Stocks slid lower on Monday as investors anticipated higher interest rates (looking past uncertainty around the election and fiscal stimulus/economic reopening) and news of a potential US sanction on a large Chinese chipmaker.
While from a high level, the selloff appeared to be broad-based across sectors and factors, smaller higher-quality stocks fared comparatively well, with more than half of Titan Opportunities' portfolio up low to mid single digits (vs. Russell 2000 down ~1%)
With stocks are now back at mid-August levels, we see this as a very natural and healthy pullback after a high-steam run-up over the last several months.
Recall that we have seen one of the most powerful market rallies in history from the March lows, with many of Titan's portfolio holdings up 30-40%+ in just weeks.
Volatility is normal. If you are not highly leveraged and company fundamentals are intact, it can and should be a source of opportunity.
In the meantime, our full hedges remain in place to protect you from a further drawdown without having to sell your Titan holdings and face tax consequences.
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