Performance – December 2023
SSI tracking portfolio was up 0.7% in December 2023. A detailed performance breakdown is provided below.
Below you will find a more detailed breakdown of tracking portfolio returns by individual names as well as elaborations on names exited during the month.
TRACKING PORTFOLIO +0.7% IN DECEMBER AND +12% IN 2023
Disclaimer: These are not actual trading results. Tracking Portfolio is only an information tool to indicate the aggregate performance of special situation investments published on this website. See full disclaimer here.
The chart below depicts the returns of SSI Tracking Portfolio since the start of 2017.
PERFORMANCE SPLIT DECEMBER 2023
The graph below details the individual MoM performance of all SSI Portfolio ideas that were active during the month of December 2023.
PORTFOLIO IDEAS CLOSED IN DECEMBER 2023
Neoleukin Therapeutics (NLTX) Breakeven in 5 Months
Neoleukin Therapeutics was a busted biopharma trading at a significant discount to its net cash and exploring strategic alternatives. The strategic review culminated in an announcement of a reverse merger with another clinical-stage biopharma, Neurogene. This prompted arbitrageurs, who were expected liquidation, to scramble for the exits, putting substantial downward pressure on the stock price. The sell-off seemed to create a buying opportunity with downside partially protected by the projected net cash of the combined entity. I expected that the market could start viewing the prospects of the combined entity differently before the closing of the reverse merger. Several aspects gave some confidence that the merger consideration (16% of the combined company + a CVR) could prove more valuable than the NLTX market price at the time. There was also a small chance that shareholders would reject the merger and the company would instead opt for liquidation. Unfortunately, the reverse merger with Neurogene closed in mid-December, and neither a share price re-rating nor liquidation materialized until then. As I had no intention of holding an investment in post-merger Neurogene, I closed the position at break-even levels + the CVR.
Archive Of Monthly Performance Reports
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020