Performance Update (Jan. 2021)
Feb 9, 2021
Flagship fell -4% in January, versus the S&P 500 which fell -1%.
Opportunities rose +7% in January, versus the Russell 2000 which rose +5%.
Below is a full recap. As always, let us know if you have any questions.
Flagship
Our Flagship strategy is now up +73% after fees since February 2018 inception (aggressive risk profile), following a -4% decline in January.
By comparison, the S&P 500 rose +45% since Flagship's inception, with a -1% decline in January.
Represents inception-to-date returns for Titan Flagship (after fees) through January 2021. See full disclosures here.
Opportunities
Our Opportunities strategy is now up +69% after fees since its August 2020 inception (aggressive risk profile), following a +7% return in January.
This meaningfully outperformed the Russell 2000 benchmark, which rose +31% since Opportunities' inception following a +5% return in January.
Represents inception-to-date returns for Titan Opportunities (after fees) through January 2021. See full disclosures here.
We believe our Opportunities portfolio (which focuses on smaller stocks) is the perfect complement to our Flagship portfolio (which focuses on larger stocks).
To invest in Opportunities, head to the mobile app and tap the ( + ) button in the navigation bar. After selecting your account and deposit value, you can toggle your investment to go to Opportunities.
Key Performance Drivers
Flagship and Opportunities shared some key drivers of returns last month:
1) Big earnings beats but disappointing stock price reactions. 80% of S&P 500 co's beat Q4 earnings estimates but their stocks fell -2% on avg. Increasingly high bar stemming from the large market rally in recent months weighed on our Flagship holdings, particularly big tech.
2) Mixed month of coronavirus headlines. Early concerns about sluggish vaccine rollout shifted to optimism around falling cases and hospitalizations. Broad tailwind for "reopening" stocks like DIS.
3) Pure alpha augmented by retail driven short squeeze. We had several massive winners in Opportunities driven by both fundamental execution + their heavily shorted nature. The main market story in January was the "short squeezes" that retail traders helped initiate.
See disclosures.
January Movers
Flagship
Top Performers: Twilio (TWLO) +6% Alphabet (GOOG) +5% Microsoft (MSFT) +4%
Worst Performers: Visa (V) -12% Booking Holdings (BKNG) -13% Fidelity Info Services (FIS) -13%
Opportunities
Top Performers: Appian (APPN) +35% Fastly (FSLY) +25% Collectors Universe (CLCT) +21%
Worst Performers: Bill.com (BILL) -11% Guidewire (GWRE) -11% SS&C Technologies (SSNC) -14%
Cash Management
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