Generally speaking, I try to let my winners run, even if I do take some profits.

Today, with momentum changing, escalating trade wars and Hong Kong in chaos, I'm going to ditch some of my lower conviction positions that I have been umm-ing and ahh-ing about.

We've published on three of those on Ethical Equities, so I thought I should mention here.

I'm going to sell out of Elixinol (ASX:EXL). A couple of quarters ago I said "As a result of this analysis, I can only conclude that in the best case scenario my confidence in the company is now lower than it was, and two days after this post, I intend to sell a significant chunk of my Elixinol shares."

The subsequent results weren't great either, so I'm all out today.

When we last covered Clinuvel (ASX:CUV) I said, "I have not sold any shares in Clinuvel, and while I may adjust my position size in due course, I have no current intention to sell out of the stock. I differ from Matt because I think there could be enough growth to justify the risk of losing exclusivity for afamelanotide. Clinuvel has a head start in terms of marketing and manufacturing expertise. I do, however, agree that there is a real risk of over-valuation if the market underestimates this risk."

I subsequently reduced my position size and now I'm selling out completely on valuation concerns and because this AFR article made it seem like a strange company.

Finally, I will also sell out of Xref (ASX:XF1). When we last covered the stock, I said "While I could imagine myself taking some profits if I find superior uses for my capital, I do believe that this thesis needs longer to play out, and I have held on so far. At the very least, I'm inclined to give the business until the end of the financial year, when we will find out about the all-important fourth quarter sales. " Unfortunately, its most recent results disappointed slightly, so now I'll probably sit on the sidelines.

This article does not take into account your individual circumstances and contains general investment advice only (under AFSL 501223). Authorised by Claude Walker.