Sunday 7 June 2020

May portfolio update

May was a quiet month for me. I only made one trade, which was to sell my shares in Sulliden Mining (TSX:SMC). I realised a 40.16% loss on the position over the 477 days I held the stock.

SMC was one my early net-net positions. I bought it because it was statistically cheap, despite the fact that management had a track record of being unfriendly to minority shareholders. While SMC could have worked out under different circumstances, I think it was a mistake to overlook the management issue. Thankfully, SMC was a small position, so the lesson has not been too costly. On the whole, my net-nets have worked out very well.

Overall, the portfolio gained 4.22 per cent in May. The main contributor was again Naked Wines, which rose roughly 17 per cent before pulling back after month-end. There were some gains in some of my smaller positions too.

The table below summarises my portfolio's performance and that of my benchmark, the S&P/ASX 200 Franking Credit Adjusted Annual Total Return Index (Tax-Exempt). I have unitised my portfolio to assist in calculating performance. 

Please note that my returns are pre-tax, include franking credits, and assume dividends are reinvested. These figures have not been audited. Additionally, I do not account for cash in the portfolio. The net result is that my performance is likely somewhat overstated, although I tend to be fully invested. The SPAX2F0 is simply the total return of the S&P ASX200 Accumulation Index adjusted to include any franking credits received. 


August 3, 2017
May 30, 2020
Since July 1, 2019
Since Inception
Annualised
G&W Portfolio
1.0000
1.5710
10.37%
57.10%
17.32%
Benchmark (SPAX2F0)
61,250.80
71,335.03
-8.64%
16.46%
5.54%