By Dima Kulakov
Fundstrat Global Advisors founder, Tom Lee, is rebalancing his market-beating 23-stock portfolio, that he dubbed “Granny Shots”. Lee has been one of the most bullish Wall Street strategists during the pandemic, calling for a market turnaround in March, before most other analysts.
His “Granny Shots” portfolio aims to capture the “best of the best” stock ideas.
The portfolio has had a 34.1% return this year, about 25% higher than that of the S&P 500, an outstanding outperformance.
Recently, Lee added five new names, and moved six stocks out of the portfolio.
Booking Holdings, Procter & Gamble, and Emerson Electric were taken out of the portfolio, while Qualcomm, Intel, and Omnicom Group were among the names added. According to Lee, each stock in the portfolio has a “long-term thesis that is attractive.”
Names such as Alphabet, Apple, Microsoft, Monster Beverage, Lowe’s, American Express, and Tesla are also in the portfolio.
Lee, in general, stated that equities “continue to show impressive resilience.” He believes the S&P 500 hit a pre-election bottom last week, and may advance towards the end of 2020 with some volatility in between now and then.