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Portfolio update

There has been a slight recovery in the past month, +2.2%, thanks to a rally in Hartalega and a rebound in Kaonavi. The value of the portfolio is now up +37.9% since October 2021, equivalent to a +10.5% compound annual growth rate:

The full-year 2024 performance was not impressive at just +7.5%, paling in comparison with the 20-60% returns demonstrated by many on Twitter.

My issue is that I’ve been stuck with companies like Multi Bintang that trade cheaply but are unlikely to rerate unless growth picks up.

I’ve been trying to shift into faster-growing companies such as Hartalega, Koshidaka, Ginebra San Miguel and Fairfax India. Even if the multiples don’t rerate I’m hoping that underlying growth will put a floor on the IRR of the portfolio.

I recently read Mano Sabnani’s book Money Secrets. He compounded his portfolio at 15.5% for almost three decades by investing in Singaporean small-caps. His strategy has been to keep 20% in cash in regular times and then invest in growth stocks during crises. Makes perfect sense to me.

Malaysian glove maker Hartalega was a growth stock purchased during a crisis, as was sportswear retailer MAP Aktif during COVID-19. Hopefully, I can find a few more such stocks.

In any case, here is what the latest portfolio looks like as of 31 December 2024: