Thomas Parry Jones
United Kingdom
Subject: Portfolio performance Dear investors, A shorter update as we close September: the portfolio finished up +3.5% on the month, slightly off the highs as the market pulled back on job data and shutdown fears. This takes us to +46.7% year-to-date. In comparison, the $SPX500 gained +3.1% in September, bringing its YTD performance to +13.9%. That leaves us +32.8% ahead of the market. We continue to hold a slightly defensive position with around 24% in cash. This isn’t because I expect a major sell off, but there could be smaller pullbacks if the market reacts negatively to the shutdown risk. It may not materialise, but given the strength of the recent bull run, I believe it’s sensible to remain cautious in this environment. Thanks, TJ
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