Librarian Capital Monthly Update - April 2021

Portfolio Update

About the Portfolio: This is a long-only strategy that invests in global equities. The investment style is fundamentals-oriented, concentrated and long-term. The portfolio holds 15-25 high-quality companies in the U.S. and Europe, usually for multiple years. It has been in existence since late 2008, and is the main vehicle for the manager’s personal net worth.

Summary

• Our long-only portfolio gained 6.1% in April, 180 bps ahead of MSCI World; year-to-date, it has gained 11.3%, 290 bps ahead (all figures in GBP)

• The portfolio is now up 63.5% since the start of 2019, nearly 15 ppt ahead of MSCI World (our chosen benchmark), and is also ahead of other indices

• Top April contributors were Facebook, Zoetis, Microsoft, Visa and Intuit; the only detractors were Altria, ADP and British American Tobacco

• In April we initiated a new position in British American Tobacco, doubled our position in Raytheon, and halved our position in JPMorgan

• At the end of April, the portfolio held 20 stocks, with the top …