ITOCY - H1 2021 Portfolio Review - Sticking With Value

• My portfolio returned 16.4% in the first half of 2021, above the S&P total return of 15.2% despite a fixed income allocation of 17% in my holdings.
• A rotation from growth to value helped drive performance. This can continue as interest rates return to more normal levels.
• Merger arbitrage plays have become a destination for short-term investments as the potential return far exceeds that of bonds, compensating for the higher risk.
• Value can lead for long periods. I wouldn't abandon it after only a few months because of a short-term reversal in June.

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