Portfolio Update
And a look back at the changes in the first half of 2023
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Since my last portfolio update in March, I’ve made a few portfolio changes that I’d like to take a few minutes to dig into.
Performance vs. Benchmark
YTD + 15.3% (S&P 500 + 18.2%)
1YR +12.3% (S&P 500 + 13.4%)
3YR +115.2% (S&P 500 + 39.27%)
Buys
I made two purchases in the last few months, both are new positions and both are microcap businesses with very low liquidity.
$IQ.V - Air IQ - A nanocap decent-quality and very reasonably priced business. More to come on this one.
$GLXZ - Galaxy Gaming - I previously studied this one and passed on the idea. I revisited it and changed my mind as I see the business is performing well and the management team seems to be planning to reduce and restructure the high debt load.
Sells
$AEP.V - Atlas Engineered Products - Trim
Atlas got a little carried away in price and I was happy to let some go between $1.30 and $1.40. I still own a good amount in the portfolio, especially considering it is a microcap.
CPRT 0.00%↑ - Copart - Trim
There were better opportunities as Copart’s price continued to be rather elevated, even compared with its still rosy looking future and robust business. I’m happy to still own most of what I owned. But again, there were better opportunities to redeploy some of the capital.
Current Holdings
My current holdings have mainly been unchanged other than the buys and sells mentioned above. I’ve slowly started to collect more and more microcaps over the last year. I don’t think this was fully intentional but as I’ve been looking for good value, this is where I’ve been more comfortable given the well known high quality businesses have been very reasonably priced as of late.
In the next month, look for a new writeup on AirIQ, my newest holding.
Cheers.
Simon
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