DWMC: 4th Quarter 2021 Portfolio Review
Strategy
Performance
Holdings
Throughout the quarter, the positions in the top half of the weights made positive contributions to the return, while those in the bottom half posted negative contributions. The top 2 deciles (roughly 40 stocks in this case) added a combined 6.33% to the overall quarterly performance. This is a good sign for the portfolio as positions with higher weights tend to be those with good momentum (as they’ve grown from equal weight to their current weighting).
Top 10 Holdings
| Ticker | Security Description | Portfolio Weight % |
| CALX | CALIX INC | 2.32% |
| KRNT | KORNIT DIGITAL LTD | 1.48% |
| SPLP | STEEL PARTNERS HOLDINGS LP | 1.42% |
| CAMT | CAMTEK LTD | 1.36% |
| DAC | DANAOS CORP | 1.33% |
| VRTV | VERITIV CORP | 1.27% |
| ATLC | ATLANTICUS HOLDINGS CORP | 1.24% |
| IDT | IDT CORP-CLASS B | 1.22% |
| AMR | ALPHA METALLURGICAL RESOURCE | 1.17% |
| ASPN | ASPEN AEROGELS INC | 1.14% |
As of 12.31.2021. Cash is not included.
Sector
The portfolio again saw a significant number of changes this quarter. Many of these came from Health Care as it was the biggest laggard in the portfolio for the quarter. Health Care is underweighted relative to the benchmark though so it didn’t hurt as much as it otherwise could have. The portfolio focused its buying in Industrials, Information Technology, Financials, and Consumer Discretionary which were all positive contributors in Q4. Consumer Discretionary, in particular, accounted for 2.2% of the overall gain (nearly half of the total) and is overweighted in the portfolio. Industrials and Materials are other significant overweights, with Health Care remaining the most significant underweight by far.
As of 12.31.2021.
John G. Lewis
Nasdaq Dorsey Wright
AdvisorShares Dorsey Wright Micro Cap ETF (DWMC) Portfolio Manager
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