Librarian Capital's Monthly Letter - March 2025

Portfolio Strategy: We have been outperforming market indices significantly as our warnings about Trump are now coming true.

Introduction

This “Librarian Capital’s Monthly Letter” is a continuation of our "Monthly Ranked Top Buys“ series, renamed to reflect the shift in emphasis from a mechanistic re-ranking of preferred buys each month to a more holistic discussion of market developments and opportunities. As before, it includes our “Select 15” model portfolio, which closely resembles how we manage capital in real life (including more than 80% of our personal assets), as a way to showcase our most-preferred stocks and to quantify our view of each stock’s relative attractiveness.

“Select 15” was flattish in February and lost 2.7% in March, outperforming the MSCI World (our benchmark) and the S&P 500 in both months, and was up 0.8% in Q1 2025 while both indexes were down:

“Select 15” lost 1.6% in April 1-3, following the announcement of new U.S. “reciprocal” tariffs by Donald Trump. At the time of writing, our model portfolio has gained 38.8% since inception at the start of 2023. Beginning with a notional $1m, it has risen to $1.39m after just over 2 years:

As we finalise this letter on April 4, shares have been volatile throughout the day. As of mid-afternoon (2:45 pm Eastern Standard Time), “Select 15” is down 4.5% for the day while the S&P 500 is down 5.7%.

(The rest of this article is for paid subscribers only, but unlocking it costs just $10; you can see a free sample of our research here.)