Watchlist
Preface
I know I’m basically committing an investment research cardinal sin by putting anything in your inbox right now besides a biased electoral map and a wrong prediction about what happens at the voting booths, but I’m doing it anyway so…deal.
Our last State of the Themes in June was very dense, and we’d rather use this one to perhaps illuminate some areas of the market that aren’t getting as much attention as all the hottest themes.
So, we’re doing the State of the Themes for Q4 2024 to give you a full picture of not just the themes we are actively allocated to - but all of them that we’ve published baskets for. We’ve dedicated more time into presenting all of the thematic baskets we’ve published that are “on our watchlist” - you might find an opportunity we don’t see right now
As we’re a bit more than halfway through earnings, we’re making some adjustments as well - but the primary purpose of this article is to give you a feel for which themes are outperforming and which aren’t.
Without further ado,
The State of the Themes: Q4 2024
Citrindex Core Portfolio Performance
Year to date, our Core Thematic Portfolio - comprised of our best ideas and active management of our published baskets - has returned +41.83%.
This brings the return since inception on May 31st 2023 to +131.16%.
Quarter to date, the Citrindex is up 3.28%, with the following out/under-performers:
QTD Contributors (Total Return QTD, Average Weight, CTR)
TKNO (+45%, 1.04%, 44bps)
CVRX (+52%, 0.47%, 32bps
ATEC (+45%, 0.27%, 25bps)
AGX (+21%, 0.69, 22bps)
688256 CH (40%, 0.31% , 21bps)
QTD Detractors (Total Return QTD, Average Weight, CTR)
Hedges: SPX 11 P5300 & TLT 12 C101 (Combined: -60%, 0.9%, -51bps)
1801 HK (-24%, 0.61%, -18bps)
WEX (-17.15%, 0.71%, -14bps)
GRMN (+16.41%, -0.62%, -11bps)
NVO (-5%, 1.70%, -10bps)
Below the paywall: CitriniResearch’s Q4 Chartbook for the 30+ themes in our coverage, as well as short commentary and suggested adjustments to thematic basket exposures.