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…