Librarian Capital Monthly Portfolio Update - December 2021
(Substack Exclusive) Portfolio Update
(We have abbreviated this monthly update to focus on ongoing company earnings releases; we will analyse our 2021 performance in more detail in the January edition of this update.)
Summary
Our long-only portfolio gained 3.7% in GBP in December, 1.8 ppt better than MSCI World; we finished 2021 up 23.2%, 0.3 ppt better than MSCI World
Since 2019, when we started managing our capital full-time, the portfolio has gained 81.0%, ahead of MSCI World by 11.7 ppt; our IRR since 2008 is 15.6%
Top December contributors were Visa, Zoetis, Mastercard, Philip Morris and Altria; Intuit was the only detractor during the month
There were no portfolio changes during December
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 0.2% (up from 0.1%)
Portfolio Performance
Our long-only “Librarian Capital” portfolio gained 3.7% in GBP in December, 1.8 ppt better than our chosen benchmark MSCI World, which gained 1.9%. We finished 2021 wit…