2023 YTD Performance +0.4% vs -0.2% benchmark
2022 Performance +12.0% vs -3.4%
2021 Performance +21.6% vs +14.6%
See all the previous BBB Monthly Recaps here.
What a three months it has been
I have endeavoured to do a write-up monthly, but life and work has been busy over the last few months, so I have not had the spare time for either the Boon Fund, nor this regular write-up. In fact, I’ve got a month-old backlog of RNS announcements and news to process through!
However, I have also found that without making headspace to look at my portfolio from a birds-eye view, I think my portfolio performance has meandered in the last 3 months.
Despite my lack of time, my performance has been okay YTD – beating the index by 0.6 percentage points. But my aim is a yearly beat of 7-10 percentage points, and I’m now more than 40% through the year already, so there is much to gain ground in the next 8 months.
In the 3 month time period between March and May, I have made 5 buys, and 2 sells. The markets had thrown up some good bargains during that time, and I took advantage of weakness in a few shares I have been tracking to start new positions (more below in the section detailing my trades). I now have the lowest cash position I’ve held since I started writing about the Boon Fund in 2021. This is not me being bullish on where I think the overall market will go; I had bought because those companies were at what I thought was a great share price to buy.
On an absolute basis, a 0.4% gain in 5 months is just not good enough either, compared to inflation, or even putting the money into a one-year fix (4% was available at the start of the year). I read a recent blog post that argued we’re entering a multi-year period of sideway market; and it certainly feels that way at the moment. This should be the best period for active, bottoms-up stock-pickers like me. I still have high conviction in my methods and process; but I need to find the time to execute them, otherwise I might as well invest in an index ETF.
Macro Thoughts
Inflation: Not surprised that the market keeps being surprised how stubborn inflation is. Wasn’t it all supposed to…
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