Ricapitolare.

April 2023.

Performance.

Returns came at +2.63% in April (+3.73% at c.c.), leaving the year-to-date performance at +22.21% (+23.96% at c.c.).
This compares to a -0.76% (+1.24% at c.c.) for the S&P500 non-financials (SPXN) over the same period, leaving its year-to-date performance at +6.74% (+10.34% at c.c.).

Since inception in January 2022, the total return has been +17.48% (+20.64% at c.c.), which annualised corresponds to a CAGR of +12.84% (or +15.11% p.a. at constant currency).
This compares to a -6.90% (-9.67% at c.c.) for the SPXN over the same period, which annualised corresponds to a CAGR of -5.22% (or -7.34% p.a. at constant currency).

Note:
Performance is measured following the money-weighed return (MWRR) methodology.

Contributors.

The top contributors to market performance last month were Meta Platforms (+1.39%), Temenos (+1.37%) and Mader (+0.82%). On the other hand, the top detractors to market performance were ASML (-0.69%), Dotdigital (-0.45%) and Water Intelligence (-0.38%).

Year to date, the top contributors to market performance have been Meta Platforms (+10.99%), Temenos (+3.55%) and Auto Partner (+2.60%), with Water Intelligence (-2.97%), Kelly Partners Group (-0.36%) and ZIGExN (-0.18%) as the main detractors.

Since inception, the top historical performers have been Games Workshop (+40.70%), ASML (+39.78%) and Auto Partner (+37.24%), whereas the top under performers have been Water Intelligence (-30.67%), Temenos (-5.77%) and CentralNic (-4.34%).

Activity.

A small position in CentralNic was initiated at the beginning of the period.
The first part of the study-case can be found in the link below, whereas I am trying my best to get the second part ready by May 15th.

CentralNic (CNIC.L) - Part I

Content consumed during the period.

• Articles:

  • Brookfield Corporation $BN, by

    Simon Handrahan
    .

    Brookfield Corporation $BN

  • Ulta Beauty, Inc. deep dive, by

    "From $100K to $1M" & More.

    Ulta Beauty, Inc. ($ULTA) Deep Dive

• Interviews:

  • A conversation with Shree Viswanathan, founder of SVN Capital, by

    Best Anchor Stocks
    .

  • Interview #65: Brandon Daniel (Atai Capital), by Capital Employed.

    Interview #65 : Brandon Daniel (Atai Capital)

  • Mohnish Pabrai Q&A session with students at the University of Texas.

  • Wealth and health w/ Jason Karp, by William Green.

• Books:

  • Just keep buying (Nick Maggiulli).

  • The black swan (Nassim Nicholas Taleb).