Shesa's JANUARY 2020 Investment Blog

JANUARY 2020 - INVESTMENT BLOG

By Shesa Nayak

Wishing my blog readers a very happy and prosperous New Year – 2020. Let’s hope that we see another block buster year for Stock Market!!

U.S. Stock Market Update 

2019 was an incredible year for the stock market the second-best year of the decade. Wall Street wrapped the year and decade on high note that saw equities surge to record highs resulting best gains in 6 years. Last year was an eventful year due to trade war with China, multiple interest rate hikes followed by rate cuts by Federal Reserve, the impeachment of President Donald Trump, Europe turmoil, Hongkong protest; all these contributed to significant volatility in the stock market particularly in the first half of the year. Despite all these events, Wallstreet hardly seemed to bother and pushed all the stock market indexes to new all-time highs. Let me take the clock back to December 2018, it was a brutal year in the history of U.S stock market since the great depression. The S&P 500 had lost 11%. It was primarily caused by trade war with China, hike in interest rates and government shutdown.

Meanwhile, U.S and China are reported to sign phase one trade deal with Beijing on 15^th January. This year is expected to be further eventful with U.S presidential election scheduled in November 2020. The U.S bull market is already a decade old; how long can it sustain? Is it time to sell now and lock in the profits? Or do I stay in the market for 2020? That's the number-one question on many investors' mind right now. Though, we did not see much volatility in the second half of the year, question remains - whether volatility will return again? Which sector would do well, what should be the strategy? There are numerous questions in investors mind. I have done my extensive analysis for my blog readers but before that let’s take a look to stock market indexes.

Indexes	12/24/18 (LOW)	Close (12/31/18)	Close FRI (12/31/19)	Change in 2019	% Change in 2019	All Time High	Diff %
DOW	21792.2	23,327.46	28,538.44	5,210.98	22.34	28,701.66	-0.57%
S&P 500	2351.1	2,506.85	3,230.78	723.93	28.88	3,247.93	-0.53%
NASDAQ	6192.92	6,635.28	8,972.60	2,337.32	35.23	9,052.00	-0.88%
BTK	3890.37	4,220.85	5,067.45	846.60	20.06	5264.81	-3.75%
NBI	2816.54	3,251.08	3,786.54	535.46	16.47	4165.86	-9.11%

Major Economy News

Fed kept Interest rate unchanged

On December 11, the Fed held interest rate steady during its final policy meeting of 2019. As you may know, the current target interest rate range is 1.5% - 1.75%. The Fed also signaled that it's in no rush to begin hiking rates any time soon. It emphasized on upbeat economy, strong hiring conditions, and stable prices.

Q4 and 2020 earnings preview

Earnings Growth: According to FactSet, for Q4 2019, the estimated earnings decline for the S&P 500 is -1.3%. If it comes true, then it will mark first-time index has reported four straight quarters of year-over-year earnings decline since Q3 2015. Please note that the estimated earnings growth rate for Q4 2019 was 2.4% on September 30.

Valuation: The forward 12-month P/E ratio for the S&P 500 is 17.6. This P/E ratio is above the 5-year average (16.6) and above the 10-year average (14.9). For 2020: analysts see earnings growth of between 5% and 7% for the first half of 2020.

Black Friday Online shopping:  on Black Friday hit a record of $5.4 billion. That's up 22.3% from one year ago. Cyber Monday also broke records, racking up a total of $9.4 billion in online sales. That's up 19.7% from a year ago.

Unemployment Rate: The unemployment rate in US decreased to 3.5% in November 2019.

Inflation picked up to 2.1% in November from 1.8% in the previous month.

GDP Growth: The U.S. economy grew by an annualized 2.1% in the third quarter of 2019. Please not that previous three-month GDP growth was 2%.

Boris Johnson won British Election: Prime Minister Boris Johnson had a landslide victory that provided his Tory party with a huge majority of 365 seats in Parliament, allowing Brexit to finally expected to happen this month.

Phase One trade deal: China announced on Friday that it has agreed to “Phase One” of a trade deal with the U.S., so the Trump Administration canceled new tariffs on $160 billion in Chinese goods that were scheduled to kick in on December 15th and plans to partially reduce tariffs on other Chinese goods. Per Trump, the deal will be signed on 15^th January 2020.

 

Strong Real Estate Bounce: According to the National Association of Home Builders their confidence index rose to 76 in December, up from a revised 71 in November, and it is now at the highest level in the past 20 years. It can be noted that a year ago, home builder confidence was at 56, so there has been a dramatic improvement in the past year. The new housing starts rose 3.2% in November to an annual pace of 1.37 million.

 

India’s GDP growth falls to slowest pace since 2013

Growth in India’s economic output slowed to 4.5% in the three months that ended in September — and experts are predicting a further slowdown for the world’s seventh-largest economy. Growth slowed to its weakest since the first quarter of 2013, according to Reuters, and was down from the 5% registered for the previous three months.

What can be expected of the stock market in 2020?

Going into 2020, further uncertainty abounds. U.S. election which. Is scheduled for November this year could have major impact on the stock market. The U.S-China trade relations, the regulatory climate for financial services and health care, and much more of the economic landscape. And it remains to be seen whether the FED’s multiple rate cuts in the latter half of 2019 along with other countries monetary easing will help sustain the longest economic expansion on record. Will that be enough to turn around the slowing growth that we saw in 2019. Or are we entering this period where that slow decline will continue until it eventually becomes recessionary? Let me analyze my perspectives.

Bear side arguments: We had weak corporate earnings during 2019. So, the stock market has gone ahead of it making the valuation expensive. The trade war with China, new trade wars with Europe, uncertainty around the 2020 presidential election, Trump's impeachment, slowing global growth, weakness in Europe, weakness in recent U.S manufacturing reports, and an aging bull market are some of the weak spots in the economy. Hence, bear would argue that the stock market is over-valued, so it’s better to get out of stock market and put the money in conservative investment or hold cash. I do see their viewpoint and agree to some of those arguments. However, I am still on bull side, so let me share my thoughts.

Bulls Argument

Low Interest Rate is helping Consumer and Business

We have a supportive Federal Reserve who has cut interest rate three times this year and helping to keep the interest rate low fueling economy growth. The current interest rate is very low 1.5% - 1.75%. Such low interest rate makes it easier for consumer to get loan viz. home loan, car loan, home equity line of credit, personal loan for spending. It’s easier for business to get loan cheaper and buy back their own share. It also helps the corporate world to issue bonds, pay less interest and utilize the money for their business growth. For small business, cheaper interest rate is a boon to grow their business and generate maximum employment. So, low interest rate is extremely favorable for consumer and business which becomes an impetus for overall economy growth. Just to remind my blog reader United States is enjoying its longest economic expansion in history and so also the stock market is booming.

Fed may not raise rates in the election year

I do not visualize Fed will hike interest rate in this election year where inflation is mere 2% unless we see significant uptick in inflation rate. As such, I believe this low interest rate environment is going to continue during 2020. The only exception is, if inflation rise substantially then Fed may raise interest rate. However, in my view it’s unlikely as Gas price and wage growths are minimal.

Strong Job Market fueling Consumer Spending: Employers added 266,000 jobs in November, pushing unemployment to a 50-year low of 3.5%. In other words, the job market is incredibly strong, fueling an economic expansion. Jobs are key in any economy. When people have job, they get confidence to spend more freely resulting in better consumer confidence and accelerated consumer spending. The recent rise in real wages and savings rate are also adding to consumer spending. As we know, Consumer spending makes almost 70% of the U.S. economy. So, when consumer spend more it’s better for the economy. This year there were record spending on Black Friday and Cyber Monday. Christmas spending is expected to outpace last year’s retail sales.

Better Revenue & Earnings Growth (Projected for 2020)

Quarters	Revenue Growth	Earnings Growth
Q1 2020	4.4%	5.4%    (2019: -3.1%)
Q2 2020	4.9%	6.9%    (2019: 3.7%)
Overall 2020	5.5%	9.7%    (2019: 2.3%)

Source: FactSet

In 2019 the earnings and revenue growths were marginal; hence the comparison will be easier for corporate work in 2020. In other words, the sales and profit would look much better in 2020.

Election Year – TrumpEconomy: With the 2020 election on the horizon, President Trump is going to sing the song about economy. His highest approval ratings are for his handling of the economy  and he's up for a second term. Economy is THE most important achievement that Trump can keep talking and spend the next year aggressively promoting the U.S. economy and that may help the stock market to run further.

U.S market ahead in the game: The U.S. is the sole economic strength in a world where Europe is in trouble and the leading economies of Asia are slowing. As a matter of fact, yields for government bonds from the leading issuers in Europe and Asia are increasingly heading into negative yields. In U.S also bond is yielding lower than the dividend being paid S&P 500 companies. Hence, international money will keep flowing to stocks. And it would keep happening as long as there is no major downturn in the stock market.

Huge Money sitting on the sideline: Per WSJ data, investors have pulled out a record amount of fund, over $220 billion from mutual funds and ETFs so far in 2019. This was a record after 1992. As we are aware, the trade-deal is almost done and expected to be signed on January 15^th. Once deal is signed or even before that the money sitting on sideline could come into stock pushing stock market further high. In addition, approx. $3.4+ trillion is sitting in cash and money markets, if some of those mountain of money pours into the stock market in January, when corporate and government pension funding begin, and investors fear of missing out stock market boom! Please note that, this year the pension Social Security Administration has announced a 2.8% increase in pension benefits.

USMCA Trade Deal could help create Jobs and Economy: Congress finally passed the USMCA (NAFTA replacement) bill to open trade barriers with two of its biggest trading partners Mexico and Canada. These two countries are our two biggest trading partners. Please note that even though China is one of the largest trading partners but U.S mostly import much more than export to China. Whereas, U.S. exports five times more to Mexico and Canada than to China. As a matter of fact, this deal will create thousands of new jobs for all these three nations. This is very positive for the economy.

Bottomline: 2019 was an exceptionally strong year for the stock market because yield-hungry investors were chasing stocks with high growth, high dividend yields as Bonds and money market hardly provide any yield to be considerate. However, in 2020, investors may continue to look for good stock as overall earnings environment will be improving, and as a matter of fact it could be an even stronger year as aforesaid. Moreover, it may be a bumpy ride as election approaches, so one has to carefully invest, take profit and buy good stock on dip. The current rally could continue to the first half of January as new pension funds, bonus money pours to the stock market and then we may see some volatility and little bit correction before Q1 earnings kick-off.

My Prediction: I prefer not predict stock market gain but as I have given my bull side argument, I will not be surprised to see a gain of 15-20% for S&P 500 and 20+% gain for NASDAQ in 2020.

A Sector to watch in 2020 for bigger Gain

Over the last 4 years Nasdaq Biotech index is down about 1-2% since April 21, 2015. During the same period, U.S. stocks on the Nasdaq are up a whooping 92%. In other words, broader tech has outperformed biotech by more than 92x. Usually, long-term breakout occurs after years of consolidation and possibly we are seeing the same with biotech stocks now. I expect this index to explode to new high and possibly go further up. If we see the statistics, biotech and pharma sectors saw $195 billion in mergers and acquisitions in the first 9 months of the year. These acquisitions may continue going forward because larger pharmaceutical companies will find it difficult to grow their revenue. Hence, these pharma companies will buy other biotech companies which have great potential in order to increase their revenue stream. As it stands, Donald Trump is expected to win the re-election next year, if so, it should be bullish for biotech sector comparing to a Democratic win. In fact, Trump win can bring huge rally in healthcare and biotech to rally to new historic highs. One should also note that biotechs are very risky and rewarding so caution is warranted.

Which index should we invest?

Please take look at the index below and see that NASDAQ is hands down winner!! Please not that below table is till Nov 9, since then market indexes have moved up 4-5%. Please take a look below and you would know where to find better ROI, if you are willing to take some risk.

Stock Market Index	Nov 9, 1989	Nov 8, 2019	30-Year Gain
NASDAQ	454.07	8483.16	1,768.2%
DOW	2603.69	27,671	962.8%
S&P 500	336.57	3097.77%	820.4%

Source: Yahoo Finance.

But this point leads to another question in mind, “is the U.S Stock Market Overvalued?

U.S Stock Market Overvalued??

People complain that the market is overvalued but with these low interest rates market is really below fair value. It still has some room to move up as S&P 500 is trading at 17.6% of next year’s earnings.

Many market experts think international stocks are poised for a comeback in 2020 due to attractive valuations and a potential rebound in global economic growth. I don’t disagree with this, because U.S has/had an incredible 10 years long bull market. But will the international stock outpace U.S market is questionable! The only outside country that I am invested is Chinese ADR and don’t have any exposure to other countries and have no intention to do in the near future.

Granted that 29% gain the S&P 500 this year doesn’t tell the whole story, since 2018 was so weak. The S&P is only up about 12% since its 2018 high in late January of that year. Thus, if we compare to that period and now, we can not see a stellar two-year performance, netting a two-year average annual gain of barely around 6%. We just can’t forget the horrific December of 2018. Though it has been 10 years for the bull market do not necessarily mean that it’s long and “over”, previous bull market had run for 18 years from 1981 – 1999.

Word of Caution: I may sell little bit if rally continue in January to raise some Cash. In my view, it may bring some buying opportunities when the inevitable pullback comes possibly in the second half of January into February. But I am not a fortune teller, it’s just part of my strategy to take some chips out of table when opportunity arises.

2019 at a Glance - My favorite stocks I mentioned in January 2019 Blog.

Stock	Jan 2019 (in USD)	31 Dec 2019 (in USD)
BABA	139.75	212.10 (up 52%)
SHOP	138.06	397.58 (up 187%)
FB	137.95	205.25 (up 49%)
AAPL	148.26	293.65 (up 98%)
AMZN	1775.39	1847.84 (up 4%)
IQ	19.70	21.11   (up 7%)

My Stock picks for 2020

Amarin (AMRN): This one is on the TOP of my list. As you may be aware, the extended label for Vascepa was approved by FDA on Friday, 12/13/19. I have provided many updates about this company on my blog as well to my WhatsApp group. Vascepa has tremendous potential to become a blockbuster drug for cardiovascular diseases. Amarin is one of my largest holding. The company is expected to grow its revenue in triple digits in coming quarters. Moreover, it’s one of the top three acquisition targets for 2020.  I  will not be surprised, if this company can be acquired in next few days/weeks/months. Even if it’s acquired then also the shares can keep growing in conjunction to its higher revenue and profitability. There is still a long list of catalysts for 2020 in my view as indicated below:

• Now that Vascepa is approved by FDA and Canada health; the Institutions, Mutual fund, ETF fund are expected to increase their holdings and not miss a major breakthrough drug. Hence, we may see a gradual pick-up in share prices.
• During 2020 we could potentially see approval from European union, China and possibly some Arabian nations.
• Health insurance, Medicare & Medicaid may soon grant coverage for Vascepa multiplying revenue.
• The FDA approval also gave medical practitioners more leverage to practice based on their experience & patient characteristics which could result in huge prescription growth.
• The prescription growth could explode generating huge revenue growth, probably reaching more than $1 billion in 2020 comparing to around $400 million in 2019.

Apple (AAPL): Apple has been on tear since last few months and has been on up-trend since August. The company has surpassed revenue and profit expectations. The main reason why apple keeps going up is the anticipation of 5G phone next year where significant upgrades are expected. That will keep the momentum on this stock going into 2020.

Alibaba (BABA): After listing its stock in NYSE in 2014, Alibaba recently listed it stock in Hongkong stock exchange. The company is still growing revenue at 40% Y-O-Y and earnings increased at 260%. Although, the company is sitting on its 52-weeks high, it’s still cheap as it’s trading 24 times of next year’s earnings. If somebody has to buy one Chinese stock, then that should be BABA.

Guardant Health (GH): I am anticipating that GH should go past its 52-weeks high of $112.22 unless  stock market takes a dive. Next year we may see further spike in the usage and coverage of its flagship product Guardant360 resulting in higher revenue profitability and share price.  The readers can note that third quarter revenue jumped 181% to $60.8 million comparing to same quarter last year, loss also got minimized better than expected. I feel that the momentum will continue into 2020. In my view, medical device sector is going to perform better next year.

Arora Cannabis (ACB): ACB is down about 80% from it’s 5-weeks high. There is a speculation that the company may be bankrupted, the share price could go down to 0. But let me say that, ACB is one of the largest, high quality, low cost of production company in the industry. They have some cashflow problem, but I believe the company may strike some deals in the near future. If that happens, and next couple of quarters are good then this stock can double or triple this year. However, we will see how the company can withstand for next couple of quarters. This is may be riskiest of my list but I still keep it.

iQIYI (IQ): Probably 2020 year would be a turning point for iQiyi. They are known as Netflix of China. The company said during last earnings call that they are on track to improve long-term efficiency through disciplined spending and investment. Also, the company is enhancing monetization and transitioning towards a more balanced content structure to enhance shareholders values.

Some other stocks on my list to be looked for 2020: CVM, TGTX, NIO, APHA, ROKU, GWPH, GERN. I own these stocks but have not included it on my blog portfolio as they are highly volatile stock. But I could expect some big winner from these lots. I have highlighted this during my last investment meet.

Cannabis Sector to watch in 2020:

ACB and Cannabis sector in general had a very tough year, particularly 2^nd half of the year. They are down but not out! There is bloodbath in the sector. Canada 2.0 came into effect in mid-December, companies can be able to sell marijuana edibles (to eat or drink), topicals (to apply to skin, hair or nails) and extracts (to be ingested or inhaled). These have already hit the store shelves and Cannabis companies have started generating revenue. These will bring brand new consumers who want to experiment with cannabis but don’t want to smoke. The edible market could grow tremendously because it’s regulated by Health Canada. It’s estimated to generate $3.9 - $7.8 billion. There is nothing going right for this sector at the moment. Last Friday, 12/31, we just saw a small firework on the sector. If the next earnings are good and they provide some reasonable guidance, then we could see old momentum back. I think we should see some spike in this sector before U.S presidential election. Let’s see how it goes.

Major Stock Market Performances in 2019

Indexes	52 week (% age change)	YTD % Change
DOW	22.34%	22.34%
S&P 500	28.88%	28.88%
NASDAQ	35.23%	35.23%
China Shanghai Index	22.30%	22.30%
India BSE Sensex	17.36%	0.12%
Japan Nikki	18.20%	18.20%
Hongkong Hang Seng	9.07%	9.07%
London FTSE	12.10%	12.10%

Source: Morningstar, Wall Street Journal

Sectorial Performances 1 Year (U.S Stocks)

IT	49.45% (TOP)
Industrials	28.10%
Financials	30.44%
Consumer Staples	24.47%
Real Estate	24.97%
Communication and Services	31.25%
Consumer Discretionary	27.58%
Utilities	22.48%
Health Care	20.33%
Energy	8.12%

Source: CNN Business

Now let me discuss about my current month’s inclusion to my Blog Portfolio.

SmileDirectClub, Inc. (SDC)

SDC operates a teledentistry platform that provides member's with a customized clear aligner therapy treatment in the United States other countries. The company manages the end-to-end process, including marketing, aligner manufacturing, fulfillment, treatment by a doctor, and monitoring. The company operates with approximately 240 state licensed orthodontists and general dentists through its teledentistry platform known as SmileCheck. It offers aligners, impression kits, whitening gels, and retainers. In other words, the company provides simple, consumer-friendly, economic offering for people to fix their teeth.

SDC ships clear aligners directly to customers, whose progress is monitored remotely by licensed dentists or orthodontists. Customers either go to a so-called SmileShop and get a free 3-D image taken of their teeth. The consumer can also buy a kit online to make an impression of their teeth to mail to SmileDirectClub which is then reviewed by the dentistry and prescribes aligners if required.

The average treatment plan is around six months, which is significantly shorter than regular 12 - 24 months a traditional dentist takes to institute braces. Moreover, its program costs up to 60% less than the traditional course of orthodontic braces.

Challenges: The company faces challenges including cash burn and regulatory problems. The dental lobby secured restrictive legislation in California that requires reviews of x-rays by orthodontists. Align Technology (ALGN) the maker of the Invisalign brand of clear aligners, began supplying aligners for SmileDirectClub and took a 17% stake in the company in 2016. The relationship between the two companies deteriorated in 2017 when Align began rolling out provider-owned invisalign stores that provided digital scans and walk-in appointments as part of their pilot program causing its relationship to deteriorate. Align has said it will not be renewing its supply agreement with SmileDirectClub, which ends at the end of 2019.

New Partnership: Recently, SDC struck deals with CVS Health Corp and Walgreens Boots Alliance allowing the company to open up to 1,500 SmileShops within CVS stores and any number of shops in Walgreens stores across the U.S. The company currently have over 300 SmileShops across the U.S., Canada, Australia and the United Kingdom. It expects to open about 20 more stores each month.

International Expansion: A few days ago, the company announced plans to increase its international expansion by introducing its clear aligner therapy to Germany in early 2020 and open multiple SmileShops across the country. This is a good move and expected to contribute to SDC’s top and bottom line in next few weeks/months.

Financials: On September 12, 2019, the company went public by offering shares at $23 which was above the expected price of $19-$22 per share. After the IPO, shares started sliding down for no obvious reason except a couple the reasons mentioned (see challenges above). Moreover, the CEO & Chairman bought shares worth $684k at about US$18.50 per share. Also, there were some more insider purchases.

Having said that, the shares are still in downward spiral and now getting consolidated between $8-$9. Currently, the share price is $8.74 which is 62% below its IPO price of $23. In other words, a discount of 62%. The company has revenue of $642.63 million and grown at terrific 49.9%. This year SDC is expected to generate $754 million in revenue and next year is projected to be $1.18 billion. The price to sales is only 4.89 which seems to me pretty cheap considering such huge revenue growth. Add to that, the company will continue to grow within U.S and internationally. Agreed that, the company is not expected to generate any profit till the end of 2020. However, none of the growing companies get into profitability in the initial few years due to their expenses and expansion irrespective how great the company is. I have been accumulating this stock for last few weeks and will keep doing so on a down day.

My final thoughts

The shares look cheap to me visualizing the excellent prospect of the company. I will not be surprised if the stock doubles from here in next few months or in a year time. Wallstreet is still blinded on its growth and once they realize the potential, institutional investors, fund managers will jump into the fray and we can see a huge bump in the share price at that time. Now is the time to accumulate and hold it with patience.

My Investment Framework: As I keep saying, I do not keep chasing any stock or highflier unless I want to trade. But I am not a trader, hence I prefer to buy the stock in a phased manner and keep accumulating a good company over a period of time and keep making dollar cost average. I am not too concerned about day-today fluctuation. When the stock is down, I look it as an opportunity rather than threat. It seems that process works for me, but each individual may have their own investment framework. I may trade some options, but I keep a long-term vision and avoid playing short term. If I think the company does not worth the investment, then I pull the trigger and look for alternative stock with better potential.

Risks: It’s important to see how the new expansion plan works out. Secondly, as the company keeps growing, we can’t expect profitability this year. There are also a few lawsuits against the company. But I am really not too concerned about these litigations because the law firms just keep looking for some opportunity to make money. Every stock depends upon the market behavior and market sentiment, so SDC is no exception. However, I do see some great opportunity with this stock in coming months and will stay invested. I will not put more than 2-3% of my portfolio money.

Shesa’s Blog Portfolio (As of Jan 1, 2020): Update: 1/31/20. Added a new position to my holding (NIO) and sold BZUN. I will write my detailed analysis during my FEBRUARY blog about NIO.

Equity	Suggest Price	Current Price	Suggest Date	% Change	My View (see disclaimer)
STOCK (All prices are in USD)
AAPL	51.63	293.65	1/25/13	469%	Accumulate
FB	47	205.25	11/13/13	337%	Accumulate
MA	77.18	298.59	12/12/13	287%	HOLD
AMZN	311.73	1847.84	4/12/14	493%	BUY
BABA	67.28	212.1	2/21/16	215%	BUY
BRK-B	206.96	226.5	3/18/18	9%	HOLD
EDIT	36.53	29.61	5/28/18	-19%	BUY
IQ	26.13	21.11	9/18/18	-19%	Accumulate
SHOP	134.81	397.58	11/25/18	195%	HOLD
NFLX	297.57	323.57	1/6/19	9%	HOLD
AMRN	17.66	21.44	2/17/19	21%	MY TOP PICK for 2020
CGC	20.16	21.46	12/10/19	6%	Sold but Added back.
ACB	9	2.16	4/18/19	-76%	Accumulate (My Avg Cost: 4.4)
SQ	64.66	62.25	5/26/19	-4%	HOLD
NBEV	4.66	1.82	6/30/19	-61%	HOLD (My Avg Cost: 3.45)
GH	87.53	78.14	9/1/19	-11%	Long term BUY
BZUN	42.48	33.12	11/10/19	-22%	SOLD
SDC	8.74	8.74	1/1/20	0%	NEW ADDITION
ETF
IHF	139.1	200.78	8/16/15	44%	HOLD
XLY	77.76	125.42	8/16/15	61%	HOLD - Trimmed
MUTUAL FUND
FBIOX	11.46	22.09	3/1/13	93%	HOLD
PRHSX	47.25	81.43	2/2/14	72%	HOLD
PRMTX	59.45	123.76	12/20/14	108%	HOLD
MCDFX	12.37	16.2	12/9/15	31%	HOLD
FSRPX	9.05	16.85	1/15/16	86%	HOLD - Trimmed
FBSOX	37.32	75.24	3/20/16	102%	HOLD
FSMEX	43.66	60.18	9/24/17	38%	HOLD
FOCPX	11.72	12.79	10/21/18	9%	HOLD
Note: Dividends are not adjusted on the price.

Positions CLOSED since last Blog

None.

That’s all for today. Wish you great investing! Stay tuned for my next blog. Thanks for your time. If you want to get alert on my investment action, then please subscribe to shesagroup_invest@googlegroups.com or you can also join my WhatsApp group, if interested.

Disclaimer: This blog is meant to provide my opinion only. The information provided is to the best of my knowledge but may not be accurate. I do NOT provide any professional recommendation to buy/sell any stock, ETF, mutual fund, or any other security(s). As an investor, it’s your hard-earned money and you decide what is best for you. The above are merely my own opinions. Please contact a professional money manager to buy/sell any security. I do not charge any fees or commission by writing the blog except anything from Google AdSense. I have position(s) on whatever security I write on my blog and avoid recommending any security that I do not own or follow. Anybody buying or selling the equities mentioned here would do it on their own risk.

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