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…