Performance – June 2023

SSI tracking portfolio is up 4.5% in June 2023. A detailed performance breakdown is provided below.

Summary of SSI activity during June:

  • Portfolio Ideas – 1 new portfolio idea was published, 1 reopened and 2 cases were closed.
  • Quick Pitches –  I have also published 6 Quick Pitches during the 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.

 

TRACKING PORTFOLIO +4.5% IN JUNE AND +7.3% YTD

Performance split June 2023

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.

Performance June 2023

 

PERFORMANCE SPLIT JUNE 2023

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

 

PORTFOLIO IDEAS CLOSED IN JUNE 2023

Metacrine (MTCR) +7.5% in 4 months. Additional distributions pending.
Metacrine was a failed biopharma company in liquidation. Shareholders were expected to receive between $0.49-$0.65 in liquidating distributions (shares stood at $0.54 at the time). Sense checking the liquidation figures provided by management suggested likely distributions of at least $0.58/share, with the rest of the upside driven by the potential release of contingency reserve. After the initial distribution of $0.58/share the company was delisted and further incremental returns might be realized over the coming couple of years.

Talaris Therapeutics (TALS) +17% in 1 Month
This was my second run on the TALS strategic review setup. In early June, TALS’ stock traded back down to the previous write-up levels without any material updates. This was a good point to re-enter the position. Shortly after, the company announced a reverse merger with another biopharma name, driving TALS stock price above my estimate of a fari price of the combined company. The reopened TALS case
generated a solid 17% return in a couple of weeks.

 

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