Ricapitolare.

October 2023.

Performance.

Notes:
Performance is measured following the money-weighed return (MWR) methodology.
Unless otherwise indicated, performance values are expressed in EUR terms.

The market quotation of the portfolio decreased by 1.7% in October, leaving the year-to-date performance at 29.1%.
This compares to a decrease of 1.7% for the S&P500 non-financials (SPXN) last month and a return of 15.0% since the start of the year.

ITD:
Since inception in January 2022, the total return has been 19.8% or an annualised rate of 10.3%.
This compares to a 1.4% for the SPXN over the same period or 0.8% in annualised terms.

Contributors.

The following table shows the top contributors and detractors to market performance on a weighted basis and converted to EUR during different time frames: last month, year to date (YTD) and inception to date (ITD):

The waterfall charts below are included for a more detailed breakdown of the individual contribution of each holding:

Activity.

Stakes in most holdings across the portfolio were increased, as well as two new positions initiated throughout the month: Dino Polska and Duratec.

Content consumed during the period.

Some curated content whose read was enjoyable last month:

• Books:

  • A short history of financial euphoria (John Kenneth Galbraith).

  • Chip war (Chris Miller).

  • Good profit (Charles G. Koch).

  • Grinding it out (Ray Kroc).

  • Speculation as a fine art and thoughts on life (Dickson G. Watts).