๐๐ฒ๐ฏ๐ฟ๐๐ฎ๐ฟ๐ - ๐๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ฒ๐ฑ ๐จ๐ป๐ฐ๐ฒ๐ฟ๐๐ฎ๐ถ๐ป๐๐ ๐ช๐ฒ๐ถ๐ด๐ต๐ ๐ผ๐ป ๐๐ต๐ฒ ๐ฆ&๐ฃ ๐ฑ๐ฌ๐ฌ
The portfolio ended February with a decline of 2,34%, while the S&P was down 1,42%. In mid February I mentioned that the portfolio had struggled and lagged behind the S&P, primarily due to a natural adjustment following a very strong January and some companies reporting weaker than expected figures and outlooks. However, the second half of February showed improvement, narrowing the gap between the portfolio and the S&P, although we were not able to fully match the broad market's returns.
The best stock in the portfolio this month was Ituran. $ITRN (Ituran Location and Control Ltd) surged by 25 % as the companys Q4 numbers surpassing analysts expectations . Ituran demonstrated robust financial performance in Q4, with revenues rising by 7% year over year. The company was crucial in narrowing the gap to the broader market, especially after we had to take a hit from some companies reporting weaker than expected figures this month (see previous post).
The S&P 500 index has recently fallen below the 6,000-point threshold, reflecting increased uncertainty in the market. Several factors contribute to this situation. President Donald Trump has imposed a 25 percent tariff on steel and aluminum imports, and has announced similar measures against the EU. These actions have raised concerns about an escalating trade war, which has affected investor confidence and led to market volatility. The S&P 500 has experienced significant growth in recent years, leading to high valuations. This makes the market vulnerable to corrections, especially when geopolitical uncertainty or changes in trade policy arise. The Trump administration's decision to maintain previous guidelines on antitrust and mergers has disappointed investors who had expected a more business-friendly approach. This unpredictability adds to the ongoing uncertainty in the market.
In a market like this, it is crucial to maintain a balanced risk profile. This portfolio is designed without gearing or leverage and contains no cryptocurrency, which helps reduce overall risk. Instead, the portfolio consists of quality companies, which, of course, can also experience downturns in challenging times, but they carry significantly lower risk compared to more volatile assets. I strongly believe that with a portfolio like this, one should always be invested in the stock market, as downturns are very difficult to predict, and a long-term approach provides greater security when facing market challenges.
As previously mentioned, at this time of year, I typically make adjustments to the portfolio. I plan to make changes soon, and a rebalanced portfolio will be launched shortly, hopefully in March. The portfolio will include companies that are positioned for positive returns for the remainder of 2025. See you soon!
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Sat Apr 19 2025 04:37:26 GMT+0000 (Coordinated Universal Time)
