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ResearchTaking profits at all-time highs

Taking profits at all-time highs

Jan 24, 2024

The S&P 500 hit new all-time highs this week and we elected to trim three of our biggest winners, including Advanced Micro Devices (AMD), Meta Platforms (META), and ServiceNow (NOW) after a meaningful move higher.  

The trades reflect us playing “offense” as we lock in gains following strong returns. These trades give us the opportunity to add back to these positions at lower levels should we see an expected pullback given their increasingly rich valuations today.

Let’s dive in.


Advanced Micro Devices (AMD) represents the picks and shovels of artificial intelligence and has been one of the primary beneficiaries of the recent super cycle. The stock is up ~20% year-to-date and has more than doubled since we initiated the position in late 2022. Although we continue to believe that AMD is at the forefront of innovation, the company has moved a long way quickly and trimming allows us to de-risk an organically large position ahead of earnings. 

Meta Platforms (META) is up ~20% since we added to the stock in November. This can be attributed to strong quarter-to-date advertising checks and management’s expense guidance coming in better than anticipated. While our long-term confidence in META’s potential remains, we elected to capitalize on current valuation levels by booking in some profits. We intend to increase our position, as we’ve done in the past, upon any favorable risk-reward asymmetry. 

ServiceNow (NOW) has been another beneficiary of the artificial intelligence rally and has high expectations heading into its earnings print. We believe a lot of positive news is baked into the current price and we trimmed the stock in an effort to lock in gains and control risk.


The results of the trades decrease our net exposure for the time being. We feel comfortable with our incrementally higher weight towards strategic cash given stretched valuations and the velocity of the run higher. 

As always, let us know if you have any questions about the recent trades; we’re happy to assist.

– Your Titan Team


Disclosures:

Titan Global Capital Management USA LLC ("Titan") is an investment adviser registered with the Securities and Exchange Commission (“SEC”). Titan’s investment advisory services are available only to residents of the United States in jurisdictions where Titan is registered. Please refer to Titan's Program Brochure for important additional information. Titan’s affiliate, Titan Global Technologies LLC (“TGT”), is a registered broker-dealer and member of FINRA/SIPC. Contact Titan at support@titan.com.

Trade communications are meant for informational purposes only. Statements made in these communications represent opinions and conjecture, and should not be construed as a guarantee of future results. Communications may contain forward-looking statements, which reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. We do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. 

References to specific stock performances are provided for historical context and are not indicative of future results. Please note that any mention of gains or losses in our trade communications reflects those at the strategy level. Actual gains or losses realized in individual client accounts may vary based on factors such as the timing of individual trades, new or recurring deposits, and the specific cost basis for each holding in a client's account. As such, the figures presented may not represent the actual gains or losses experienced by any individual client.Valuation assessments in our communications are based on internal analysis and are for informational purposes only. They should not be the sole basis for investment decisions and may differ from others' views or assessments. No warranty is made regarding their accuracy or completeness.

All investments involve risk and the past performance of a security or financial product does not guarantee future results or returns. There is always the potential of losing money. Keep in mind that while diversification may help spread risk, it does not ensure a profit or protect against loss. The rate of return on investments can vary widely over time, especially for long term investments. Past performance is no guarantee of future results. 

There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. The price of a given security may increase or decrease based on market conditions and clients may lose money, including their original investment and principal. The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person. This is not an offer, solicitation of an offer, or advice to buy or sell securities, or any other product offered by Titan or any third party.

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