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- Monthly Performance Review #5
Hello. Tax-loss selling season has come to an end, closing out a bloody month for markets. FTCI, however, helped turn things around, contributing to a 1,570bps outperformance relative to the Russell 2000 in December. Since my first write-up in late April, an equal-weighted $10,000 investment in my ideas, rebalanced monthly, would now be worth $14,384, outpacing both the S&P 500 ($11,582) and the Russell 2000 ($11,140). For what it’s worth (though it doesn’t matter to me), this performance has been achieved with superior risk-adjusted returns.
To self-audit these figures, refer to the performance evaluation spreadsheet below. This file is typically paywalled and is structured in what I believe to be the most transparent way to present unaudited performance.
As Nick Sleep used to say, “we still have much to learn.” May we look back a year from now and see our 2024 work as lackluster, knowing how much better our 2025 efforts have been. Happy New Year!
Thanks for reading, and I hope you find this valuable.
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Until next time,
The Tiger’s Prey
ABOUT
MONTHLY PERFORMANCE REVIEWS
Published on the first Thursday of each month, BMO.
“The number of securities that should be owned to reduce portfolio risk is not great; as few as ten to fifteen holdings usually suffice.”
The monthly performance reviews are structured as traditional fund factsheets, featuring brief commentary on key driver developments. Each review highlights both the performance of individual write-ups and the aggregate performance of a hypothetical, monthly rebalanced, equal-weighted portfolio. The monthly performance reviews are accompannied by performance evaluation spreadsheets, allowing you to independently verify the reported performance figures or apply the performance measurement and attribution formulas to your own portfolio.