Ricapitolare.

November, 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 increased by 10.7% in November, leaving the year-to-date performance at 37.7%.
This compares to an increase of 5.7% for the S&P500 non-financials (SPXN) last month and a return of 20.9% since the start of the year.

ITD:
Since inception in January 2022, the total return has been 25.7% or an annualised rate of 13.3%.
This compares to a 7.1% for the SPXN over the same period or 3.8% 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.

A new position was initiated in ZIGExN.

Content consumed during the period.

Some curated content whose read was enjoyable last month:

• Books:

  • The joys of compounding (Gautam Baid).