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 …