Performance – November 2023

SSI tracking portfolio was up 1.6% in November 2023. A detailed performance breakdown is provided below.

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.

Screenshot 2023 12 01 at 12.31.35



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

Split SSI Nov



Arix Bioscience (ARIX:L) +4% in 3 Months
Arix Bioscience, a biopharma-focused venture capital firm, was trading at a wide discount to its NAV comprised of cash as well as listed and unlisted investments. The company had launched a strategic review in response to unfavorable market conditions and depressed biotech valuations. Company’s PR language suggested that management was actively considering liquidation. Conservative calculations of liquidation value landed at $1.55/share, implying a 35% potential upside. The key factor that added confidence to this setup was the presence of Acacia Research which owned a large 26% stake and controlled the board. Certain aspects suggested that Acacia’s primarily goal might have been be swift monetization of the assets and a wind-down of the company afterward. However, these assumptions turned out to be incorrect as a couple of months later ARIX agreed to merge with another biopharma RTW. Acacia’s stake was cashed out at a premium valuation, while ARIX’s minority shareholders were offered stock consideration instead. With no hedging possibilities and questionable valuation of buyers stock, the idea was closed with a minimal gain in 3 months.


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