Especially interested to hear from the managers who missed their bogie and the reasons why?
Me, with a few days left in the year have underperformed the S&P by about 10 basis points. I was down bad early in the year based on a large underweight to the magnificent seven and a large merger arbitrage bet that went sour. I was also in an out of the benchmark position in pimco California municipal bond cefs which took a hit when Pimco out of nowhere cut distributions and prices tanked.
I made a lot of changes to my portfolio this year eliminating all bonds and going 100% stocks as this is a taxable account. I put all the bonds in my IRAs.
I was also heavily overweighted to dividend stocks at the beginning of the year which contributed to my underperformance. I dumped some of those and lowered allocations to others which allowed me to substantially increase my allocation to tech and the mag 7. I still am underweight the mag 7, especially apple but am overweight certain software stocks and semiconductor stocks. Making these changes allowed me to catch up to the index by the end of the year after being down close to 600 basis points at the halfway point.
Submitted December 25, 2023 at 11:30PM by ImmaculateAutist https://ift.tt/rHYKMaN
