Librarian Capital Monthly Update - August 2021

Portfolio Update

Summary

• Our long-only portfolio gained 4.1% in GBP in August, 0.6 ppt ahead of MSCI World; year-to-date, it has gained 24.5% in GBP, 7.4 ppt ahead

• The portfolio is now up 82.9% since 2019, more than 20 ppt ahead of MSCI World, and is ahead of other indices and leading “quality” funds

• Top August contributors were Charter, Microsoft, Facebook, BofA, Intuit; top detractors were Mastercard, Visa, Raytheon, Unilever, Altice USA

• We initiated a new position in Altice USA, and added to our Mastercard, Visa and Alphabet holdings, partly funded by reducing our stake in Intuit

• At month end the portfolio held 21 stocks, with 70% of its value in the top 10; 13 stocks were in 5 investment themes; cash was at 1.4% (down from 3.7%)

Portfolio Performance

Our long-only “Librarian Capital” portfolio gained 4.1% in GBP in August, 0.6 ppt ahead of our chosen benchmark MSCI World, which gained 3.5%. Year-to-date, our portfolio has gained 24.5% in GBP, 7.4 ppt ahead of MSCI World’s gain of 17.1%:

Currency was a ta…