Performance – April 2025

May 1, 2025

SSI tracking portfolio was down 3.8% in April 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: -3.8% IN APRIL

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 04 30 at 12.20.13

PERFORMANCE SPLIT APRIL 2025

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

SCR 20250501 erj

PORTFOLIO IDEA CLOSED IN APRIL

SpringWorks Therapeutics (SWTX) -15% in 2 Months
Rumors surfaced that SWTX had been in late-stage talks with Merck KGaA. The suitor wasted no time confirming the talks. The announcement came just a day before SpringWorks secured FDA approval for one of its key drugs. The whole sequence of events strongly pointed to an imminent takeover. While the rumors were on point, the buyout offer landed at a much lower price than expected, in part due to the broader market turmoil this month. I’m still surprised no competing bidders emerged, but maybe they lost their nerve once the tariff drama started. The background section of the proxy should be an entertaining read.

ARCHIVE OF MONTHLY PERFORMANCE REPORTS