July DRIP Summary
DRIP portfolio: +7.92%
SPY: +8.23%

Top buckets:
Semiconductors: +19.99%
Technology: +11.98%
Industrials: +11.20%

Bottom buckets:
Healthcare: +1.19%
Space&Defense: +0.89%

Top 5 winners across the portfolio:
$MRVL +29.88%
$ASML +28.86%
$LRCX +27.64%
$ROK +27.13%
$NVDA +25.95%

Top 5 losers across the portfolio:
$IIPR -13.6%
$ABBV -8.07%
$RTX -3.41%
$JNJ -3.23%
$LMT -2.49%
Steve Matt's avatar
$18.7m follower assets
My July Returns Are In!... And They're... Good?
I'm still getting annihilated in both of my portfolios but less annihilated than a month ago!

Retirement Portfolio
In June, I opened zero new positions. I added to $MKL twice, $TYL twice, $MCD twice, $WM twice, and $IIPR. Relatively quiet month. I also added to $NVDA, $BIPC, $AMT, $MPW, $O, $IIPR, $NLCP, and $TSM via DRIP. I exited zero positions.

My retirement portfolio was up 13.09% in July. However, I'm still down 35.84% YTD and my month-by-month YTD is as bad as growth investor's portfolio returns could look.

Shoutout to my best performing retirement positions in 2022 so far:
  • $BMBL with a 35.80% return YTD
  • $SWAV with a 32.35% return YTD
  • $TYL with a 31.41% return YD

And a look at my best retirement performing positions in July:

My top 10 positions continue to make up ~33% of my portfolio. $MELI's great July brings to back to the top spot followed by $AAPL, $AMZN, $F, $GOOGL, $SHOP, little known and rarely mentioned $NVEE, $COST, my baby $SWAV, and $SIVB.

Looking forward to August, I'm still considering opening a new position in either $TTD, $TWLO $SONO, $NET, $NTDOY, and after this recent fall, $ROKU.

Taxable Portfolio
In June, I only added to $ATZAF. No positions in this brokerage pay a dividend so there was no DRIP and I did not exit any positions.

Similar to my retirement portfolio, my taxable was up 13.67% in July but is still down 36.60% YTD and the month-by-month is also still abysmal.

Shoutout to my best performing taxable positions in 2022 so far:
  • $TMDX with a 110.75% return YTD
  • $MSP with a 39.49% return YTD - RIP as is had such a great return because it was acquired.
  • $SILK with a 8.10% return YD

And a look at my best performing taxable positions in July:

My top 10 positions continue to make up ~90% of my portfolio as I only have 14 positions in this brokerage. The top 10 remains basically the same with $SNOW, $TMDX, $ATZAF, $SILK, $DT, $LMND, $NCNO, $CPNG, $BIGC, and $OM. Those other 4 positions must be truly awful performers (indeed they are).

Looking forward, I'm undecided which position to add my monthly DCA to. Leaning towards $DT or buying the dip on $OM.

Alternative Investments
I've begun putting some money into Fundrise, Landa, and StartEngine. It's too little to even bother with showing returns and a lot of the stuff is illiquid but I wanted to at least catalog what I'm investing in.

Fundrise
I haven't really dove into yet. I've just been dumping money into it since April and letting them allocate into their Flagship Real Estate Fund. I'll look at their other portfolio options when I get some extra time.

Landa
I've been putting a very small amount of money into Landa each month since April just to play around. I've bought shares in 5 properties and seen some miniscule dividends. It's an interesting foray into real estate and I will probably continue adding to it. The current list of properties I have shares in are:

  • 1394 Oakview (GA)
  • 4474 Highwood (GA)
  • 729 Winter (GA)
  • 8662 Ashley (GA)
  • 24 Ditmars (NY)

StartEngine
This is probably my favorite of the 3 and also the most risky by far. StartEngine allows angel investing in non-public companies. The odds of investments going to zero must be incredibly high while the odds of them ever making it to a publicly traded company incredibly low. That's why StartEngine will remain a very small portion of my portfolio.

I currently am invested in:
  • 3i Tech - "3i Tech Works builds engagement solutions to increase customer loyalty and drive revenue for small and medium-sized businesses. Our integrated platform aims to even the playing field for brick-and-mortar retailers and restaurants by providing them the best digital tools to connect and engage with mobile customers."
  • Future Cardia - "We are Future Cardia (Oracle Health, Inc.) - Bringing you a tiny insertable cardiac monitor for a long-term heart failure monitoring solution to disrupt the $5B market and to set the stage for Connected Implants. Our approach is a simple 2-minute office procedure that brings simplicity, accuracy, high compliance for long-term monitoring, and existing insurance coverage."

I having approved but not yet finalized investments in:
  • SapientX - "We have created a voice assistant powered by AI (artificial intelligence) that can interact with users as if it were their best friend. Today, we are working with companies that make cars, appliances, smart home devices and vending machines to voice-enable a new generation of products."
  • POPS! Diabetes Care - "We have developed and commercialized a revolutionary AI self-care platform for diabetes management. Our mission is for people to take ownership of their diabetes through simple technology, and we have people in all 50 states and Australia using Pops."
  • Kari Gran - "Kari Gran Skincare is a pioneer in the rapidly-growing clean beauty business, headed by passionate female founders disrupting the category with differentiated products targeting an underserved market; women 40+ experiencing dry skin due to menopause. We know the stresses and challenges that come with dry skin, but more importantly, we also know the solution."

I also have an approved but not yet finalized investment in a signed edition Banksy artwork, Laugh Now.
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My July DRIPs
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$18.7m follower assets
Innovative Industrial's ($IIPR) tenant, Kings Garden, defaults on July rent and other obligations
Kings Garden rents 544,000 square feet across 6 properties and is IIPR's 5th largest tenant by rental revenue, accounting for 8%, or ~$16.3MM in rental income in 2021.

In their 8-K filing yesterday announcing the default, IIPR stated they are in discussions with Kings Garden as well as other potential renters to take over the leases.

There was a short report BY Blue Orca Capital on April 14 that called IIPR a "marijuana bank masquerading as a REIT" and specifically called out Parallel (IIPR's 2nd largest tenant by rental revenue) and... you guessed it, Kings Garden, as two companies that were already in default.

in their Q1 earnings conference call, management made a point to call our Kings Garden as a high quality producer of marijuana but also caveated that with some statements that, in hindsight, seem to hint at the prospect of Kings Garden perhaps having trouble dealing with the macro environment and California's heavy tax burden on marijuana producers.

"We have been Kings Garden's partner for three years now and believe Michael King and his team have one of the best reputations for product quality and consistency and perhaps the single largest cannabis market in the world. While we are disappointed in how the California state and local governments have performed in the rollout and administration of the regulated adult-use cannabis program with continued heavy and even increasing tax burdens in certain jurisdictions and lack of enforcement for illicit activities by non-licensed operators, we believe Kings Garden has navigated this environment well.

And our firm believers that high-quality producers like Kings Garden will continue to effectively adapt to the changing landscape in California. While we touched on just two of our tenants today, we apply a similar multifaceted approach to underwriting our tenants, the properties and the markets across our portfolio. I would also like to point out that it is our belief that our portfolio has a replacement cost that is well above our current basis, driven by the significant and continuing increases across the board in building costs that we are all experiencing. As one example among many, structural steel costs have increased by over 40% in just the last 15 months." - Alan Gold, Execute Chairman

Analysts asked directly if Parallel had paid their May rent ("They paid May rent, and there's been no discussions about rent relief." - Alan Gold) but interestingly analysts didn't ask the same question about Kings Garden.

It'll show up tomorrow here on Commonstock but I bought today's dip. Tenants defaulting isn't uncommon for REITs so I don't find this too alarming as long as IIPR is able to agree to new terms or finds new tenant(s) in a timely manner. There is obvious risk to the dividend being reduced, however, if they can't regain that rental income quickly. Additional risk comes in the prospect of just being invested in a marijuana REIT. It's still the wild west for the most part of a lot of companies, some of whom lease property from IIPR, could very easily go belly up. Worth noting I also own shares in $NLCP.

What do the other IIPR shareholders think? Is this buy, sell, or hold moment for you?
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Real Estate Summary for Week ending 6/24/22
Summary of my Real Estate activities for the past week.

M1 Finance - 5 buys this week.


Posted an gain this week on this REIT portfolio as 'Fat Cat Investing' is currently UP 6.26% for the week, but overall is still DOWN marginally 0.34% since inception.

Concreit - received my weekly dividend payment of $0.140366 on deposits of $111.60 (including new deposits and DRIP).

Both are a part of my ongoing "Real Estate Rumble"

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Real Estate Summary for Week ending 5/27/22
Summary of my Real Estate activities for the week.

M1 Finance - 17 buys this week


Posted gains this week on this REIT portfolio as 'Fat Cat Investing' is currently UP 5.30% for the week and UP 5.51% overall since inception.

Concreit - received my weekly dividend payment of $0.126875 on deposits of $101.06 (including DRIP).

Both are a part of my ongoing "Real Estate Rumble"

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The 90/50/40 Club
I was reviewing the margins for Doximity ($DOCS, reporting this afternoon) when I noticed they are sitting at an impressive gross margin of 88.8%, operating margin of 34.3%, and net margin of 47.2%. That triggered my basketball mind to think of the 50/40/90 club (for those unaware, that's a club of players who shoot 50% from the field, 40% from 3, and 90% from the free throw line in a single season).

Then I wondered if any companies are members of what I am now minting The 90/50/40 Club.

There are 9 with a market cap >$1 billion, a list unsurprisingly dominated by REITs. Very surprised to see a small biotech on this list. Has anyone ever done a deep-dive on $VIR? Would be curious to learn more.

There isn't really any special point to this post lol. Just an interesting screener I thought up.

PS: Nice to see two of my positions, $IIPR & $MPW, in the elite club.
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My $SMG trades
This was a tough sale. I bought for the cannabis exposure in the Hawthorne Gardening subsidiary back before I was a growth investor or had a cogent investment strategy (I sold stocks way too often). I was a big fan of SMG though. Solid business, solid dividend, and a subsidiary I thought would explode. That was March 2017. Hawthorne is now struggling mightily (along with most of the cannabis industry) and SMG has been trailing my benchmarks pretty significantly over the 5+ years I've held. Considering I already have a more pure-play cannabis exposure in $GRWG (plus $GTBIF, $IIPR, $NLCP), I feel like the funds that were tied up in SMG can be better deployed elsewhere in this current environment.

The Scotts Miracle-Gro Company ($SMG) Investment:
Time held from initial purchase: 5.13 years
CAGR: 2.38% vs $SPY 11.68% vs $QQQ 17.12%
Total Return: 8.92% vs SPY 51.96% vs QQQ 81.87%

Results: Trailed both of my benchmarks
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