2022 Review – Worst Year to date, -10% / -34%

So time for my usual review of the year. As ever, I’m not writing this exactly at the end of the year so figures may be a bit fuzzy, in general they are pretty accurate.

As expected, it hasn’t been a good one. If you assume all my MOEX stocks are worth 0 I am down 34%, if you take the MOEX stocks at their current value I am down c10%. This is very rough, I also have various GDR’s and a reasonable weight in JEMA – formerly JP Morgan Russian. So if all Russian stocks are a 0 you can probably knock another 3-5% off.

My traditional charts / table are below – including figures *roughly* assuming Russian holdings are worth 0. It’s a little more complex than this as there are pretty substantial dividends in a blocked account in Russia and quite a few GDR’s valued at nominal values, I could easily be up 10-20% if you assume the world goes back to ‘normal’ and my assets are not seized, although at present this seems a distant prospect.

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2021 Performance / Portfolio Review a slightly disappointing +20.5%

On to my usual review of the year (last years here). We are slightly shy of the full year end but I recon I am up about 20.5%. This is in my usual 20-22% range. It is below that of the (not comparable) NASDAQ (at 27% (in USD) and behind the S&P500 – at 25.82% (in USD). The UK All share was 17.9% and the FTSE 100 was at 18.1%. There has been a decrease in market breadth which is traditionally a sign of a top. Index performance in the US is driven by tech and healthcare, sectors which I hold next to nothing in, so to *roughly* keep up given my idiosyncratic portfolio is actually a sign of strength. One can’t sensibly benchmark my portfolio against anything as it’s just so odd, but I need to so that I can determine whether I am wasting my time.

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H1 2021 Review / Portfolio +13.8%

Thought I would do a review of where the portfolio stands.

As at end June I am +13.8% for the year, roughly matching the FTSE AS at c12%. it has been far more volatile than is usual, pre-fed comments on tightening sooner than the market expected, I was up closer to 20%. The volatility is driven by the large exposure to natural resource co’s and volatility resulting from their underlying commodity feeding through to share prices, which are, in turn, even more volatile.

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