Wednesday, Mar 30th 2022
We’ve added to our positions in S&P Global (SPGI) and Alcon (ALC) for clients in our Flagship strategy. As a part of our broader risk on gameplan, we plan to continue to draw down our cash reserve as we selectively pick our spots to add capital.
Slowly but surely, part 2
We began drawing down Flagship’s cash reserve with initial investments into S&P Global (SPGI) and Alcon (ALC) earlier this month, and have elected to continue this process by adding capital to both names.
S&P Global and Alcon both have dominant market share, valuation support, and defensive characteristics that we believe make these businesses attractive to own in the current environment. We roughly doubled our positions in both names with this recent trade using our cash reserve. In Flagship, we are still holding roughly a quarter of our clients’ portfolios in cash.
In recent weeks, our team has fielded a lot of questions from clients about our plans to deploy cash reserves – and with good reason. We would much prefer to be fully invested, but we also must take opportunity set, market conditions, and risk management into account. The recent run-up in markets has not been fundamentally driven, which in our eyes, is evident by the highest underperformers spiking the most (i.e. SPACs, IPOs, speculative growth, etc).
Regardless, we see pockets of opportunities and plan to continue to invest in high quality businesses that we believe are "on sale" after the market wide re-rating that has taken place over the last four months.
As always, reach out with any questions, and thanks for the opportunity to manage your capital.
Titan Investment Team
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