Performance Update (June 2020)

Investor Updatea year ago
Titan clients are now up +8-10% YTD after fees (vs. S&P 500 which is down -3% and Wealthfront/Betterment which are down -6% to -10%).
Our return of +31% in Q2 (vs. S&P +21%) was driven mostly by idiosyncratic alpha, with our more niche holdings like Twilio and PayPal up +145% and +82%, respectively.
See disclosures.
Since our Inception Date (2/20/2018), Titan Flagship has gained +37% in total return (after fees). This is ~2x the market's return and well above Betterment, Wealthfront, and other managers.
Key Drivers
Here were the key drivers of our Q2 returns:
1) Idiosyncratic Alpha. A handful of our SaaS and payments co's saw their secular tailwinds accelerate materially (e.g., Twilio +145%, PayPal +82%).
2) Big Tech Rebound. The big U.S. tech stocks ("FAANG") rallied hard from the March lows on better-than-feared Q1 results and Q2 outlooks.
3) Flight to Quality. Fund flows surged into high-quality industries (e.g., software, e-commerce, fintech) where we're heavily invested.
Despite the record Q2, our full hedges remain activated. Per our April memo, plenty of risks remain (e.g., health, economic, political) but do not appear fully appreciated based on equity valuations at the index level.
Stay heavily invested in your Titan portfolio, but keep some cash as dry powder until the skew materially improves. We'll let you know when it does.
June Movers
Gainers: Apple (AAPL) +15% Autodesk (ADSK) +14% Amazon (AMZN) +13%
Detractors: Schwab (SCHW) -6% Charter (CHTR) -6% Uber (UBER) -14%
See disclosures.

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