My final 2023 report is at: StevnFool writes on StevnFool Port Update - 2023

My last monthly report is at: StevnFool writes on StevnFool Port Update - Nov 2024

My numbers updated for December are below.

	        Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD		CAGR	GSD
Me	        6.90%	7.03%	2.80%	-4.67%	1.15%	0.75%	3.63%	2.31%	-3.79%	0.67%	10.28%	-2.69%	25.93%		25.93%	16.56%
																
NASDAQ	        0.79%	6.27%	1.67%	-4.08%	6.68%	6.28%	-0.80%	0.72%	2.65%	-0.39%	6.31%	0.54%	29.30%		29.30%	12.51%
DOW JONES	1.25%	2.41%	2.25%	-4.88%	2.64%	1.16%	4.49%	1.97%	2.26%	-1.26%	7.83%	-5.19%	15.17%		15.17%	13.33%
S&P500	        1.59%	5.22%	3.27%	-4.03%	5.06%	3.53%	1.21%	2.34%	2.10%	-0.89%	5.97%	-2.41%	24.89%		24.89%	11.14%
Index Average	1.21%	4.63%	2.40%	-4.33%	4.79%	3.65%	1.63%	1.68%	2.34%	-0.85%	6.70%	-2.35%	23.12%		23.12%	12.33%

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	2023	2024		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%	25.93%		11.13%	12.35%
																				
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%	29.30%		13.68%	28.42%
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%	15.17%		9.63%	16.70%
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%	24.89%		10.69%	21.01%
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%	23.12%		11.33%	22.04%

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 2024 and I have no plans for major changes in 2025. My current portfolio is not really MI at all in the traditional sense. It is approx:

60% Berkshire Hathaway

15% 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.

approx. 0.5% 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