Track Record

Performance Track Record Links: Q3 2015 / Q2 2015 / Q1 2015

The aim of this section is purely to keep score. We are running two investment strategies in competition:

1. A concentrated portfolio of high conviction deep value equities
2. A portfolio of index linked ETFs weighted to achieve a balance of fixed income, equities and also geographic exposure

Portfolio 1 requires a lot of hard work, sleepless nights and luck. Portfolio 2 requires rebalancing twice a year and otherwise nothing else. Put simply portfolio 1 should provide superior risk adjusted performance otherwise the time would be better spent practicing one’s golf swing

All costs of trading will be netted from the value of the portfolio. Similarly all returns (dividends and other distributions) will be recorded in the returns as well as the current mark-to-market of the positions.

In addition to the aggregate track record for each strategy we will also show the individual investment returns (IRR and MoM) for existing positions, previous trades and investments we passed on so that we can compare them to the investment memo and see how our thesis has played out over time.