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Todor Kostov's avatar
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Portfolio Recap
November 2022

One portfolio which I run is focused on four M&G Funds (global investment manager which manages a wide range of assets) and is invested in a basket of global equities. It is a low turnover globally diversified portfolio and it can be scaled to different sizes.

There were no outright sales or purchases of holdings done during the month. The combined portfolio return for the month of November 2022 was 12.15%. Below is a table of Total Return Performance of Major Global Assets in November (USD).

Source: Deutsche Bank

Portfolio Comments

Below is a chart of the Portfolio Breakdown by Funds (%):

Source: Google Spreadsheets; Todor Kostov

M&G Asian Fund

The Top 10 biggest holdings as represented are:

Source: FT

M&G Global Dividend Fund

The Top 10 biggest holdings as represented are:

Source: FT

M&G Global Themes Fund

The Top 10 biggest holdings as represented are:

Source: FT

M&G Recovery Fund

The Top 10 biggest holdings as represented are:

Source: FT

The individual performance for the month for each fund can be seen in the table below:

Source: Google Spreadsheets; Todor Kostov

Concluding Remarks

The wide macro environment has seen significant changes for the past couple of years thus challenging not only small individual retail investors but also large institutional investors. The next 5-10 years will be different to the previous such period. Short-term, in 2023, probably we will stay in a tighter monetary environment and there will be higher chances for recessions across the different countries in the world. However, there will always be a small number of very high quality and resilient companies across the world delivering growth and high ROIC and these should be held for a long-time throughout the market cycles.

DISCLOSURE: This is not a financial advice. This material has been distributed solely for informational purposes only and is not a solicitation or an offer to buy any security or to participate in any trading strategy. The material may include projections or other forward-looking statements regarding future events, targets or expectations. Past performance is no guarantee of future results. There is no guarantee that any opinions, forecasts, projections, risk assumptions, or commentary discussed herein will be realized or that an investment strategy will be successful. All expressions of opinions are subject to change without notice. Investors should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed in this presentation.
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Great performance for the month Todor. 👍Do you prefer investing in funds instead of ETFs?
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Past Growth scares and bear markets
Stock performance in the past is usually very positive straight after bear markets.

Source: Blackrock; Syz Group
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Asset Classes Annual Performance Ranking
2022 Ranking:

  1. Oil: +10%
  2. Wine: +6.1%
  3. Gold: -0.15%
  4. S&P 500 Value: -1.6%
  5. S&P 500: -13%
  6. US Treasury: -18%
  7. EM Equities: -18%
  8. S&P 500 Growth: -24%
  9. Bitcoin: -63%

Source: Macrobond
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Alex Rodriguez, Baseball Champion & CEO of A-Rod Corp (The Money Maze Podcast)
  • His baseball career, including how Warren Buffett’s advice helped him close a record-breaking $ 275 million New York Yankees contract
  • Why he started A-Rod Corp and some early successes
  • Case studies of investing into real estate, telemedicine and an NBA basketball team
  • What sport can teach us about investing and choosing the right opportunities

Source: Sports Illustrated

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A Welcome Blessing for Fintech Models: Interest Income
Excellent brief analysis by a16z on how the changing interest rate environment (rising interest rates) increases the NIM of not only legacy financial institutions but also neobanks and other fintech companies.

"This year’s rapid rise in global interest rates has been a blessing for fintech companies holding customer cash balances. With the U.S. effective federal funds rate now at 3.8%, banks and fintech companies alike have a newfound revenue stream that can have a significant impact on their business models." (a16z)

Source: a16z

Source: a16z

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Smoking Strongholds
Great visualisation by Statista of the countries with the biggest share of the world's smokers and the world's population in 2020.

Sources: Statista, IMF
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Whilst in Switzerland last year i was surprised by how many people smoked there.

On another note, is this bullish for hospitals
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Energy investments in the future
An excellent graph by Goldman Sachs Research $GS showing the future investment needs for different energy sources.

Source: IEA WEI, Goldman Sachs Reserach
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Nuclear Energy and its future
A very good graph from Statista showing the development of nuclear energy programs worldwide and it's share in global energy production.

"Despite the plateau in nuclear energy programs, the relative importance of the technology has still decreased as the capacity of other energy types outgrew nuclear. In 2021, the technology produced less than 10 percent of global electricity, down from a high of 17.4 percent in 1995 and 1996. Looking at all of the world's energy needs, not just electricity, nuclear contributed just 4.3 percent." (Statista)

Source: Statista

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