Page 34 - DIY Investor Magazine | Issue 39

Nov 2023 34
DIY Investor Magazine ·
Here’s my portfolio review for the third quarter of 2023. I am up 2% year-to-date having been up 4% at the end of June. Global markets have risen 8% year-to-date while the investment trust index has lost 3%.
MY PERFORMANCE
This table summarises both my recent and longer-term performance against a few comparators:
My long-term plan has been to add to each theme on weakness, to benefit from any greater volatility, but it’s not always easy!
MY Q3 2023 PORTFOLIO REVIEW
Portfolio/ Q1-Q3 comparators 2023
My portfolio 2.00%
Vanguard 7.90% FTSE Global
All Cap (fund)
Vanguard 3.80% LifeStrategy 60
(fund)
FY FY 2022 2021
-13.00% 16.20%
-8.00% 18.90%
-11.20% 9.90%
0.30% 18.20%
-16.60% 12.80%
Annualised since Jan-18
5.70%
7.80%
3.50%
3.20%
4.10%
Holding (ticker)
KR1 (KR1)
HgCapital (HGT)
JPMorgan Global G&I (JGGI)
Vanguard All-World ETF (VWRL)
Fundsmith Equity
Lindsell Train Global
Smithson (SSON)
Keystone Positive Change (KPC)
Worldwide Healthcare (WWH)
Baronsmead Venture (BVT)
BlackRock Smaller Companies (BSRC)
Bellevue Healthcare (BBH)
RIT Capital Partners (RCP)
Bluefield Solar Income (BSIF)
International Biotechnology (IBT)
Henderson Smaller Companies (HSL)
Share price return Q1-Q3 2023
64.00%
+13.1%
12.40%
8.40%
5.60%
2.40%
0.00%
-0.80%
-3.30%
-4.40%
-5.60%
-6.40%
-8.30%
-8.50%
-8.60%
-11.90%
Net asset value return Q1-Q3 2023
12.70%
5.00%
10.10%
8.40%
5.60%
2.40%
4.20%
0.20%
-1.80%
-4.10%
-5.50%
-7.40%
1.30%
2.70%
-5.80%
-8.50%
3.30%
-2.20%
Premium/ (discount)
-8.00%
-18.80%
1.60%
0.00%
0.00%
0.00%
-11.90%
-13.90%
-9.20%
-5.00%
-13.30%
-8.10%
-20.10%
-16.00%
-5.70%
-12.80%
-26.50%
-27.70%
MY PERFORMANCE BY HOLDING
Vanguard UK All-Share Index (fund)
FTSE Closed- End Investment (index)
4.50%
-3.10%
Notes: The Vanguard global tracker is my main benchmark
and I have a stretch target of beating it by 2-3% p.a. The more conservative LifeStrategy 60 fund (a global 60% equity/40% bond portfolio), a UK index tracer, and an index of UK investment trusts are also included. Returns are measured in sterling adjusted for money added or withdrawn; my trading and holdings costs are included in my returns but not for the fund and index returns.
Global markets ended Q3 more or less where they started,
but my portfolio and the broader trust sector slipped a little. Widening discounts explain part of the difference but UK small- caps and healthcare, two of the four themes I have money in outside of my core global holdings, have struggled for a while; my infrastructure/renewable holdings have also lagged. I still like all of these themes and remain confident of their long-term performance, but it looks like (even more) patience will be required.
HICL -21.20% Infrastructure (HICL)
Gresham House Energy Storage (GRID)
-32.20%
Note: the links go to my trust profiles, all of which were written some time ago. My views probably haven’t changed much, but the information they contain will be quite dated.