Ocean Park Capital Management

2503 Main Street

Santa Monica, CA 90405

Main: 310.392.7300

Daily Performance Line:  310.281.8577

March 2024
Market Update
(all values as of 12.31.2025)

Stock Indices:

Dow Jones 48,063
S&P 500 6,845
Nasdaq 23,241

Bond Sector Yields:

2 Yr Treasury 3.47%
10 Yr Treasury 4.18%
10 Yr Municipal 2.73%
High Yield 6.48%

YTD Market Returns:

Dow Jones 13.07%
S&P 500 16.46%
Nasdaq 20.36%
MSCI-EAFE 27.89%
MSCI-Europe 31.95%
MSCI-Pacific 29.87%
MSCI-Emg Mkt 30.58%
 
US Agg Bond 7.30%
US Corp Bond 7.77%
US Gov’t Bond 6.88%

Commodity Prices:

Gold 4,325
Silver 70.34
Oil (WTI) 57.42

Currencies:

Dollar / Euro 1.17
Dollar / Pound 1.34
Yen / Dollar 156.18
Canadian /Dollar 0.73

Portfolio Overview

Ocean Park Investors Fund rose 2.13%* in March, while the S&P 500 rose 3.10% and the NASDAQ Composite rose 1.79%.  The fund’s consumer and technology stocks led the way, with The Gap up 45% and Nvidia up 14%.

During March, we increased positions in the financial services and health care sectors and reduced positions in the consumer discretionary and service sector and the technology sector.  Notable changes included the sale of Apple due to the continuing prospect of stagnant sales.  We realized a substantial profit and no longer have a position for the first time in several years.  We also trimmed Alphabet (Google) because it had become an outsized position. In addition, we sold Costco, Snow, and Lululemon due to earnings-related corrections in their prices.  To replace them we increased our holdings in Micron, Netflix and Disney and initiated new positions in Best Buy, Allstate, and Arista Networks.  We finished the month at about 97% net long, up from about 95% in February.

 

 

Daily updates on our activity are available on our Results Line, at 310-281-8577, and current information is also maintained on our website at www.oceanparkcapital.com. To gain access to the site enter password opcap.

*These results are pro forma. Actual results for most investors will vary. See additional disclosures on page 4. Past performance does not guarantee future results.

 
Equity Overview

Equity Overview

Ten of eleven sectors in the S&P 500 rose in March, with energy the best gainer and consumer discretionary the only loser.  Reversing the trend in January and February, value stocks outperformed growth.  Volatility was modest, as the S&P 500 moved more than 1% on 3 of 20 trading days.

 

 

 

 

 
Macro Overview

Macro Overview

Economic headlines in March were mixed.  Retail sales and manufacturing were weak but durable goods orders were strong.  Nonfarm payrolls increased by 275,000, better than expected, but unemployment ticked up to 3.9%, the highest rate in two years. 4Q2024 U.S. GDP was revised upward to 3.4%.

Progress on inflation stalled as the Consumer Price Index rose 3.2% year-over-year, higher than expectations and higher than the previous month’s rate of 3.1%.  This reinforced the Fed’s caution on interest rate cuts and accordingly, the Fed left rates unchanged at its March meeting.

After a tortuous process, Congress finally approved the 2024 federal budget with no significant changes from the deal negotiated last year.  The next act in the budget drama comes all too soon, with the 2025 budget due by September 30.

 

 

 

 
Additional Disclosures

Additional Disclosures

Performance data for OPI reflect the reinvestment of dividends and other earnings on the fund’s assets.  Performance data for the major indices reflect only changes in the value of those indices, and would be higher if dividends were included. However, the index data do not reflect fees that would be paid to index fund managers and transaction costs that would be incurred when their component stocks are bought or sold, while OPI’s data do reflect quarterly fees and expenses incurred by the fund.  The information provided is believed to be reliable, but its accuracy or completeness is not warranted. This material is not intended as an offer or solicitation for the purchase or sale of any stock, bond, mutual fund, or any other financial instrument. The views and strategies discussed herein may not be appropriate and/or suitable for all investors. This material is meant solely for informational purposes, and is not intended to suffice as any type of accounting, legal, tax, or estate planning advice. Any and all forecasts mentioned are for illustrative purposes only and should not be interpreted as investment recommendations.

 

 

 

Ocean Park Capital Management · 2503 Main Street · Santa Monica CA 90405 · 310-392-7300