Librarian Capital's Monthly Letter - April 2025

Portfolio Strategy: Our year-to-date outperformance has widened after the volatile April; we recap Q1 earnings in this letter.

Introduction

This “Librarian Capital’s Monthly Letter” is a continuation of our "Monthly Ranked Top Buys“ series. It discusses key market developments and corporate news each month, and also tracks our “Select 15” model portfolio. The latter is a way to showcase our most-preferred stocks and quantify our view of the relative attractiveness of each, and closely resembles how we manage capital (including more than 80% of my personal assets) in real life.

“Select 15” gained 3.5% in April, widening our year-to-date outperformance over MSCI World (which gained 0.9%). As of April month-end, “Select 15” was up 4.3% year-to-date, while both the MSCI World and S&P 500 indices were down:

“Select 15” has gained a further 1.4% in May 1-8. Beginning with a notional $1m, it has risen to $1.48m after ~2.5 years:

We have now outperformed or matched MSCI World each month for 5 consecutive months, starting last December.