Jamie Leinhardt
United Kingdom
๐Ÿ”ธ ๐— ๐—ข๐—ก๐—ง๐—›๐—Ÿ๐—ฌ ๐—จ๐—ฃ๐——๐—”๐—ง๐—˜ ๐Ÿ”ธ ๐— ๐—ผ๐—ป๐˜๐—ต ๐Ÿฏ๐Ÿฌ โ€“ ๐—ข๐—ฐ๐˜๐—ผ๐—ฏ๐—ฒ๐—ฟ ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฏ Our portfolio declined 1.8% in October, but we outperformed our benchmark, the S&P 500 which fell 2.2%, and the Nasdaq 100 which fell 2.1%. Looking more globally, in Europe stock markets fell quite significantly in October. Franceโ€™s CAC 40 fell 3.5%, Germanyโ€™s DAX fell 3.7% and the UKโ€™s FTSE 100 fell 3.8%. With this context, and given that almost 20% of our portfolio is invested in French companies, Iโ€™m quite pleased with our October performance. I made a few changes to the portfolio in October, the most material being the sale of Schneider Electric (SU.PA) and Thermo Fisher (TMO), and the subsequent purchase of two new holdings, Lโ€™Oreal ($OR.PA (LOreal SA)) and Safran ($SAF.PA (SAFRAN)). I also topped up our holding in Microsoft, which performed well this month. Our largest detractor was $NVDA (NVIDIA Corporation), which is our largest position and fell just over 6% in October, and $MSCI (MSCI Inc), which lost 8% during the month. Our largest contributors were $MSFT (Microsoft) and $NVO (Novo-Nordisk A/S SPONS ADR), two other large positions, both gaining just over 6% in October. October performance: Performance of our portfolio: -1.83% ๐Ÿ”ด Performance of the ๐—ฆ&๐—ฃ ๐Ÿฑ๐Ÿฌ๐Ÿฌ: -2.20% ๐Ÿ”ด Performance of the ๐—ก๐—”๐—ฆ๐——๐—”๐—ค ๐Ÿญ๐Ÿฌ๐Ÿฌ: -2.08% ๐Ÿ”ด ๐—Ÿ๐—ฎ๐—ฟ๐—ด๐—ฒ๐˜€๐˜ ๐— ๐—ผ๐—ป๐˜๐—ต๐—น๐˜† ๐— ๐—ผ๐˜ƒ๐—ฒ๐—บ๐—ฒ๐—ป๐˜๐˜€: Top contributors: $MSFT, $NVO Top detractors: $NVDA, $MSCI Iโ€™ve included a chart displaying the current composition of the portfolio as at the end of 31st October 2023. The monthly factsheet is also available on my website: www.jamiemarc.com/factsheet.php Regards, Jamie