February portfolio update

 Hello again to any readers. It's time for another portfolio update.

In February, my stocks fared worse than the broader market. This is partly a result of concentration in my portfolio, and partly a result of increased market volatility. While valuations are generally high, I'm comfortable with the portfolio at present. My holdings are an eclectic mix of generally undervalued and ignored businesses, but that does not mean they are immune from market movements. I ended the month down 3.53%, while my benchmark (the SPAX2F0) gained 1.45%. 

There was not much activity in the portfolio in February. I added to one of my smaller unlisted holdings at an attractive price. I also put about 2 per cent of the portfolio into a trading idea, which in hindsight was a mistake. I'm reviewing the position currently, and may sell in the future. 

If you haven't already, I would urge you to watch Charlie Munger at the DJCO meeting, which was broadcast by Yahoo. And, if you haven't seen it already, here is the link to Buffett's 2020 letter.

My portfolio's results are summarised in the table below. 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 S&P/ASX 200 Franking Credit Adjusted Annual Total Return Index (Tax-Exempt) 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	February 28, 2021	Since July 1, 2020	Since Inception	Annualised
G&W Portfolio	1.0000	2.0511	33.10%	105.11%	22.05%
Benchmark (SPAX2F0)	61,250.80	85,402.85	16.68%	39.43%	9.74%