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November 21st: we close XOM US
November 16th: we close LULU US, DIS US, NVDA US, SBNY US, CHTR US, MLM US, ALK US, we add HUM US, MUSA US, NBIX US, ENPH US, PFE US, CB US
November 15th: we close RNR US, CNC US, SEDG US, DIS US, we add SHOP US
November 10th: we add NVDA US
November 9th: we add META US, we close HUM US
November 3rd: we close FTNT US
November 2nd: we close MA US, TU US, APD US, V US, ALK US, CHTR US, we add INTU US, CAT US
October 27th: we close WST US, we add AMD US, ANET US, SLB US, JPM US
October 25th: we close MOH US
October 19th: we close RE US, TWTR US, COP US, we add UNH US, HUM US, INCY US, CNC US, EW US, EWBC US
October 13th: we add LUV US, ALK US
October 11th: we close UNH US
October 7th: we add SNOW US, TU US, TWTR US
October 5th: we close PAWN US, PXD US, EOG US, SBNY US, we add LOW US, HAL US, COP US, NEE US, LULU US, POOL US, MRK US, PFE US
September 21st: we close INCY US, we add ADM US
September 7th: we close NOW US, PFE US, ATUS US, we add KEYS US
September 1st: we close EL US, UAL US
August 31st: we add PYPL US
August 24th: we add PANW US
August 08th: we close KLAC, and add BRKB, ADBE US, ATUS US, DIS US (through convexity), SNOW US.
July 22th: we close SIVB US and add HASI
July 18th: we close CBRE US
June 10th: we close MSFT US, we add MOS US
June 7th: we close T US, AES US
May 20th: we close LOW US, we add SIVB US, SBNY US, RE US, ALB US
May 19th: we close NRG US
May 9th: we add PFE US
April 29th: we add NLFX US
April 26th: we add UAL US
April 22nd: we close HCA US
April 21th: we close SCHW US, MCK US
April 20th: we close NFLX US
March 7th: we add APD US
March 6th: we close WFC US, we add CMC US, ZTS US
March 30th: we add RH US
March 17th: we close OSTK US
March 16th: we close NUE US
March 15th: we close FNV US, we add AQUA US
March 14th: we close TSLA US, we add UNH US
March 11th: we add INCY US
March 10th: we close WMT US, KBH US, we add CRWD US, V US
March 2nd: MCK US
Feb 23rd: we close HD US, ALGN US we add OSTK US, LOW US
Feb 22nd: We close TRU US
Feb17th: we add FNV US
Feb 11th: we close ZBRA US, we add RNR US
Feb 10th: we add SNOW US
Feb 9th: we close CAT US, DOW US, PHM US, LRCX US, we add COST US, TSLA US, UPST US, SBNY US, EOG US
Feb 1st: We close ABT US,
Jan 28th: We add AAPL US,
Jan 25th: We add NKE US, NOW ahead of earnings
Jan 19th: We close GS US, KEY US, we add BAC US
Jan 12th: We close T US, INTU US, AMAT US add PXD US
Dec 31st: We close AEE US, BAC US, Coca-cola; WE ADD zbra us, KEY US.
Dec 20th: We add CBRE US, T US
Dec 9: close EXR US, VFC US, sedg us, close AAPL on 10th
Dec 2, 3: add KO, WMT, ABT (increase low vol), add INTU, el us
Dec 1st: add CRM US, close DOCU ahead of earnings & close GNRC, ADBE with long puts for both
Nov 26th: we close RF US, CWH US, add LRCX US, NTAP US
Nov 19th: we close UI US, TSN US, PENN US
Nov 9th: we close V US, PYPL US and add KBH US
Nov 5th: Close COST US, WMT US, we add ABNB US
Nov 1st: Close BKR US, EHC US, V US, SEDG US, close NYT US
October 28th: We add tsla, Close FB US
October 13th: We add CRWD US, COST US, WMT US, FXC US, SCHW US, Close AGCO US
October 12th: Close UBER US, T US, DIS US
September 30th: Close IBKR
September 20th: We add T US, Close DOW, AMZN & AAPL
September 02nd: We add T US, UBER US (convexity) .
August 23rd: We add DIS US as Communication OW, WST US, TSN US, GOOG US, CAT US, AMZN US, UPST US, UI US, DAR US, BAC US, RF US
August 02nd: We close LLY US, ctas us, IDXX US, veev us, zm us, Add PHM US, exr us, APH US, WST US
July 30th: We close AMZN, MU, FCX, PM and BIIB, we add EHC US & AGCO US
July 23rd: We stop SAM US, add HCA after earning
July 16th: We close HCA US & FTNT before earnings and add PINS US
July 8th: We add ALGN US,
June XXth: We close CSL US, FNF US, LB US. We add DE US,
June 24th: We add NYT US as Communication moves from UW to neutral; to the detriment of Energy with the removal of COP US & APA US. We add DOW & CAT for the Infrastructure spending.
June 22th: We add MU US, close MOS US, MRK US, TTD US
June 17th: We add PAYC US, DOCU US & ZM US as tech back to OW and close JPM US
June 1st: We add lly us & BIIB US (through the purchase of call), GNRC US in Industrials, and close MS US & ALLE US (Financials are downgraded to neutral), MNST US, UNH US.
May 18th: We add PENN, moh us, PM US, CSL US SAM US & SAM, and close NOW US and PTON US.
May 12th: We replace BAH by HCA (theme of home hospitalization: HCA’s acquisition of BKD Home Health , adoption of [email protected] could enable hospitals to shore up margins as care delivery costs are typically lower by at least 10% and we note that HCA’s early participation in the CMS program gives it a first mover advantage that could boost EBITDA by $100MM+). we close CDNS US.
May 3rd: We add BKR US and close/stop ZM US and TTD US.
April 22th: We close ALLE US, ALXN US, BRK/B US, SCI US, OSTK US. .we add SEDG US, QCOM US.
April 8th: We close COST US, we add UI US.
March 11th: We close PAA US, PGR US, NBHC US, INTC US, LDOS US. We add NFLX, TTWO US,
Feb 24th: We close TDS US, GOLD US. Ee add OSTK US (reached 61.8% fibo retracement – see chart)
Feb 08th: We close SIRI US, BMY US, ABBV US, HAIN US, ROP US, STZ US. We add WFC US, COP US, PAA US (high SI) and replace NOV by xom us.
Feb 02nd: We close NEE US, ANTM US, and add LB US.
Jan 29th: we replace CXO (purchased by COP), by NOV
Dec 29th: we add INTC US and close LMT US
Dec 22nd: we add FLT US
Dec 10th: We close ipg us, TSLA US, fisv us, aiv us, add Y US (11 dec)
Dec 08th: We close avgo before earnings release and add MOS US, apa us, cxo us.
November 30th: We close BIP, OMC
November 19th: We add FISV (theme “vaccine”) , OMC (added on Nov 17th) & AIV
November 13th: We are making changes to adapt the portfolio to the rotation from momentum/ quality/ growth to high beta / value, from Tech to financials, energy. We do it while respecting our quantitative grades but we focus on stocks whose earnings momentum has vanished in 2020 but where earnings are expevted to rebound strongly all the more than a vaccinne is coming. The switch are: Tsla replacing Netflix, low & cmg in consumer discretionary, alle us in industrials. We puit the following names on review for the next days: mnst ?, msft ? , nee ?, now ?, nvda ?, pgr us, rop us ?, sci us?, zm us ?, veev ?. core conviction ldos, jpm, ms, nbhc, stz us, tds us, tdy , tru, ttd, v us, based on the 09 nov fractal.
November 6th: Following the US election, we get rid of confinement stocks ( stocks which massively benefitted from the Covid19) and add badly graded companies which benefitted from the confinement. OUT: EA, FCN, BOX. IN: BRKB/A, GS US
November 3rd: We add LDOS US, lmt us (fading a Blue wave before election outcome), we take profit on biib after its 50pct rise.
October 14th: We add JPM US, we replace tmus by TDS US. We increase staples with cost us, HEALTH CARE WITH LLY, BIIB AND REGN US. We replace BK US by MS US. In tech we add Apple, MA & BAH. We add BIP U/S.
October 2nd: We close MKC US and VIRT,
September 24th: We add FCX US
September 22nd: We add TRU US, FNF US and INTU US. We close NEE US, CCI US and MLM US.
September 8th: We add at the open CWH US and HAIN US. we close regn us % LULU US
September 1st: close AAPL us. We add TTWO US, CTAS US, LOW US.
August 21st: close dri, BIP, dlr, viac us. We add TTWO US, CTAS US, LOW US.
July 31st: close brkb and SEDG (extended and gg falling), SPGI. We add Apple. We replace veco by amd.
July 27th: close twtr and add BIP
JULY 13th: we add STZ US. We close NKE us, KSU and DUK US. We add NBHC (small cap but buy demark 13), BK US to increase financials. We add CMG US and DRI US to increase consumer disc. from UW to Neutral. We add FB US and Viacom – the company’s “early-mover advantage” in direct to consumer video, and the “mass market awareness and appeal” of its content, position the company to drive growth in streaming and digital revenues that more than offsets pressures on its linear business.
June 17th: with increased materials, we add MLM. We close vz us and FB US, replaced by ZOOM (ZM US). Industrials up: we add TDY just on a wave 4 support and also ksu (see cahrt below):
June 15th: add AMAT, fcn
June 09th: we close DAR US, MDLZ US as staples are downgraded to neutral. We take profit on AJG US as financials are downgraded to UW. We close SO US as utilities down to neutral. We add FB US and VZ US. We add sci us for cons disc. In tech, we add VECO & DBX US. We replace TMUS by TWTR. In industrials, we add RSG.
June 03rd: We add NKE US
May 18th: Here is our weekly report, on which we base our updates: Julia comments are “SC US long: TSN grade went down, could close
Matrix: need to add Tech (for example, KEYS, NLOK, AVGO), close Utilities (could take profit on DUK), close Consumer staples (can close TSN, K)”
We close TSN US, K US, we add AVGO US, AJG US, NKE US, HD US, mkc us
Here is our weekly report, on which we base our updates: Julia comments are all grades are ok – Could take profit on TTD and TMUS – grades going down and they performed well. Also can take profit on FTNT – it performed very well and there is DM sell Matrix: need to reduce Utilities and Consumer Staples, add Industrials
May 1st: add tsn us
April 29th: Close bsx, xpo, we add k us
April 23rd: Close KKR, we add brk/b,
April 16th: Close bx
April 15th: Close FB, EL, MA, QSR, ROP, SBUX, UBER. We add
APRIL 14: CLOSE BAC, URI, MS
April 1st: we add two picks: Regeneron (REGN) , the company has the best hope for both an anti-viral and a vaccine against Covid-19, which replaces centene. Then, Digital Realty Trust’s (DLR) as a way to play continued data center growth. We close JPM.
March 30th: we close strong outperformers like DG. we stop tesla, MLM & CTAS. We increase staples with MDLZ, chd us… WE INCREASE UTILITIES WITH duk & SO. HC – Replace aapl by NOW, WE ADD EW US. In financials, we add BX US AND virt us
March 17th: we close alk & BKNG, we add COST, GOLD, BSX, NVDA & Googl
March 3rd: we add TSLA and close WAL
Feb 3rd: we add PINS & UBER (our best call for 2020 in US) and close BKR & CSCO
Jan 15th: we close NOW and add MMP
Feb 03rd: we close CACC, IR, CMCSA, KL.
Feb 03rd: we stop CACC. We close IR US,
Jan 13th: we stop FIVE US after a big miss (story repeats itself see below with ULTA).
Jan 06th: we close EA, HIG, ADP, INTU, cprt (take profit), AMT,
Dec 19th: we add Cisco and reduce the number of our US names from 68 to 45, to ameliorate our performance. We close Qcom, HPE, csx, INCY, THC, SAM, SYY, COST, NRG, EVRG, HST.
Dec 18th: we add MS US
Dec 03rd: we add EA US. We close FFIV US & Flex. we close AIG US and replace it by CACC. We close BKR US. WE add CPRT US. We add KL US , QCOM US.
Nov29th: we add AAPL US & close SNAP US.
Nov25th: we close ROKU US.
Nov12th: we close GOOGL US, AZO US.
Nov 11th: we add CSX
Nov 08th: we add TTD & ROKU
Nov 07th: we add BKNG
Nov 04th: we add XPO US & SIVB US. We add COST.
October 24th: we stop TWTR
October 09th: we close dal and CP
October 15th: we close MO US
October 03rd: We add QSR
September 26: We add Sam
September 24th: We add THC¨, NRG
September 17th: we add names with a mix of value and growth, on dip (looking for start of wave 3), like FFIV, which replaces PANW (whose growth grade is down to a bearish 28), like URI, ALK and DAL which replaces the low vol CTAS. We close kdp us and Box.We add wal us and closes cost us.
September 4th: we close ULTA after its big miss and we replace it by FIVE, STaples are OW, we add KDP, EL & MO US. ALXN is stopped (we keep it as a trade).. We add BOX, EVRG and replaced alxn by unh. We add cnq in Energy.
August 30th: we close POST,
August 20th: we close UI US, UBER US,
July 31st: we add GOOGL US
July 11th: we close CNQ replaced by BHGE (baker Hughes), schw, zion replaced by AIG &SPGI. We also close xpo and increase CS with CMCSA.
June 26: Tech: we close BMY, replaced by MRK, we add VEEV and .IDXX. We close KSU. We close GOOGL.We take profit on CBRE.We take profit on BOX. We add CMG & TJX.
June 19: Tech: we close AVGO, MA and add CDNS and UBNT. Materials is OW: we add ECL & MLM. We add SNAP and close EA. We reduce discretionary with the close of BKNG for a nice profit. Staples: we replace EL by POST. We replace COG by CNQ CN.
June 12: we close ECL US and add INCY US. We replace EA by CMCSA. We add ULTA US, which replaces CMG. We add FTNT in Technology to replace PANW.
May 21st: we take profit in KL US, we add CBRE US & AMT US. We close AMD as tech goes neutral. We replace CHTR by EA. We add COP on retracement (stopped on May 24th). We replace FAST by XPO
April 30th: we close real estate (CCI & ELS are out). we close 2 health-care (whose sector is underweight) such as Zoetis (a strong performer for us) and Humana before its earning release. Tech (OW) we close TEAM & CRM and replace it by INTU & NOW. As materials is a new overweight, we add Kirkland and Ecolab. Industrials is also overweight – we close WM and add KSU. Financials,we replace CFG by RJF we add JPM. We add CMG to discretionary as the sector is upgraded to neutral. We add Twitter to Communication services as the sector is upgraded to neutral.
April 2nd: we close JPM and replaced by ZION. We increase industrials with MIDD.
March 19th: we close ETFC, BA, DIS, PG , SFM, BOX, HD – we add HIG, AMD, GOOGL, MSCI, COST, TEAM, ADP, AZO
February 26 & 27: We replace MO by LW in the consumer staples. We close CSX and Twitter. We replace excelon by ELS. We replace CBOE by JPM.
February 13th: we close MCD & JPM (CDiscr. down + lower quant grades) – take profit in CBRE – we replace VZ by FB – we replace ABBV & CELG with ALXN & ANTM – we add sbux & BOX
January 23rd: we replace MS US by CBOE US. We remove BKNG US to reduce our Cons. Discr allocation and add PG to increase staples. We take profit on KL to reduce materials and add one health-care ZTS.
January 14th: we add BMY, as it has one of the best mix of quant grades, while corresponding to current favoured factors (high quality, value, Div yield of 3.4%, low debt, strong FCF)
January 10th: we close BOX and replace it by TWTR
January 04th; we add AMZN US to respect our increased weight in Consumer Discretionary, we add 2 industrials (which is the best increase in our sector matrix) IR US & CTAS US, we reduce our staples allocation by removing COST and KO, and remove OXY to respect the underweight energy allocattion and declining quant grades. We stop Berkshire as its quant grade is down and financial sector underweight.
December 07th: we replace LLY US by the Gold miner Kirkland (KL US). We increase the number of our holdings by adding Broadcom.
November 27th: We close PM US and VEEV US. Our algos have reduced the low vol weight and increase the EPS growth. We add EXC and JPM US.
October 28-30th, we remove Concho as energy has become under-weight. We add Microsoft to replace NVDA. In terms of style, we have, during the month of october, added low vol stocks either coming from our low vol high EPS list or from stocks achieveing good earnings surprise like MCD, PM and KO etc… We add one material, VMC as the sector is back to neutral.
October 28, we remove Concho as energy has become underweight. We add Microsoft to replace NVDA. In terms of style, we have all the month of october, added low vol stocks either coming from our low vol high EPS list or from stocks achieveing good earnings surprise like MCD, PM etc…
We remove Oneok, which outperforms by 5% mtd, but whose eps grade is down to 55 and replace it by Philip Morris, to increase our staples allocation. We remove URI after its steep loss and replace it by ILMN to increase our Health-care allocation. These moves are part of a defensive tilt of the SC US list which started a few weeks ago with the strong weight in health care, The most striking change is the reduction of the grade for Industrials for the first time in many months. We take profit in Twitter and add Nextera. We close Algn before its earnings release and replace it by LLY. We remoce COP and replace it by a high quality name MCD.
discretionary: We remove dhi, ulta and buy BKNG – Staples: COST replaces STZ – Energy: we add OXY & COP – Financials: we close IBKR – Health-care: we replace ZTS by CNC – We increase our overweight in Industrials by adding CP – Technology: we close BOX, MU and add V, ADBE & NOW – Communication Services: we add FB – we close EXC & PLD.
We remove GOOGL US and add BOX US again (after its post earning’s sell-off) and add TWTR to respect the Technology recommended weight. We reduce Health-Care stocks ahead of mid-terms elections and owing to a degrading rank in our US sector matrix: we take profit in ESRX and Centene and add the Consumer Staples SFM and one Utilities (sector rising in our matrix) EXL
31st August, (August perf: 5.29% vs 3.25% for S&P500 tr)
28 August, we remove BOX US before earnings release
As of 09 August, we remove XOM, HAL, CVX, NFLX, AMAT, VMC & SLB. We add again ETFC 5% lower than in June, and also add IBKR, CELG, ESRX, ABBV, URI and NVDA. Our US sector matrix made a U-turn closing energy and increasing again our health-care exposure.
As of 22 June, Our US sector matrix recommands reducing consumer Discretionary & Financials to increase Energy, Health-care and telecommunications. We remove WYNN, ZION & ETFC and add SLB, VEEV & VZ.
This list is composed of our best US picks based on sector ranking and best earnings momentum (the Eps growth grade)