Librarian Capital Monthly Update - October 2021
Portfolio Update
(We have abbreviated October’s version of our monthly update as we focus on November’s)
Summary
Our long-only portfolio gained 1.0% in GBP in October, 2.9 ppt worse than MSCI World; year-to-date, it has gained 20.3% in GBP, 1.2 ppt ahead
The portfolio is up 76.7% since 2019 as of October, 12.6 ppt ahead of MSCI World, our chosen benchmark, but has fallen 0.8 ppt behind the S&P 500
Top October contributors were Microsoft, BofA, Zoetis, Alphabet and Intuit; top detractors were PayPal, Charter, Meta, Comcast and Visa
During October we added to our existing positions in Charter, Meta, Visa and Mastercard, and further reduced our holding in Intuit
At month end the portfolio held 21 stocks, including 75% of its value in the top 10 and 13 stocks in 5 investment themes; cash was at 0.2% (down from 1.3%)
Portfolio Performance
Our long-only “Librarian Capital” portfolio gained 1.0% in GBP (2.5% in USD) in October, 2.9 ppt worse than our chosen benchmark MSCI World, which gained 3.9%. Year-to-date, our …