Portfolio Update June 2022: A month of two halves

The spectre of recession and less aggressive monetary tightening rescued the portfolios from an even worse performance in June.

Photo by Izuddin Helmi Adnan

May’s market horror continued into June as worries over inflation and the Fed’s course on rates persisted, only to reverse around the middle of the month and end back where they started.

In any normal circumstances that reversal will have come as a relief. Except these are not normal circumstances, because in any sane world the prospect of a savage recession would hardly be encouragement for buyers to return; the stock market IS the economy, even if the timing is sometimes off.

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Investability portfolio update: a cruel April

The portfolios stood up relatively well in tough markets – but some holdings need slicing

Photo by Joshua Woroniecki

I’m not sure why TS Eliot thought that April was the cruellest month. A Lloyds banker by trade, the poet will have been well aware that stock markets generally do quite well in April, and that it is only in May that investors should consider selling up and going away until the St Leger’s Day horse race in early September.

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Investability Portfolios update: February respite

February wasn't a bad month for the portfolios considering the tough market backdrop

Photo by Max van den Oetelaar

February was a fairly mixed month for the two main Investability portfolios, with the UK Quality Shares portfolio hobbling along after a very poor January and the US-heavy Atlantic portfolio losing further ground after a bad start to the year, albeit at a mercifully slower rate.

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Quality Shares Portfolio Updates: Wet January

A stiff drink is required after a poor performance from both portfolios last month

January was not a good month for the Quality Shares portfolios, hardly surprising as the focus on quality that had driven their performance over the years found itself very much out of fashion over the month. US technology shares, which form the bedrock of the Atlantic Portfolio, had a very difficult month despite closing out with a flourish as the likes of Microsoft and Apple reported strong earnings.

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Portfolio commentary: Rough and jumble

A disappointing performance from our Jumble Sale portfolio highlights the dangers of focusing on cheapness

Photo by freestocks on Unsplash

There was one other Investability portfolio which I omitted to mention last week, the Jumble Sale portfolio, so here’s a quick update. It’s not really a portfolio anyway, in the same sense that the Atlantic and UK Quality Shares portfolios are – we set it up as an experiment to see if the there was any merit in the tactic of buying deeply unloved shares, without the same quality rigour that we apply elsewhere.

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The Atlantic Portfolio sails along

Five companies delivered half of the performance of the US-UK portfolio - is it time to dump the laggards...or even the winners?

US indices had a great 2021, which meant that even the very best active managers found it hard to beat the S&P 500 and the Nasdaq 100. Encouragingly, the Atlantic portfolio came closest to doing so of the benchmarks we use, delivering a total return - ex costs- of 24.6% in the year, more than 2 percentage points better than Fundsmith Equity.

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UK Quality Shares shine in a benign market

Invest-ability's UK-focused portfolio topped the table in a decent year for the FTSE

Photo by David Vincent on Unsplash

The FTSE 100 is best known for proving something of a perennial disappointment to its investors, certainly when compared to its more tech-heavy US counterparts. It lagged them again too this year by a mere ten percentage points, but with many of its constituents well into the green 2021 felt a lot better than many previous years.

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