Performance – November 2022

SSI tracking portfolio is up by 3% in November. We are now up 8.1% YTD. A detailed performance breakdown is provided below.

During the month we published 1 new Portfolio idea and highlighted 16 Quick Idea Pitches in our weekly reports. 1 Portfolio idea was closed with a +29% gain in 1 month.

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.


SSI table

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. Quick Ideas are not part of the tracking portfolio. See full disclaimer here.

The chart below depicts returns of SSI Tracking Portfolio since the start of 2017 – these are not actual trading results but rather an aggregate performance of Portfolio investment ideas published on SSI.

hist return



The graph below details the individual MoM performance of all ideas that were active during the month of November 2022. This chart excludes Quick Ideas.




Cornerstone Capital Resources (CGP.V) +33% In 1.5 Months
This merger appeared to have minimal risks of closing and yet the spread stood at double digits – a rather standard case when a small-cap cross-border merger gets mispriced by the market. The transaction came as a consolidation of interest in a copper-gold project Cascabel, with CGP owning 21% and the buyer SolGold the other 79% of Cascabel. Both companies have been negotiating the merger for years and finally settled at seemingly fair terms for both sides. CGP management (44% ownership) was/is in favor of the merger. On top of that, there was a chance that the merger is being done to dress the combined company for a sale to BHP (a major shareholder of SolGold). Eventually, the spread narrowed to 2% and this arbitrage resulted in a juicy 33% return in 1.5 months. The gain was split into two parts, the initial 11.5% from the unhedged CGP position and the rest from the later hedged part (albeit keeping the trade unhedged would have delivered a very similar result).


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