Today I sold my positions in the iShares MSCI Sweden ETF (EWD) and the iShares MSCI Small Cap ETF (ECNS).
These sales were not due to a negative outlook on equity in general or in either country specifically.
Rather, we are raising some cash in order to fund the purchase of a home for a family member who is relocating. Essentially, we will own the home temporarily until the family member sells her existing home.
The ETFs were part of an experiment early last year to invest in country specific ETFs based on valuations and momentum.
I find I don’t have the time or patience to pursue a country rotation strategy.
To simplify things, the September portfolio profile will reflect these trades. I will discuss this change in the September audio portfolio commentary.
