PSIL: 2nd Quarter 2023 Portfolio Review
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. For the fund’s most recent standardized and month-end performance, please click www.advisorshares.com/etfs/psil.
PSIL had a positive period in the 2nd quarter of 2023. Based on net asset value (NAV), PSIL was up 7.98% for the quarter, barely trailing behind the S&P 500, which was up 8.74% for the quarter. Of course, PSIL has a pretty low level of correlation to the S&P in our opinion.
A new position was added to Lucy Scientific Discovery INC (LSDI), with 284,724 shares. No positions were removed from the portfolio, other trades were smaller tactical adjustments to the portfolio.
Winners / Losers
Enveric Biosciences INC (ENVB) was up 110.86% for the quarter, Seelos therapeutics INC (SEEL) was up 61.43% for the quarter, and Reunion Neurosciences INC (REUN) gained 61.43% for the quarter. Laggers in the portfolio were Clearmind Medicine Inc. (CMND) down 53.89%, Psybio Therapeutics Corp (PSYBF) down 45.60%, and FSD Pharma INC (HUGE) down 25.32% for the second quarter.
|Ticker||Security Description||Portfolio Weight %|
|CMPS||COMPASS PATHWAYS PLC||10.77%|
|GHRS||GH RESEARCH PLC||7.78%|
|SEEL||SEELOS THERAPEUTICS INC||5.13%|
|ENVB||ENVERIC BIOSCIENCES INC||4.92%|
|LSDI||LUCY SCIENTIFIC DISCOVERY IN||4.76%|
|MNMD||MIND MEDICINE MINDMED INC||4.74%|
|REUN||REUNION NEUROSCIENCE INC||4.45%|
|ITCI||INTRA-CELLULAR THERAPIES INC||4.34%|
As of 06.30.2023. Cash is not included. Subject to change.
Please see our complete fund holdings at advisorshares.com/etfs/psil. The holdings details are updated each market day.
In June the FDA issued First Draft Guidance on clinical trials with psychedelic drugs, presenting considerations to the industry for designing clinical trials. “Psychedelic drugs show initial promise as potential treatments for mood, anxiety, and substance use disorders. However, these are still investigational products. Sponsors evaluating the therapeutic potential of these drugs should consider their unique characteristics when designing clinical studies,” said Tiffany Farchione, M.D., director of the Division of Psychiatry in the FDA’s Center for Drug Evaluation and Research. “By publishing this draft guidance, the FDA hopes to outline the challenges inherent in designing psychedelic drug development programs and provide information on how to address these challenges. The goal is to help researchers design studies that will yield interpretable results that will be capable of supporting future drug applications.” A promising step forward for the psychedelic space, as it continues to grow and be used for conditions such as treatment-resistant depression and post-traumatic stress disorder.
We want to always remind people to think about how they want to invest in the psychedelic space as PSIL is designed to be fully or mostly fully invested. It is not a tactical strategy. If an investor wants to have a more aggressive risk managed approach to investing in this space, they should have a plan/strategy to trade around PSIL. Regardless of the type of investor you are, we appreciate your investment and trading of PSIL as we work to grow the ETF and raise awareness of this industry and its investment opportunities.
To get updates on the funds, tune in to AdvisorShares’ AlphaNooner Show streaming live each regular weekday starting at 12:00 pm (East Coast time), where I am a guest almost every Tuesday. Other important guests from the psychedelics world often join too. Find it on most major social media platforms or visit our the AdvisorShares “Events” webpage for more information.