Portfolio Performance 2013/2014
The portfolio generated a total return of +29% in the year ending March 2013. In comparison, the benchmark FTSE All Share Index gained +5%.
Macro-economic themes included the Fed tapering QE, depreciation of Japanese Yen, a selloff in Emerging Markets and a buoyant UK housing market.
Direct equities returned +44%. Notable positive contributions came from IT security provider, NCC Group (+40%) and house builder, Bellway (+29%). Loss making trades included International Personal Finance (-19%) and Centrica (-13%).
The biggest equity positions in the portfolio at the year-end were;
- Bellway = 7%
- Google = 7%
- Domino's Pizza = 6%
Managed funds contributed +8% return with relatively low volatility.