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Taking some profit after a strong market rally

After three months of sharp declines, culminating in a 9% fall in June, markets staged a strong rebound in July, with the Australian Share Market (ASX 200) up 6% and the S&P 500 up over 9%.

On Monday we sold the Leveraged Long position (GEAR) in the Australian Share SMA, the Leveraged Long S&P 500 position (GGUS) in the International Equity ETF sleeve and trimmed a number of holdings in the International Share SMA, increasing the cash weight from 14.5% to 19% within the portfolio.

This is the third time so far this year that we have both bought the dip in equity markets and then subsequently taken profits, selling the rally.

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