We are making a pharmaceutical position swap into Wednesday's relief rally.
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These moves are helping us reposition the portfolio with a more defensive tilt, while preserving our sizable cash position.
There's no indication of a material problem for the business. The stock, however, plays by different rules.
We're adding to a consumer name and starting a position in another. Plus, we're trimming a rallying drug stock.
We're taking half of the cash raised from the sale to add to one of the portfolio's recent spinoffs.
We're trimming this position to take advantage of the stock's 12% gain to start the new year.
The sale is a matter of portfolio discipline.
