We have just archived a turbulent but successful 2016. Our portfolio performed very well (26% ROC, 44.9% ROI), and we are positioned for another great year.
Yet we enter 2017 with lots of skepticism. Risks abound, and we take them seriously. Our investment approach can provide good returns even if the market corrects itself, and we will be ready to take advantage of any eventual corrections.
At this year's Sohn Investment Conference, Dan Sundheim, the founder and CIO of D1 Capital Partners, spoke with John Collison, the co-founder of Stripe. Q1 2021 hedge fund letters, conferences and more D1 manages $20 billion. Of this, $10 billion is invested in fast-growing private businesses such as Stripe. Stripe is currently valued at around Read More
- Deere (DE): Deere is a solid company with a great management.
- Nike (NKE): Nike is a great company that will thrive in the long term.
- International Business Machines (IBM): IBM is an historical company facing some turnaround problems.
- AmerisourceBergen (ABC): This is a new position for 2017.
- General Motors (GM): We recommended GM at the end of August. At that time, we also started our position.
- American Express (AXP): American Express is still a great brand and operates in a great industry.
- Pets at Home (LSE:PETS): This company is our largest non-U.S. holding. Pets at Home is a U.K. pet retailer.
- Gilead (GILD): This investment was our biggest disappointment in 2016. We are still confident in our investment due to an incredibly low valuation and an historically competent management.
- Akorn (AKRX): We feel that the pharmaceutical sector is defensive and offers interesting opportunities. Akorn operates in the generic segment.
- We also have smaller positions in Bertrandt (XTER:BDT)(BDGXF), Tegna (TGNA), EasyJet (ESYJY), and a short position in Dunelm (DNLMY)
We see risks for 2017. Yet, we believe that our portfolio and cash position are designed to weather a market downturn. In the long term, we are confident that our investment strategy will offer appealing risk-adjusted returns.
A full version of this article can be found here.
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