Performance – July 2023

SSI tracking portfolio is up 4.7% in July 2023. A detailed performance breakdown is provided below.

Summary of SSI activity during July:

  • Portfolio Ideas – 4 new portfolio ideas were published, and 1 case was closed.
  • Quick Pitches –  I have also published 4 Quick Pitches during the month.
  • I have also updated my quarterly Merger Arbs With Wide Spreads Post, which you can access here.

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.



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.



The graph below details the individual MoM performance of all SSI Portfolio ideas that were active during the month of July 2023.



111, Inc (YI) +17.5 in 6 months 
Chinese pharmaceuticals distributor 111 Inc was getting taken private by management (92% of the voting power and 44% economic interest) at a net consideration of $3.61 per share. Multiple aspects, including unusually credible management and secured financing from a Chinese government-controlled entity, suggested that the transaction was likely to reach a definitive agreement. Moreover, in case the privatization failed, YI could have problems meeting certain redemption liabilities conditioned on the stock’s relisting on a domestic Chinese exchange. This added further incentives for management to proceed with the buyout. YI shares appreciated by +40% over the last two weeks after the buyout consortium reaffirmed its interest in the company. The remaining spread to the privatization offer was only 7%. Keeping in mind the prolonged timeline and how volatile this trade had been, it became apparent that the spread had become too narrow to maintain the position open.


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