On June 1st, nine shares of NVIDIA Corporation (NVDA) were purchased for $396.42 each, totaling $3,567.76 in stock. $1.29 in cash was left over equaling a grand total of $3,569.05 at the start of this month. Yesterday June 29th, the shares closed at $408.22 for a total value of $3,673.98. Combined with the $1.29 cash, the portfolio is worth $3,675.27 as June closes. Last August, I started with $2,005. So this strategy has returned an amazing 83 percent in eleven months. This is almost a doubling of my money.
Meanwhile, the benchmark S&P 500 exchange-traded index fund, SPY, has returned a modest 7.6 percent over the same period. This includes dividends.
Nvidia is Still On Top
Over the last six months, Nvidia, Meta Platforms, Inc., and Tesla Inc. are the top three performing stocks of the S&P 100 index. In other words, these stocks have returned the most this year amongst large capitalization companies. NVDA is up 173 percent, META 129 percent and TSLA 116 percent.
Remember, stocks were down a lot last year. This year some have rebounded. 2023’s bull market has been lead by several large cap tech stocks, dubbed The Magnificent Seven by commentators on CNBC and other financial media.
NVDA, META and TSLA are three of The Magnificent Seven. This simple strategy identified either NVDA or META as the top stock for five of the seven months of 2023 (March through July). This fact and the near doubling of funds invested over the last eleven months proves the exceptional strength and advantage of this strategy.
Check back on July 31st for an update.