Librarian Capital Monthly Portfolio Update - November 2021

(Substack Exclusive) Portfolio Update

(This update is longer than usual to explain a number of portfolio changes in November)

Summary

• Our long-only portfolio lost 1.2% in GBP in November, 2.5 ppt worse than MSCI World; it has gained 18.9% year-to-date and 74.6% since 2019

• Top November detractors were PayPal, Visa, BofA, Philip Morris, Raytheon; top contributors were Zoetis, Intuit, Altice USA, ADP, Microsoft

• We took advantage of price declines and added to our existing holdings in Visa, PayPal, Charter, Raytheon, Philip Morris and Meta Platforms

• We funded these purchases by exiting Unilever, Berkshire Hathaway and Altice USA, and reducing our holding in Microsoft

• At month end the portfolio held 17 stocks, with 79% of its value in the top 10; 12 stocks were in 5 investment themes; cash was at 0.1% (down from 0.2%)

Portfolio Performance

Our long-only “Librarian Capital” portfolio lost 1.2% in GBP in November, 2.5 ppt worse than our chosen benchmark MSCI World, which gained 1.3%. This means, as of the end of November, we have fallen…