20
Jul
Wrap – Week Ended 07/19/23
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The portfolio was up 1.1% on the week last week briefly touching a fresh high of year before pulling back into week's end with oil. Oil could use a little break in our view. We saw one 52 week high within the oily wedge of our portfolio (which is massively over weight oily upstream at this time) and more names are threatening to notch new 52 week highs as they approach their 2Q24 reports. Earnings season kicked off with mixed results from oil service (not surprising for the North American centric names given rig and frac spread trends and prior upstream and oil service color). Energy earnings really get going over the next 3 weeks and the calendar page is updated here.
Holdings Watch:
- We added to one oil service name and one small cap oily name last week.
- The blotter is updated.
Questions under The Wrap will be addressed in the Monday post.
Questions about the site may be directed to zmanalpha@gmail.com
Have a good weekend,
Z