Subject: StevnFool Port Update - 2023
My final 2022 report is at: https://www.shrewdm.com/MB?pid...
My last monthly report is at: https://www.shrewdm.com/MB?pid...
My numbers updated for December are below.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD CAGR GSD
Me 2.10% 0.29% -1.93% 3.29% 0.21% 3.50% 3.28% 1.86% -1.02% -2.67% 2.68% 0.00% 11.95% 11.95% 7.59%
NASDAQ 10.76% -1.05% 7.03% 0.07% 5.96% 6.56% 4.19% -1.95% -5.74% -2.57% 10.86% 5.73% 45.73% 45.73% 20.09%
DOW JONES 2.95% -4.02% 2.12% 2.53% -3.11% 4.58% 3.49% -2.04% -3.44% -1.28% 9.15% 4.92% 16.02% 16.02% 14.92%
S&P500 6.29% -2.52% 3.70% 1.59% 0.47% 6.48% 3.28% -1.63% -4.74% -2.17% 9.13% 4.56% 26.18% 26.18% 15.56%
Index Average 6.67% -2.53% 4.29% 1.40% 1.10% 5.87% 3.65% -1.87% -4.64% -2.01% 9.71% 5.07% 29.31% 29.31% 16.86%
Note that all numbers include dividends. I used the total returns of
the corresponding ETF's (ONEQ, DIA and SPY) as a proxy for total return
of the indices.
Just a look now at my performance since 2008:
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 CAGR GSD
Me -15.57% 11.69% 17.39% -3.22% 13.27% 20.02% 27.87% 2.86% 19.12% 6.32% 4.86% 19.90% -2.94% 34.37% 7.16% 11.95% 10.26% 12.25%
NASDAQ -39.50% 45.58% 17.60% -0.52% 16.20% 39.86% 15.78% 6.69% 8.81% 29.28% -3.18% 37.15% 44.87% 22.11% -31.31% 45.73% 12.77% 29.18%
DOW JONES -32.30% 22.36% 13.55% 8.25% 9.93% 29.64% 9.72% 0.09% 16.37% 28.08% -3.74% 25.03% 9.59% 20.83% -5.58% 16.02% 9.30% 17.23%
S&P500 -36.71% 26.46% 14.59% 2.07% 15.99% 32.31% 13.46% 1.23% 12.00% 21.70% -4.57% 31.22% 18.33% 28.73% -16.89% 26.18% 9.85% 21.45%
Index Average -36.17% 31.47% 15.25% 3.27% 12.19% 33.94% 12.99% 2.67% 12.39% 26.36% -3.83% 31.13% 24.26% 23.89% -17.93% 29.31% 10.64% 22.62%
The GSD numbers here are just calculated from the annual returns - not
from the monthly returns.
Portfolio Make-up:
I have not really made any major changes to my portfolio during 2023
and I have no plans for major changes in 2024. My current portfolio
is not really MI at all in the traditional sense. It is approx:
56% Berkshire Hathaway
16% QQEW. This was part of a timing system but I may just keep this as
a long-term hold. Due to the difficulty of trading US ETFs from Europe
since some recent law changes, I may not be able to buy it again if I
were to sell it.
<1% cash.
Remainder: Several value positions some sometimes held as cash secured
short PUT positions but mostly just long stock positions.
My portfolio and currencies:
I live in the Eurozone (Ireland) and back in 2003, I had a very small
portfolio and invested it entirely in NET-NET stocks. Measured in USD,
I had a portfolio return of 103% for the year. Measured in Euro
however, my portfolio return was 70%. The drop in the value of USD/EUR
had cut a significant chunk from my return. For several years, I hedged
a significant portion of my portfolio from USD back to EUR or to a mix
of other currencies.
My thinking on this has changed somewhat and I now feel that currency
hedging is more appropriate for cash balances rather than for the stock
portion of my portfolio. Since I don't tend to hold significant cash
balances for a long time, I dropped all my currency hedges during 2015.
I don't know if I will reinstate them in the future.
Because of my previous stance on currency hedging, I reported all my
returns in EUR but compared them to benchmarks in USD. I suppose this
is not really correct given my current approach to this topic, but
for continuity, I think I will just continue as I have been doing.
StevnFool