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Performance – March 2025

SSI tracking portfolio was down 2.5% in March 2025. 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: -2.5% IN MARCH

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.

Screenshot 2025 03 28 at 12.17.46

 

PERFORMANCE SPLIT MARCH 2025

The graph below details the individual MoM performance of all SSI Portfolio ideas that were active during the month of March 2025.

Screenshot 2025 03 28 at 12.18.11

 

PORTFOLIO IDEA CLOSED IN MARCH

SPAR Group (SGRP) +40% in 3 Months
SGRP was trading at a 15% spread to an acquisition offer from Highwire Capital at $2.50/share. But the deal was riddled with red flags, and looked very likely to fall apart. In this scenario, the stock seemed likely to nosedive by 30%-50%. That’s pretty much how it played out.

After a series of financing extensions from Highwire, market confidence in the deal eroded, and the stock fell by 40%. While the offer remains officially on the table, the market is now assigning a very little probability to SGRP being sold. Thus, I’ve closed the position with a solid +40% gain in 3 months.

 

ARCHIVE OF MONTHLY PERFORMANCE REPORTS