2020 was a revealing year for the portfolio, we had a global panic, then a global rally, a desperate slowdown in GDP, a recovery (of sorts), destabilization of the world’s largest economy, then a resolution with a clear victory for Biden, followed by the events on the Capitol. Enough for a decade in just 12 months.
We could philosophise all night about how equity prices seem completely detached from reality, but that’s not really my job, even though I have a bucketful of theories. But it is instructive for the management of the portfolio to see how these events affect it and if any lessons can be learned.
First the good news. The portfolio for 2020 has done very well, well actually it has been amazing. There are 20 stocks on average in the portfolio, weighted to larger most liquid companies in the sector.
You can see that during january 2020, the portfolio pulled ahead of Nasdaq, but was cut back during the crash surrounding the pandemic’s development, however even at its lowest it outperformed Nasdaq. The return to the bull market saw it pull away from the index again and the result was another crazy year. The portfolio has beaten the index every year since inception in May 2016.
Just to round this off (there was no bad news!), I want to stress again that the portfolio is not built around volatile small-cap stocks with no fundamentals and day-trader/click-bait performance. Stocks are selected and priority always given to companies with profitability and a track record rather that frothy IPOs and whatever the latest game is topping the charts (none of the portfolio holdings are in the Goldman Sachs Non-Profitable Technology Index). All the positions are long term, I don’t think that I have removed more than 4 stocks from the portfolio in the whole 5 years. Long term investments that are providing great, repeatable returns.
Happy 2021!
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