However, what we are seeing is the timing for the first rate cut already starting to move back towards the middle of 2024. This week we've had a bunch of Fed speakers offering what we would say were rather conflicting views on monetary policy. Ahead of the data yesterday and today, some of those Fed heads said enough has been done with monetary policy, while others, like Fed governor Michelle Bowman have said that the policy rate may need to rise further and stay restrictive for some time.
Today, after all the data of the week, we have three more Fed speakers on tap. And with that in mind, we think the market is going to try to find some degree of clarity in their comments. The reality is it may get it, it may not. But our game plan for the portfolio will be to plot our next move once we have the collective comments from those three, as well as Philly Fed President Pat Harker who speaks tomorrow in our hands. With that, we'll move on.
And by now, you've probably saw-- excuse me-- that yesterday we trimmed our position in Axon. Even though Axon shares are rated a 1, they have significantly outperformed the market of late, rising more than 15% versus just a 2% move in the S&P 500 over the last few weeks. Make no mistake, we're not complaining. But we always keep an eye on such moves and what they mean for a position size relative to the overall portfolio. This latest push higher in Axon shares led them to account for more than 4.5% of the portfolio, making it our largest holding.
We're all for letting our winners run, but we also need to be prudent as well. That led to our ringing the register yesterday, locking in some big gains on those shares that we picked up just about this time last year. After the trade, we still have about 3.8% of the portfolio's assets in Axon-- a sizable position. And coming out of the Police Chiefs Conference this weekend and early next week, our plan with Axon is to revisit our price target, potentially moving it higher.
And with Coty shares under pressure yesterday following disappointing quarterly results from luxury goods company LVMH, we took the time to boost our position in Coty. We did so because of what we saw in LVMHs quarterly results. Digging into them, we saw that it was their leather goods and jewelry businesses that fell, while its perfume and cosmetics business both rose sequentially and on a year-over-year basis. Let's remember, it's that business, perfume and cosmetics, were Coty's business lies. And those figures from LVMH support Coty's recent guidance increase.
Simply put, this is a great reminder to understand what we own in the portfolio. And we saw the pullback as an opportunity that led us to pick up more shares as they flirted with our panic point. And as we made that trade, we also revised our panic point lower to $9.00 for Coty from $9.75. That'll do it for today's rundown. Thanks for watching.