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.
“Select 15” gained +2.1% in January, ahead of the S&P 500 but behind MSCI World:
“Select 15” fell by 0.4% during February 1-11, taking our year-to-date gain to +1.7% and our lifetime gain to +65.4% in just over 3 years. Beginning with a notional $1m, the model portfolio now stands at $1.65m:
This monthly letter has been abbreviated to focus on changes we are making to the model portfolio. After delays in 2025, we intend to publish our letters more regularly, even if this means not following the same format every month.
We are making changes affecting ~20% of the portfolio, replacing 3 existing positions with new ones, adding to one existing position and reducing two other. We are also deploying nearly all of the ~8% of cash in the portfolio.
(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.)