Librarian Capital Monthly Update - September 2021

Portfolio Update

Summary

• Our long-only portfolio lost 4.3% in GBP in September, 2.1 ppt worse than MSCI World; year-to-date, it has gained 19.1% in GBP, 4.5 ppt ahead

• The portfolio is now up 74.9% since 2019, 17 ppt ahead of MSCI World, and is ahead of other indices as well as leading “quality” funds

• Top September detractors were Facebook, Charter, Microsoft, PayPal and Altria; contributors were Bank of America, Raytheon and Mastercard

• During the month we added to our existing positions in Raytheon, Visa, Charter, Mastercard and Alphabet, and reduced our holding in Intuit

• At month end the portfolio held 21 stocks, with 72% of its value in the top 10; 13 stocks were in 5 investment themes; cash was at 1.3% (down from 1.4%)

Portfolio Performance

Our long-only “Librarian Capital” portfolio lost 4.3% in GBP in September, 2.1 ppt worse than our chosen benchmark MSCI World, which lost 2.2%. Year-to-date, our portfolio has gained 19.1% in GBP, 4.5 ppt ahead of MSCI World’s gain of 14.6%:

Currency was a partial offse…