PSIL: 3rd Quarter 2023 Portfolio Review
PSIL had a negative period for the 3rd quarter of 2023. Based on net asset value (NAV), PSIL was down 15.28% for the quarter. The S&P 500 was also negative, down 3.27% for the quarter.
No new positions were added to the portfolio in Q3. Our position in Reunion Neuroscience Inc. (REUN) was removed from the portfolio due to acquisition, and other trades were smaller tactical adjustments to the portfolio.
Winners / Losers
For the quarter Small Pharma Inc. (DMTFF) was up 65.43%, Relmada therapeutics Inc. (RLMD) was up 18.58%, and Cybin Inc. (CYBN) was up 18.62%. Laggers in the portfolio were Clearmind Medicine Inc. (CMND) down 67.01%, Seelos Therapeutics Inc. (SEEL) down 84.67%, and Psybio Therapeutics Corp. (PSYBF) down 72.56% for the third quarter.
|Ticker||Security Description||Portfolio Weight %|
|CMPS||COMPASS PATHWAYS PLC||10.19%|
|GHRS||GH RESEARCH PLC||7.16%|
|MNMD||MIND MEDICINE MINDMED INC||5.66%|
|ENVB||ENVERIC BIOSCIENCES INC||5.22%|
|RLMD||RELMADA THERAPEUTICS INC||5.21%|
|SAGE||SAGE THERAPEUTICS INC||5.20%|
|ITCI||INTRA-CELLULAR THERAPIES INC||4.63%|
|HUGE||FSD PHARMA INC-CLASS B||4.39%|
As of 09.30.2023. 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 September, a study led by the University of California San Francisco (UCSF) paved the way for MDMA (3,4-Methyl enedioxy methamphetamine) to potentially become the first psychedelic substance seeking FDA approval. The Phase 3 trial demonstrated that, when used in conjunction with talk therapy, MDMA could emerge as a potent tool in treating individuals grappling with moderate-to-severe PTSD (post-traumatic stress disorder). The trial’s backer and financier, biopharmaceutical company MAPS Public Benefit Corp., aims to submit its drug application to the FDA this year and anticipates Federal Drug Administration (FDA) approval by the close of 2024.
MDMA induces the release of serotonin, a crucial neurotransmitter for mood regulation. This, in turn, triggers the release of oxytocin, a neuromodulator produced by the pituitary gland, which plays a pivotal role in fostering feelings of closeness and facilitating communication. Should it receive FDA approval, the Drug Enforcement Agency (DEA) would still need to reclassify the drug from its current status in the most tightly regulated category, Schedule I, to a less restrictive category that would allow for therapeutic use.
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. So 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.