CEO Keith McCullough has been long S&P 500 Momentum (SPMO) since November. But a big change happened last week when, for the first time in nearly two years, Keith is no longer short the Russell 2000 (IWM). This week Keith even added small cap growth, via Russell Growth (IWO), to the long side.
This is a really important shift for our Macro team. Why? The Russell 2000 fell -33% from it’s November 2021 highs to it’s October 2023 lows. For nearly two years (from March 2022 to February 2024), Keith and our Macro team had maintained their call to short the Russell 2000.
“If anything, I’m net long small-caps through Russell Growth (IWO),” Hedgeye’s CEO explains in this clip from The Macro Show. “I have 16 longs in the asset allocation model that are U.S. equities.”
“I want to make sure you see those positions,” McCullough adds.
To monitor what ETFs McCullough adds, removes and re-ranks within his own long-only portfolio, subscribe to Portfolio Solutions.
“I can’t say this enough times: It doesn’t matter what people say or think about you or me,” McCullough adds. “What matters is what’s in your account.”
