Introduction
This “Librarian Capital’s Monthly Letter” tracks our “Select 15” model portfolio, which we have run since the start of 2023. The portfolio showcases our most-preferred stocks and quantify our view of the relative attractiveness of each, and closely resembles how we manage capital in real life, including more than 80% of my personal assets. While we only make changes in our portfolio infrequently – the consequence of our style as long-term “quality”-focused investors – these letters also provide the opportunity to discusses key market developments and corporate news each month.
“Select 15” gained +3.2% in August but lost -0.4% in September, taking our year-to-date gain to +12.7% as of September month-end, behind our benchmark MSCI World, which gained +17.8%, and the S&P 500, which gained +14.8%:
“Select 15” gained a further 1.3% during October 1-19, taking our year-to-date gain to +14.2% and our lifetime gain to +60.0% in less than 3 years. Beginning with a notional $1m, the model portfolio now stands at $1.60m:
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