Mehmet Yurtseven @HalalDividend: "Dear copiers and followers, It’s time..."

United Kingdom

Dear copiers and followers, It’s time for the annual report. The past year has been strong for our portfolio. We reached the 5-year mark, which I celebrated last month with a somewhat comedic post — thank you for your continued trust. Since then, we’ve seen a drawdown of about 8%. Overall, the portfolio gained 17.6% over the past year, including 1.88% in dividends. We paid 0.53% of the portfolio in withholding taxes to U.S., Canadian, and Irish authorities. We started the year with 6.8% cash and now sit at 2.4%. That level is acceptable for now, and I’m not in a rush to open new positions. Over the past year, our top performers were $B (Barrick Mining Corp), $SCCO (Southern Copper Corp), and $WPM (Wheaton Precious Metals Corp), all of which more than doubled, notably, all three are commodity-related plays. Next was $AVGO (Broadcom Inc), up around 80%. On the other end, $ROP (Roper Technologies Inc), $ACN (Accenture Plc), $SAP (SAP SE ADR), and $ADP (Automatic Data Processing Inc) declined more than 25%. Their common thread is software. I believe these names are oversold. I do not expect AI to eliminate strong software companies, I expect them to adapt and recover over time. I cannot say the same for our psyche. It has been an extreme rollercoaster. It’s perfectly fine to feel emotions, just don’t act on them when investing. Investing requires logic and a long-term perspective. You’ve seen me react strongly to events like “liberation day,” but I did not change the portfolio because of it. In the past, I was bearish right before the AI rally — again, no change. Even now, as I see potential liquidity risks building in private equity, I am not making portfolio changes based on that view. There are many concerns around capital flows at the moment, but private equity is, in my view, the most fragile area. Still, I base decisions on earnings and company fundamentals, not macro timing. I cannot time the market. My goal is simple: own boring companies that produce, sell, and generate consistent cash flow — like $CTAS. That philosophy is also why we deliberately avoid certain types of companies. Let’s see what the next year brings. Happy investing, Mehmet

Not investment advice. The author may have financial interests in the mentioned instruments.