The G&W portfolio rose 6.07% in June, while the benchmark gained 3.7%.
*Returns are pre-tax, include franking credits, and assume dividends are reinvested. The SPAX2F0 is simply the total return of the S&P ASX200 Accumulation Index adjusted to include any franking credits received. N.B. I do not account for cash in the portfolio. The net result is that my returns are somewhat overstated (though I am nearly always close to fully invested).
In June, I did some trimming around the edges of the portfolio. I sold down about 40 per cent of my position in OneMarket (ASX:OMN) at 80.5c and sold my small holding in Capral (ASX:CAA) at 11.5c. In the case of OneMarket, I felt the position size did not reflect my view of risk/reward on offer. In the case of Capral, I felt there were better opportunities to deploy the capital. It is always much harder to sell stocks than buy them, and time will tell if my thinking is correct. I made a small addition to one of my largest holdings, which is undisclosed. It was my only purchase this month.
The good performance was nearly entirely due to the extraordinary performance of Open Orphan (AIM:ORPH), a stock I bought as Venn Life Sciences in January. Open Orphan reversed into Venn in June, which drove the share price to 6.8p from 2.65p at the end of May. My friend Chris brought Venn to my attention when it was trading around 1.5p. Needless to say, I am very grateful.
August 3, 2017
|
June 30, 2019
|
Since July 1, 2018
|
Since Inception
|
Annualised
| |
G&W Portfolio*
|
1.0000
|
1.4233
|
33.74%
|
42.33%
|
20.34%
|
Benchmark (SPAX2F0)
|
61,250.80
|
78,082.47
|
13.08%
|
27.48%
|
13.58%
|
*Returns are pre-tax, include franking credits, and assume dividends are reinvested. The SPAX2F0 is simply the total return of the S&P ASX200 Accumulation Index adjusted to include any franking credits received. N.B. I do not account for cash in the portfolio. The net result is that my returns are somewhat overstated (though I am nearly always close to fully invested).
In June, I did some trimming around the edges of the portfolio. I sold down about 40 per cent of my position in OneMarket (ASX:OMN) at 80.5c and sold my small holding in Capral (ASX:CAA) at 11.5c. In the case of OneMarket, I felt the position size did not reflect my view of risk/reward on offer. In the case of Capral, I felt there were better opportunities to deploy the capital. It is always much harder to sell stocks than buy them, and time will tell if my thinking is correct. I made a small addition to one of my largest holdings, which is undisclosed. It was my only purchase this month.
The good performance was nearly entirely due to the extraordinary performance of Open Orphan (AIM:ORPH), a stock I bought as Venn Life Sciences in January. Open Orphan reversed into Venn in June, which drove the share price to 6.8p from 2.65p at the end of May. My friend Chris brought Venn to my attention when it was trading around 1.5p. Needless to say, I am very grateful.
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