In August there was quite a bit of chopping and changing in the bottom end of the portfolio. I sold my small holdings of the Hong Kong Economic Times Group (HK:229) and North Energy ASA (OMXNO:NORTH), and trimmed my position in KG Intelligence CO (2408.T). All of these positions were bought because they were statistically cheap. All three stocks are still cheap, but I decided to redeploy the money into Raymond Industrial Ltd (HK:229) and Guillemot Corporation (EPA:GUI).
Raymond is an OEM manufacturer of air purifiers and electric shavers based in Hong Kong. It trades at about NCAV, but has been consistently profitable, and pays most of its earnings out to shareholders as dividends. Guillemot manufactures joysticks and steering wheels for gamers, and audio equipment under its Hercules brand. I think both stocks have good prospects in coming years.
As an aside, I'm planning to update my portfolio's performance each quarter rather than each month in future. I'm hoping that will give me some time to write up some interesting investment ideas on the blog.
My results are summarised in the table below. The portfolio ended the month up 2.92%, while my benchmark — the S&P/ASX 200 Franking Credit Adjusted Annual Total Return Index (Tax-Exempt) — rose 2.83%,
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 pre-tax total return of the S&P ASX200 Accumulation Index adjusted to include any franking credits received. I have unitised my portfolio to assist in calculating performance.
August 3, 2017 | August 31, 2020 | Since July 1, 2020 | Since Inception | Annualised | |
G&W Portfolio | 1.0000 | 1.5745 | 2.17% | 57.45% | 15.88% |
Benchmark (SPAX2F0) | 61,250.80 | 76,613.90 | 4.67% | 25.08% | 7.54% |
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