Investment methodology and universe

This portfolio is managed according to the Obliquity Portfolio methodology.

The investment universe is primarily London-listed stocks, because the real-money reference portfolio is in a UK account that makes it more expensive and inconvenient to trade “overseas” stock. Some non-UK large caps that can be traded in this account (as CDIs) are nonetheless included.

Despite the London listing bias, the benchmark of the portfolio is world equity and there are few companies that are exclusively, or even primarily, exposed to the domestic UK economy.

The large cap section could be replicated with US ADRs, although US-based investors may be better off finding (more) indigenous US companies that match the criteria. Most companies in the portfolio are also listed on the main European exchanges.

Performance

At this time the proxy used for the world equity benchmark is iShares MSCI World Accumulating ETF (London ticker: SWDA), the numbers below are rebased to 100 at inception.

The numbers below are occasionally updated, for lack of proper automation. To 2013, they are calculated using a shadow portfolio on the FT tool (data archive). Thereafter rebased from the real money portfolio using broker data.

Date Portfolio Benchmark
2012-07-27 100.0 100.0
2012-10-18 106.3 105.6
2012-12-28 112.0 104.6
2013-04-09 122.7 119.3
2015-05-03 154 157
2015-12-29 147 154
2016-08-03 164 175

Portfolio holdings and history

The portofolio holdings and trade history follows, for simplicity with just names and trade dates, which should be enough to reproduce a performance estimate. If anyone is interested in actual acquisition cost per share from the real money portfolio, shout.

Current Holdings

This lists current holdings by entry date. The symbol is the LSE EPIC or the Bloomberg code for non-UK stocks.

Trading lot size is broadly equal weighted, in two categories: the baseline for mid caps, and 50% extra for large caps.

Company LSE/BB Code Entry date
Assoc. British Foods ABF 2012-07-27
Amec Foster Wheeler AMFW 2012-07-27
BASF SE BAS:GR 2012-07-27
Berendsen BRSN 2012-07-27
Bunzl BNZL 2012-07-27
Cie de St Gobain SGO:FP 2012-07-27
CRH CRH 2012-07-27
Easyjet EZJ 2012-07-27
Electrocomponents ECM 2012-07-27
Hikma Pharma HIK 2012-07-27
Siemens SIE:GR 2012-07-27
Standard Chartered STAN 2012-07-27
Steris (Synergy Health) STE:US 2012-07-27
Tesco TSCO 2012-07-27
Unilever ULVR 2012-07-27
Telefonica TEF:SM 2012-07-30
Compass CPG 2012-07-31
FirstGroup FGP 2012-07-31
RSA Insurance RSA 2012-07-31
SIG SHI 2012-07-31
Carnival CCL 2012-08-01
Halma HLMA 2012-08-01
Mondi MNDI 2012-08-01
Rotork ROR 2012-08-01
Inmarsat ISAT 2012-08-02
Kingfisher KGF 2012-08-02
Investec INVP 2012-08-06
UDG Healthcare UDG 2012-08-06
Nestlé NESN:VX 2012-08-08
ABB ABBN:VX 2012-08-13
Spectris SXS 2012-08-14
Koninklijke Philips PHIA:NA 2012-08-24
Intel INTC:US 2012-08-29
IBM IBM:US 2012-08-31
BBA Aviation BBA 2012-09-27
Fedex Corp FDX:US 2012-09-27
Johnson & Johnson JNJ:US 2012-09-27
Lufthansa LHA:GR 2012-09-27
Morgan Adv. Materials MGAM 2012-09-27
American Express AXP:US 2012-09-28
Ericsson ‘B’ ERICB:SS 2012-10-12
Aggreko AGK 2012-12-17
Iberdrola IBE:SM 2013-02-07
Volex VLX 2013-05-20
PPHE Hotels PPH 2013-07-30
Camellia CAM 2013-08-16
Asos ASC 2013-10-23
Renishaw RSW 2013-11-25
Keller KLR 2014-02-26
AstraZeneca AZN 2014-04-09
Loews Corp L:US 2014-09-04
Manpower MAN:US 2015-03-03
Admiral ADM 2015-03-09
Fidessa FDSA 2015-05-18
South32 S32 2015-07-30
Pearson PSON 2015-08-13
3M MMM:US 2015-10-23
Kingspan KGP 2015-10-23
Rolls Royce RR. 2015-11-12
Diageo DGE 2015-12-02
SThree STHR 2016-04-11
Essilor EI:FP 2016-07-08
Costain COST 2016-08-03

Reweightings

Positions that have been added to, or trimmed down. The percentage traded is relative to the existing holding.

Company LSE/BB Code Date % traded
UDG Healthcare UDG 2012-11-29 -33%
Easyjet EZJ 2013-01-24 -33%
Reckitt Benckiser RB. 2013-02-07 -33%
SIG SHI 2013-05-28 -33%
FirstGroup FGP 2013-06-21 +149% (rights issue)
Mondi MNDI 2013-08-08 -33%
Berendsen BRSN 2013-11-01 -33%
Assoc. British Foods ABF 2013-11-15 -33%
RSA Insurance RSA 2014-04-07 +37% (rights issue)
Hikma Pharma HIK 2014-04-09 -44%
Volex VLX 2014-06-26 +36% (rights issue)
Tesco TSCO 2015-01-15 +100%
Synergy Health SYR 2015-05-21 -50%
PPHE Hotels PPHE 2015-08-11 -50%
Aggreko AGK 2016-01-13 +147%
Amec Foster Wheeler AMFW 2016-02-10 +81%
Standard Chartered STAN 2016-03-10 +103%
Volex VLX 2016-06-10 +100%

Disposals

Former holdings.

Company LSE/BB Code Entry Exit date
Reckitt Benckiser RB. 2012-07-27 2013-07-30
Capita CPI 2012-07-27 2014-04-09
OSRAM Licht OSR:GR 2013-07-26 (spinoff) 2014-06-18
Inditex ITX:SM 2012-09-03 2014-07-23
Dignity DTY 2012-07-27 2015-01-15
Total S.A FP:FP 2012-07-27 2015-02-16
BHP Billiton BLT 2012-07-27 2015-07-30
BP BP. 2012-07-27 2015-08-26
Volkswagen VOW:GR 2012-07-30 2015-09-22
SAB Miller SAB 2012-07-27 2015-11-12 (takeover)
Petrofac PFC 2012-08-24 2016-02-16
Rexam REX 2012-08-01 2016-04-26 (takeover)
Balfour Beatty BBY 2012-09-28 2016-08-02
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