Librarian Capital Monthly Update - July 2021

Portfolio Update

Summary

• Our long-only portfolio gained 2.4% in GBP in July, 1.3 ppt ahead of MSCI World; year-to-date, the portfolio has gained 19.6% in GBP, 6.5 ppt ahead

• The portfolio is now up 75.7% since 2019, nearly 20 ppt ahead of MSCI World, and is ahead of other indices and leading “quality” funds

• Top July contributors were Zoetis, Microsoft, Intuit, Mastercard and Visa; detractors were Bank of America, PayPal, Unilever and BAT.

• We made no changes to the portfolio during July. Our top-10 holdings at month end contained one change from the start of the year.

• At month end the portfolio held 20 stocks, with the top 10 representing 69% of its total value; cash was at 3.7%, unchanged from the month before

Portfolio Performance

Our long-only “Librarian Capital” portfolio gained 2.4% in GBP in July, 1.3 ppt ahead of our chosen benchmark MSCI World, which gained 1.1%. Year-to-date, our portfolio has gained 19.6% in GBP, 6.5 ppt ahead of MSCI World’s gain of 13.1%:

Currency was a headwind in July, with GBP/US…