Librarian Capital Monthly Update - March 2021

Portfolio Update

About the Portfolio: This is a long-only strategy that invests in global equities. The investment style is fundamentals-oriented, concentrated and long-term. The portfolio holds 15-25 high-quality companies in the U.S. and Europe, usually for multiple years. It has been in existence since late 2008, and is the main vehicle for the manager’s personal net worth. Monthly updates on the strategy since 2019 can be found here.

Summary

• Our long-only portfolio gained 5.3% in GBP in March, 60 bps ahead of MSCI World; year-to-date it has gained 4.9% in GBP, 90 bps ahead

• The portfolio is now up 54.2% since the start of 2019, more than 10 ppt ahead of MSCI World, and ahead of other indices

• Top March contributors were Altria, BofA, Facebook, Philip Morris and JPMorgan; only two stocks lost money, PayPal and Intuit

• In March we added to Raytheon, a new position in February, but made no other buys or sales

• At the end of March, the portfolio held 19 stocks, with the top 10 representing 65% of its total valu…