Portfolio update.
I finished September just under 3% up, which again was roughly inline with the $SPX500 while having very little in common in regards to companies actually held in the portfolio. These results are unspectacular on one level, however considering that I was prepared for a potential fall in the US markets, I am actually very satisfied from a perspective of covering risks while still maintaining growth.
Into October, it was a perfect time today, as its the beginning of the month and the portfolio being at a high, to add capital. I have also been able to do this at a time it looks good to de-risk a little as the US is moving into a government shutdown today, and I'm uncertain the effects this will have. Its the kind of thing that could blow over quickly, or become intrenched, it's difficult to read. Seeing gold prices pushing up and this being cited as the reason yesterday did give me reason to pause and think
With all that in mind, for now, cash allocation will be larger, both in USD and euros. I have also bought small positions in Gold, Bitcoin, and rebought Ethereum at a lower price to the recent sale.
This is moving the portfolio into being even more defensive, however I still have the emerging markets holdings. From a risk/reward perspective, I would rather have these than more US companies at the moment, yes the risk is there, but the valuations are cheap.
That's all I can think about to write about just now, but as always happy to answer anything else.
Thanks again to my copiers,
Paul
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Fri Nov 14 2025 17:42:57 GMT+0000 (Coordinated Universal Time)
